Press release
High-Integrity Pressure Protection System Market to Surpass USD 814.72 million by 2030, Bolstered by Advancements in Industrial Safety Measures.
High-Integrity Pressure Protection System Market
The SNS Insider report reveals that the High-Integrity Pressure Protection System Market, valued at USD 484.95 million in 2022, is poised to achieve a market size of USD 814.72 million by 2030. With a projected compound annual growth rate of 6.7% from 2023 to 2030, the market reflects a robust trajectory driven by the growing emphasis on industrial safety.
The High-Integrity Pressure Protection System (HIPPS) stands as a critical safety equipment source, designed to close and alleviate pressure during hazardous processes, especially within the oil and gas industries. This safety system is integral in preventing loss of containment during equipment failures, ensuring the protection of personnel and the environment. HIPPS serves as a vital mechanism to reduce the impact of excessive pressure in hazardous situations, crucial for industries ranging from oil and gas to power generation.
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Key Players Covered in this market report are:
-Emerson Electric
-Yokogawa Electric
-HIMA Paul Hildebrandt
-Rockwell Automation
-Schneider Electric
-Honeywell International
-ABB
-Siemens
-Schlumberger
-Baker Hughes
-General Electric Company
Market Analysis:
The market's evolution is propelled by several growth factors, including the rising need to reduce gas flaring and venting to protect the environment. Additionally, the expansion of refineries and petrochemical plants necessitates advanced safety measures, positioning HIPPS as a crucial component in industrial processes. These advancements contribute to the market's upward trajectory, reflecting a commitment to safety and environmental sustainability.
High-Integrity Pressure Protection System Market Segmentation as Follows:
By Types:
The Electronic HIPPS segment dominates, driven by its advanced technological capabilities, offering precise and efficient pressure protection in diverse industrial settings.
By Components:
The Final Element segment takes the lead, serving as the core component responsible for executing protective actions, ensuring a swift response to pressure abnormalities.
By Services:
Maintenance emerges as the dominating service segment, emphasizing the critical role of continuous system upkeep for optimal functionality and enhanced safety.
By Industry:
The Oil & Gas sector stands out as the dominant industry, reflecting the widespread adoption of HIPPS to ensure safety and mitigate risks in complex oil and gas operations.
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Key Regional Development
The Asia-Pacific (APAC) HIPPS market is poised for high growth, driven by an increasing number of oil and gas refineries and significant expansion in the chemical industry. APAC's introduction of high-capacity HIPPS deployment in oil and gas, chemical, and power industries underscores the region's commitment to safety. Countries like China and India, experiencing substantial growth in oil, gas, and chemicals production, contribute to the region's dominance. The rise of green regional projects further propels the demand for HIPPS in the oil and gas sector in countries such as India and China.
Key Takeaways
The High-Integrity Pressure Protection System Market experiences robust growth, with safety and environmental concerns driving demand.
Electronic HIPPS and Final Element segments play pivotal roles in ensuring precise and efficient pressure protection.
Maintenance services emerge as critical for sustaining optimal HIPPS functionality.
Recent Developments
Global controls technology company Proservand Trendsetter Engineering collaborate to deliver a unique HIPPS, accelerating initial production at Woodside Energy's Shenzi extension ahead of schedule.
Larsen & Toubro (L&T) announces the successful supply of the country's first indigenously developed HIPPS for the Dirok gas field in Assam, contributing to enhanced safety in the oil and gas sector.
Table of Content - Analysis of Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. High-Integrity Pressure Protection System Market Segmentation, By Type
9. High-Integrity Pressure Protection System Market Segmentation, By Component
10. High-Integrity Pressure Protection System Market Segmentation, By Services
11. High-Integrity Pressure Protection System Market Segmentation, By Industry
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
About Us:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.
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