High-Integrity Pressure Protection System Market

High-Integrity Pressure Protection System Market valued for USD 486 Million in 2019, growing at a robust CAGR of 8.3% during forecast period.

High-Integrity Pressure Protection System Market Overview

A High-Integrity Pressure Protection System (HIPPS) is a type of safety instrumented system (SIS) that is designed to protect over-pressurization of a plant such as a chemical or oil refinery plant. The HIPPS is built according to the IEC 61511 and IEC 61508 standards. The HIPPS offers various advantages such as it minimizes the environmental effect of pressure release burn off valves, decreases the potential economic impact occurring from a lack of containment, subsequent loss of production, among others.

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Major High-Integrity Pressure Protection System Market Drivers

The key factors which are driving the growth of the High-Integrity Pressure Protection System market include the increasing government regulatory norms to confirm safety and security at manufacturing plants, growing emphasis of countries on contributing in gas flaring and venting reduction programs, and the increasing requirement for dependable safety solutions for workers. The reducing cost and weight of the downstream vessel are also positively impacting the growth of the market. The increased capacity of adopting flowline applications has further surged the usage of HIPPS in various industries, especially oil & gas. The utilization of HIPPS helps in lowering the costs associated with transportation and storage as a result of volume and weight reduction, which in turn, has increased the overall demand for high-integrity pressure protection systems worldwide. Moreover, the rising exploration and production activities in the oil & gas industry are further fuelling the growth of the market during the forecast period. However, the lack of awareness and high installation costs of high-integrity pressure protection systems are hampering the growth of the market.

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Based on the Offering, the component segment is expected to grow at a higher CAGR during the forecast period owing to the rising adoption of HIPPS in process industries. HIPPS solution comprises pressure sensors or transmitters, valve, logic, actuators, solvers, alarms, manifolds, among others. Valves are used to control the pressure of a plant and discharge a specific amount of stream or gas without electric power. It is also used to actuate or stop the flow of harmful fluids or any other external gases such as hydrocarbon on the identity of a dangerous event. Valves are widely used in the oil & gas and chemical industry, which fuels the growth of the segment during the forecast period.

Based on industry, the chemical segment is expected to grow at a faster CAGR in the market during the forecast period due to the growing adoption of HIPPS driven by the increased safety and reliability concerns in the chemical industry. The chemical industry is surrounded by a risk due to the presence of hazardous materials such as gases and chemicals. There is a high chance that workers can be injured or killed due to the emission of harmful chemicals substance, which can cause human suffering, high medical cost, and loss of production. The chemical industry is extensively implementing HIPPS to fulfill the stringent safety regulations and reduce gas flaring, which further propels the growth of the market.

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Regional – Segment Analysis

Based on the region, Asia-pacific is projected to dominate the global High-Integrity Pressure Protection System (HIPPS) market over the forecast period owing to the increasing focus of Asia-pacific countries on expanding oil & gas refining capacity and the significant growth in the chemicals industry in this region. The growing adoption of the functional safety system in the chemical and oil & gas industry is increasing the demand for HIPPS to protect the environment, workers, and equipment. The strong demand for gas in China due to the expansion of the petroleum industry, enhancing lifestyle, and gas infrastructure development is another factor that is energizing the market growth. HIPPS is extensively used in oil & gas and petrochemical plants in India to reduce the perilous effect of over pressurization conditions as this system avoids the loss of oil or gas cause due to the explosion. Moreover, the increasing investment in these industries will further boost the growth of the market during the forecast period.

Top Market Players

The major key players in the market include Emerson Electric Co., Yokogawa Electric Corporation, Schneider Electric SE, HIMA GmbH, Rockwell Automation, Inc., General Electric, ABB, Siemens AG, Schlumberger, and Honeywell International Inc. Mokveld Valves B.V., among others.

Key Developments:

• • In Mar 2019, HIMA launched HIJunctionBox to expand its Smart Safety platform. This can be deployed within the HIMA Smart Safety Platform to improve the existing control systems. It consists of the modular and standardized design, which offers plant operators an additional advantage of cost-effectiveness and installation planning. The HIJunctionBox is also designed to be used under harsh environmental conditions.
  • In Feb 2019, Rockwell Automation entered into a joint venture with Schlumberger. With this JV, both the companies will create a Sensia, a fully integrated digital oilfield automation solutions provider for the oil & gas industry. It will provide scalable, cloud, and edge-enabled process automation, including information and process safety solutions.

Segments covered in the Report:

The Global High-Integrity Pressure Protection System (HIPPS) market has been segmented based on the offering, industry, and region. Based on Offering, the market is segmented into components and services. Based on the component, the market is further segmented into Field Initiators, Logic Solvers, Final Control Elements, and Others. The field control element comprises Valves and Actuators. Based on services, the market is segmented into Testing, Inspection, and Certification, Maintenance, and Training and Consulting. Based on industry, the market is segmented into Oil & Gas, Chemicals, Power Generation, Food & Beverages, Pharmaceuticals, Water & Wastewater, Metals & Mining, and Others. Oil & gas is further segmented into Upstream, Midstream, and Downstream.

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Key questions answered in this research report:

• • At what pace is the global High-Integrity Pressure Protection System (HIPPS) market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global High-Integrity Pressure Protection System (HIPPS) market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global High-Integrity Pressure Protection System (HIPPS) market?
  • Which Offering generated maximum revenues in 2019 and identify the most promising Offering during the forecast period?
  • What are the various Industry areas of global High-Integrity Pressure Protection System (HIPPS) market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global High-Integrity Pressure Protection System (HIPPS) Market by Offering 

• • Components
    • Field Initiators
    • Logic Solvers
    • Final Control Elements
      • Valves
      • Actuators
    • Others
  • Services
    • Testing, Inspection, and Certification
    • Maintenance
    • Training and Consulting

Global High-Integrity Pressure Protection System (HIPPS) Market by Industry 

• • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Chemicals
  • Power Generation
  • Food & Beverages
  • Pharmaceuticals
  • Water & Wastewater
  • Metals & Mining
  • Others

Global High-Integrity Pressure Protection System (HIPPS) Market by Region

• • North America High-Integrity Pressure Protection System (HIPPS) Market (Option 1: As a part of the free 25% customization)

    • North America High-Integrity Pressure Protection System (HIPPS) Market by Offering
    • North America High-Integrity Pressure Protection System (HIPPS) Market by Industry
    • US High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Canada High-Integrity Pressure Protection System (HIPPS) Market All-Up

  • Europe High-Integrity Pressure Protection System (HIPPS) Market (Option 2: As a part of the free 25% customization)

    • Europe High-Integrity Pressure Protection System (HIPPS) Market by Offering
    • Europe High-Integrity Pressure Protection System (HIPPS) Market by Industry
    • UK High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Germany High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • France High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Spain High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Rest of Europe High-Integrity Pressure Protection System (HIPPS) Market All-Up

  • Asia-Pacific High-Integrity Pressure Protection System (HIPPS) Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific High-Integrity Pressure Protection System (HIPPS) Market by Offering
    • Asia-Pacific High-Integrity Pressure Protection System (HIPPS) Market by Industry
    • China High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • India High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Japan High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Rest of APAC High-Integrity Pressure Protection System (HIPPS) Market All-Up

  • RoW High-Integrity Pressure Protection System (HIPPS) Market (Option 4: As a part of the free 25% customization)

    • RoW High-Integrity Pressure Protection System (HIPPS) Market by Offering
    • RoW High-Integrity Pressure Protection System (HIPPS) Market by Industry
    • Brazil High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • South Africa High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Saudi Arabia High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • UAE High-Integrity Pressure Protection System (HIPPS) Market All-Up
    • Rest of world (remaining countries of the LAMEA region) High-Integrity Pressure Protection System (HIPPS) Market All-Up

Major Players Operating the High-Integrity Pressure Protection System (HIPPS) (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Emerson Electric Co.
  • Yokogawa Electric Corporation
  • Schneider Electric SE
  • HIMA GmbH
  • Rockwell Automation, Inc.
  • General Electric
  • ABB
  • Siemens AG
  • Schlumberger
  • Honeywell International Inc.
  • Mokveld Valves B.V.