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The high-integrity pressure protection system (HIPPS) market size is estimated to grow from USD 486 million in 2019 to USD 724 million by 2024, at a CAGR of 8.3%

HIPPS market to exhibit significant growth during 2019–2024. The high-integrity pressure protection system (HIPPS) market size is estimated to grow from USD 486 million in 2019 to USD 724 million by 2024, at a CAGR of 8.3%. Key factors driving the demand for HIPPS include imposing government regulatory norms to ensure safety and security at manufacturing plants, increasing focus of countries across the world on participating in gas flaring and venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments. Lack of awareness and high installation cost of high-integrity pressure protection system are the key restraining factors for the HIPPS industry growth.

New York, Oct. 08, 2019 (GLOBE NEWSWIRE) -- announces the release of the report "High-Integrity Pressure Protection System Market by Component, Service, Industry And Region - Global Forecast to 2024" -

Market for services to grow at the highest CAGR from 2019 to 2024
Demand for services is likely to grow at a higher CAGR in the HIPPS market owing to the increasing adoption of these systems in greenfield projects. Maintenance services are expected to continue to hold the largest size of the HIPPS market based on service offerings, followed by testing, inspection, and certification (TIC) services.
Maintenance is a critical factor in the overall life cycle of HIPPS.After the installation of HIPPS, end-users have to maintain the SIF and SIL level throughout the life cycle of HIPPS.

Preventive and corrective maintenance services are offered directly by the manufacturers and system integrators of HIPPS solutions.The market for TIC services is likely to register the highest CAGR in the HIPPS market.

To improve the quality and reliability of components and configurations, HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure.

Market for chemicals industry to grow at highest CAGR during the forecast period
Safety and reliability are critical factors for the chemicals industry.For reliable and accurate workflow in this industry, the functional safety of plants is necessary.

The chemicals industry involves inherent risks due to the presence of dangerous materials such as gases and chemicals.Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances.

These incidents cause human suffering, loss of production, and high medical costs.Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring.

Owing to this, the market for HIPPS in the chemicals industry is likely to grow at the highest CAGR during the forecast period.

Market in APAC to grow at fastest CAGR during the forecast period
The HIPPS market in APAC is expected to grow at the highest CAGR owing to the increasing number of oil and gas refineries and significant growth in the chemicals industry.APAC presents a high potential for installation of HIPPS in the oil & gas, chemicals, and power generation industries.

The growing demand for petrochemicals in countries such as China and India are augmenting the production of oil, gas, and chemicals. The oil & gas industry is likely to witness an increased demand for HIPPS, with a growing number of greenfield projects planned in countries such as India and China.

In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the HIPPS marketplace.

Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 39%, Tier 2 = 41%, and Tier 3 = 20%
• By Designation – C-level Executives = 42%, Directors = 36%, and Others = 22%
• By Region – North America = 34%, Europe = 24%, APAC = 22%, and RoW = 20%

The study includes an in-depth competitive analysis of these key players in the HIPPS market, with their company profiles, recent developments, and key market strategies. Emerson Electric (US), Yokogawa Electric (Japan), Hima (Germany), Schneider Electric (France), General Electric (US), ABB (Switzerland), Rockwell Automation (US), Honeywell (US), Schlumberger (US), Siemens (Germany), and Mokveld Valves (Netherlands) are among the major players in the HIPPS market.

Other key players in the HIPPS market include Mogas Industries (US), Velan, Inc. (Canada), Paladon Systems (UK), Severn Glocon Group (UK), IMI plc (UK), British Engines (UK), SAMSON GROUP (Germany), Larsen & Toubro (L&T, India), PetrolValves S.p.A. (Italy), ProControl (Italy), ValvTechnologies Inc. (US), Pietro Fiorentini S.p.A (Pietro Fiorentini, Italy), Frames Group (Netherlands), and DAFRAM S.p.A. (Italy).

The global HIPPS market is segmented into offering (components and services), industry, and region.The market based on the component is segmented into field initiators, logic solvers, final control elements (valves & actuators) and others that include solenoids, skids, manifolds, valve positioners, control panels, interconnections, and accessories.

The market based on services is segmented into testing, inspection & certification; maintenance; and training & consulting.The industries that are included in the study of the HIPPS market include oil & gas, chemicals, power generation, food & beverages, pharmaceuticals, water & wastewater, metals & mining, and others.

The HIPPS market is segmented into four regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for markets based on offering, industry, and region have been conducted to give an overall view of the HIPPS market.The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall HIPPS market and the subsegments.

This report will help stakeholders understand the competitive landscape and gain more insights to improve their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key HIPPS industry trends, safety standards, market drivers, restraints, challenges, and opportunities.
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