The high-integrity pressure protection system market (HIPPS) 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.
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In this report, the overall HIPPS market has been segmented based on offering, industry, and region.
By Offering
- Components
- Field Initiators
- Logic Solvers
- Final Control Elements
- Valves
- Actuators
- Others
- Services
- Testing, Inspection, and Certification
- Maintenance
- Training and Consulting
By Industry
- Oil & Gas
- Upstream
- Midstream
- Downstream
- Chemicals
- Power Generation
- Food & Beverages
- Pharmaceuticals
- Water & Wastewater
- Metals & Mining
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Russia
- UK
- Norway
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Australia
- Rest of APAC
- Rest of the World (RoW)
- South America
- Middle East
- Africa
“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.
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