High-Integrity Pressure Protection System (HIPPS) Market | North America to be the largest share

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%. A high-integrity pressure protection system (HIPPS) is a safety instrumented system (SIS) designed to avoid the overpressure generated during hazardous processes, mainly in oil & gas plants, by shutting off the source and capturing the pressure in the upstream side of the system. In process industries, a safety system is to prevent the loss of containment occurred when a vessel or a pipeline is ruptured due to overpressure. Overpressure can be handled using relief systems; however, the release of flammable, explosive, hazardous, or toxic process fluids in the environment may have an adverse impact on humans and the environment.

Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249295352

“North America to be the largest market for HIPPS during the forecast period”

North America is expected to dominate the global HIPPS market during the forecast period. North America is one of the most important markets for HIPPS. The region has stringent industrial safety standards, which drives the growth of the HIPPS market. Companies in this region adhere to various industrial safety standards, such as IEC 61508 and IEC 61511, to avoid fines and punitive disciplinary actions. North American agencies, including OSHA and ANSI, have also published industrial safety guidelines, which has resulted in the high adoption of HIPPS.

North America comprises the US and Canada, which are a major oil and gas producing countries. Further, many suppliers and manufacturers of safety systems have their facilities in this region. Additionally, increasing need for optimum utilization of resources, and growing requirement for improved safety across oil and gas plants are driving the market for HIPPS in this region.

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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441