The report "High-Integrity Pressure Protection System (HIPPS) Market by Component (Field Initiator, Logic Solver, Valve, Actuator), Service (Maintenance, Testing, Inspection, & Certification, Training & Consulting), Industry, and Region - Global Forecast to 2024", is estimated to reach USD 724 million by 2024 from USD 486 million in 2019, at a CAGR of 8.3%.
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APAC to grow at fastest CAGR during the forecast period”
The APAC HIPPS market is expected to grow at highest CAGR during the forecast period owing to the focus of countries on expanding oil & gas refining capacity and significant growth in the chemicals industry. The rising adoption of functional safety systems in the oil & gas industry has fostered the demand for HIPPS to ensure the protection of the environment, equipment, and personnel. In recent years, the requirement for gas in China has surged sharply due to the expansion of the petroleum industry, improvement in living standards, and the development of gas infrastructure. HIPPS is used majorly in oil & gas, and petrochemical plants in India to minimize hazardous effects of overpressurization situations as this system prevents the loss of oil or gas due to the explosion. New investments in these industries are likely to support the growth of the high-integrity pressure protection system market in India.
Key Market Players
As of 2018, 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.
Emerson Electric was a leading player in the high-integrity pressure protection system market in 2018. Emerson is a key player that offers automation solutions to various end-user industries. The company has built a diversified product portfolio of field initiators, logic solvers, and final control elements that enables it to respond to market challenges and opportunities effectively. Emerson Electric has operations in all the major geographies and makes significant investments in R&D; it stood at USD 436 million in 2018.
Yokogawa Electric Corporation is a leading supplier of industrial automation and process safety solutions. The company has adopted inorganic strategies, such as partnerships and contracts, to grow in the HIPPS market. For instance, in June 2017, Yokogawa (China) signed a 3-year agreement with Sinopec Engineering (Group) Co., Ltd. (SEG) to build a long-term collaborative relationship. Yokogawa Electric has a strong presence in Japan, with 31.7% of its total revenue generated from the Japanese market in 2018.
HIMA is a major provider of safety solutions, with operations in all major geographies. Over 35,000 TÜV-certified safety systems from HIMA have been deployed worldwide. Its strong market position enables it to gain business coverage and increase investor confidence. Expansion and agreements have been the major strategies adopted by the company to compete in the market. It signed a contract with INPEX in January 2018, under which HIMA will provide maintenance support for safety instrumented systems at the Ichthys LNG Project in Australia.
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).
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 are the key factors driving the growth of the HIPPS industry. Lack of awareness and high installation cost of high-integrity pressure protection system are the key restraining factors for the HIPPS market growth. However, increasing exploration and production activities in the oil & gas industry offer growth opportunities for the providers of HIPPS in the next five years.
“Valves to hold the largest size of HIPPS market during the forecast period.”
Currently, valves account for the largest HIPPS market share among all components, and a similar trend is likely to continue during the forecast period. Final control elements of HIPPS include valves and actuators that perform the process shut down operation in the case of overpressure conditions. Valves are used to control the plant pressure and discharge a certain amount of steam or gas without electric power. Valves actuate or stop the flow of any dangerous fluid or external hydrocarbons (gases) on detection of a hazardous event. Extensive application of valves in oil & gas and chemical plants is supporting the growth of the HIPPS market.
“Market for testing, inspection, and certification services to grow at fastest CAGR from 2019 to 2024”
Currently, the services market pertaining to HIPPS is gaining pace with an increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for these systems, especially in oil & gas and chemicals industries. 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. Testing, inspection, and certification (TIC) services play a crucial role in the HIPPS market. HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure.
“Oil & gas industry to hold the largest size of HIPPS market from 2019 to 2024”
Safety is the most critical concern in the oil & gas industry. Lack of proper safety systems in this industry may lead to production loss, stress on affected components and systems, and hazards during system restoration. With there is a rise in the level of emissions in the oil & gas industry from both onshore and offshore sites, there is an increase in pressure from regulatory bodies to cut down on the level of pollution. These factors have guided oil & gas companies to install HIPPS. HIPPS plays a vital role in reducing emissions by blocking the release of harmful gases in the environment. The demand for HIPPS in the oil & gas industry is expected to increase with the rise in offshore and shale-related exploration activities.
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