The report "High-Integrity Pressure Protection System (HIPPS) Market by Component (Field Initiator, Logic Solver, Valve, Actuator), Service (Maintenance, Testing, Inspection, & Certification, Training & Consulting), Industry, and Region - Global Forecast to 2024", is estimated to reach USD 724 million by 2024 from USD 486 million in 2019, at a CAGR of 8.3%.
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he market for components to grow at a significant rate from 2019 to 2024
Components accounted for the largest HIPPS market share in 2018, and a similar trend is expected to continue in the next few years owing to its increasing adoption in process industries. The complete HIPPS solutions consist of pressure sensors/transmitters, logic solvers, valves, actuators, and other components such as solenoids, control panels and software, alarms, valve positioners, manifolds, and accessories. Valves are used to control the plant pressure and discharge a certain amount of steam or gas without electric power. Valves actuate or stop the flow of any dangerous fluid or external hydrocarbons (gases) on detection of a hazardous event. Logic solvers are highly flexible, efficient, reliable, and secure, as well as can be installed easily. Many standard and safety-related applications in the process industry require one or more single-loop logic solvers, offering flexibility and user-friendly advantages to programmers.
Chemicals to grow at a higher CAGR from 2019 to 2024.
Safety and reliability are critical factors for the chemicals industry. For reliable and accurate workflow in this industry, the functional safety of plants is necessary. The chemicals industry involves inherent risks due to the presence of dangerous materials such as gases and chemicals. Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances. These incidents cause human suffering, loss of production, and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring. Owing to this, the market for HIPPS in the chemicals industry is likely to grow at the highest CAGR during the forecast period.
APAC to grow at fastest CAGR during the forecast period”
The APAC HIPPS market is expected to grow at highest CAGR during the forecast period owing to the focus of countries on expanding oil & gas refining capacity and significant growth in the chemicals industry. The rising adoption of functional safety systems in the oil & gas industry has fostered the demand for HIPPS to ensure the protection of the environment, equipment, and personnel. In recent years, the requirement for gas in China has surged sharply due to the expansion of the petroleum industry, improvement in living standards, and the development of gas infrastructure. HIPPS is used majorly in oil & gas, and petrochemical plants in India to minimize hazardous effects of overpressurization situations as this system prevents the loss of oil or gas due to the explosion. New investments in these industries are likely to support the growth of the high-integrity pressure protection system market in India.
Key Market Players
As of 2018, 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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