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 includes mandatory 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. However, increasing exploration and production activities in the oil & gas industry offer growth opportunities for the providers of HIPPS in the next five years.
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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 led the global HIPPS market in 2018. Emerson 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. The company also adopts an aggressive growth strategy that involves a balance of mergers and acquisitions, as well as investments in existing businesses. In May 2017, the company acquired the valve and control business of Pentair (UK). This acquisition enabled the company to expand its product and service portfolio and provide better customer service.
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. Under the agreement, Yokogawa will provide production control systems, safety instrumented systems, field devices, SCADA software, advanced process control packages, and other solutions for SEG's oil refining and petrochemical projects. Yokogawa Electric has a strong presence in Japan, with 31.7% of its total revenue generated from the Japanese market in 2018. The company also focuses on R&D to gain a competitive advantage, having invested USD 3.64 billion in FY2018—representing 6.5% of its total revenue that year.
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. The company is a core safety specialist, catering to process and discrete industries. Additionally, it focuses on inorganic growth strategies, such as partnerships and contracts, to develop its capabilities.
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).
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