High Integrity Pressure Protection System Market - Reduce The Risk Of Industrial Accidents, Thereby Ensuring Safety

Global High Integrity Pressure Protection System Market: Overview

High integrity pressure protection systems play a prominent role in the protection of people and assets by shutting off the source of high pressure in time, preventing the possibility of an explosion of a vessel or a line.

The report discusses the key growth opportunities, recent trends, challenges, and growth drivers of the global high integrity pressure system market. The past, present, and projected leading segments in terms of various parameters such as region, application, and end user have been revealed. The major players in the market for high integrity pressure protection system have been studied in detail, wherein their key business strategies, market shares, and product portfolios have been discussed. The report also deals with the market forecast, value chain analysis, Porter’s five force analysis, and supply and demand dynamics.

Global High Integrity Pressure Protection System Market: Drivers and Restraints

High integrity pressure protection systems reduce the risk of industrial accidents, thereby ensuring safety. This is one of the key growth drivers of the market apart from large scale industrialization in the emerging and developed economies, which is slated to boost demand. They also eliminate the requirement of traditional mechanical relief devices, which are relatively less efficient. These systems cut down the production costs by 25%, due to which they will witness a growth in demand. Instantaneous inventory isolation and substantial cost savings are some other important growth drivers of this market.

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While conventional relief systems release toxic or inflammable fluids into the environment, high integrity pressure protection systems aim at blocking the inflow of these harmful fluids by containing them. As high integrity pressure systems are environment friendly, their deployment will increase significantly over the coming period.

The oil and gas industry gives out GHG emissions on a large scale due to oil flaring, thereby polluting the air. High integrity pressure protection systems reduce the level of flaring in gas and oil application, thereby reducing emissions. Stringent government rules have been passed by several national governments in order to control air pollution caused by these companies. High integrity pressure protection systems are therefore being increasingly preferred by oil and gas companies, fuelling the demand for these systems. The stringent government regulations applicable to pharmaceutical industries in several regions will also prove to be beneficial to overall market growth.

On the contrary, high costs of these systems and inadequate awareness about these systems might hamper growth of the global high integrity pressure protection system market. However, the growing rate of adoption in the oil and gas industry is expected to neutralize the negative impact of these restraints.

Global High Integrity Pressure Protection System Market: Regional Outlook

Based on geography, the global market for high integrity pressure protection systems can be segmented into Europe, Asia Pacific, North America, and Rest of the World. Asia Pacific is a regional segment with immense potential for expansion. The need for compliance with environment friendly policies is likely to be one of the major factors driving the growth of high integrity pressure protection systems in countries such as India and China.

Companies mentioned in the Report

Some of the major players operating in the global market for high integrity pressure protection systems are Rockwell Automation, ABB, Schneider Electric, Yokogawa Electric, Mokveld, General Electric, Norgren, Esoterica Automation, OMRON, HIMA Paul Hildebrandt, and Siemens.

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