January 05, 2021
According to the research report titled ‘Global High-integrity pressure protection system (HIPPS) Market Size study with COVID-19 impact, by Type ( Electronics HIPPS and Hydraulic/mechanical HIPPS ), by Offering (component and services), by End-use industries (oil & gas, power generation, chemical, water & wastewater, food & beverage and others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global high-integrity pressure protection system market was valued at USD 486 million in 2019 and is poised to witness a compound annual growth rate of 8.90% during 2020-2027.
Flourishing industrial sector is primarily driving the growth of global high-integrity pressure protection system (HIPPS) market. Ability of HIPPS to shut down the supply of excessive stress on the system before it surpasses the overall layout stress in order to prevent rupture of a line or vessel is contributing to the industry growth.
High integrity pressure protection system is a safety gadget which averts over-pressurization of a plant. It supports better process shutdown and emergency systems.
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As per International Energy Agency (IEA), the worldwide oil demand is recorded to grow with an average of 1.2 mb/d and will reach 104.7 mb/d by 2023 from 6.9 mb/d in 2018. Another statistic from the same source cite that as of 26 March 2019, the world gross electricity production increased by 2.5% in 2017 as compare to 2016. Hence, surging demand for oil, and soaring electricity consumption are positively impacting the growth of global high-integrity pressure protection system market.
In addition, incorporation of reliable safety solutions for personnel and asset protection in high-pressure environment is contributing to the industry growth. However, complexity associated with the system and lack of awareness among individuals are hampering the global high-integrity pressure protection system industry growth.
Based on type, worldwide high-integrity pressure protection system market is classified into hydraulic/mechanical HIPPS, and electronics HIPPS. In terms of end-use spectrum, the industry is bifurcated into water & wastewater, oil & gas, chemical, food & beverage, power generation, and others. Considering the offering gamut, the market is divided into services, and component.
From a regional frame of reference, North America high-integrity pressure protection system industry size is projected to record significant growth during the study period, mainly due to rising demand for efficient safety solutions for personnel and asset protection in high-pressure environment. Whereas, Asia-Pacific industry is anticipated to witness the highest CAGR over 2020-2027, owing to fast rise in industrialization across the region.
Major players operating in global high-integrity pressure protection system market sphere include ABB Group (formerly ASEA Brown Boveri), Schlumberger Limited, Schneider Electric, DAFRAM S.p.A., Emerson Electric Co., The HIMA Group, Siemens AG, Frames Group, Atv Hipps S.R.L., and Bel Valves Ltd.