Press release
High-Integrity Pressure Protection System (HIPPS) Market Overview, Demands, Share, Growth Rate, Size, and Key Players Rockwell Automation, Emerson Electric Co., Yokogawa Electric Corporation
High-Integrity Pressure Protection System (HIPPS) Market
The global high-integrity pressure protection system (HIPPS) Market size is projected to reach a CAGR of 7.3% from 2022-2028.
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High-Integrity Pressure Protection System (HIPPS) Market Key Players: Rockwell Automation, Emerson Electric Co., Yokogawa Electric Corporation, Siemens AG, Schneider Electric
In October 2021, Emerson launched the first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 as per the IEC 61508 standard of the International Electrotechnical Commission.
In September 2021, Yokogawa launched its new Electric Exaquantum Safety Function Monitoring (SFM) software, a solution to identify whether actual operating performance meets safety design targets. The new version of the software supports the International Electrotechnical Commission (IEC) 61511 standard and includes several new features to help SFM users identify potential safety issues, optimize maintenance activities, and improve overall safety solution design.
Regional Analysis
The HIPPS market in APAC is expected to grow at the highest CAGR owing to the increasing number of oil and gas refineries and significant growth in the chemicals industry. APAC presents a high potential for installation of HIPPS in the oil & gas, chemicals, and power generation industries.
Table of Contents
High-Integrity Pressure Protection System (HIPPS) Market is segmented into type, component, services, end user and region.
On the basis of Type
Electronic HIPPS
Mechanical HIPPS
On the basis of Component
Field Initiators
Logic Solver
Final element
On the basis of Services
Testing, Inspection and Certification
Maintenance
Training and Consultation
On the basis of End User
Oil & Gas
Chemicals
On the basis of Region
Asia Pacific
North America
Europe
South America
Middle East & Africa
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.
Growing need for reducing flaring to protect the environment and the imposition of stringent regulatory norms by governments to ensure safety and security at manufacturing plants are some of the factors that have supported long-term expansion for High-Integrity Pressure Protection System (HIPPS) Market.
The outbreak and widespread of the COVID-19 pandemic adversely affected the growth of the oil & gas industry. The imposition of various restrictions by governments worldwide in 2020 created a wide gap between supply and demand.
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