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High-Integrity Pressure Protection System Market - The Reduction In Costs and Weight For Downstream Vessels
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This helps in prevention of loss resulting from rupture of a line or vessel and thus being used across different industry verticals. The global market for high integrity pressure protection system has been segmented on the basis of standards, component, end use industries and geography. The safety integrity level (SIL) and IEC are the various standards based on which the global market for HIPPS has been segmented globally. On the basis of components the global market for HIPPS has been segmented into valves and actuators among others. Power generation, chemicals, mining, pharmaceutical, oil & gas and food & beverages among others form the various application areas of HIPPS market globally.
Global high-integrity pressure protection system market on the basis of geography has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
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The reduction in costs and weight for downstream vessels has been a major driver that is positively impacting the growth of the global HIPPS market. Moreover, the increased capacity supporting the flowline applications has further led to the application of HIPPS in different industries especially the oil & gas sector. Use of HIPPS has also reduced the costs related to transportation and storage as a result of volume and weights reduction that has further enhanced the overall demand for high-integrity pressure protection system globally.
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Other than this, application of HIPPS also eliminates the necessity for installing relief devices to avoid gas emission in atmosphere as it is covered by HIPPS. All these factors along with the safety security and reliability factor associated with usage of HIPPS for maintaining pressure has resulted in rising application and demand for high-integrity pressure protection system. HIPPS also prevents over pressure in downstream vessels that has been another crucial factor in rising application and demand for high-integrity pressure protection system globally thereby aiding the overall market to grow globally.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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