The Global High-Integrity Pressure Protection System (HIPPS) Market size is expected to reach $636.7 million by 2027, rising at a market growth of 6.0% CAGR during the forecast period.
A high-integrity pressure protection system (HIPPS) is a functional safety system (SIS) that shuts off the source and captures the pressure on the upstream side of the system to minimise overpressure created during hazardous processes, primarily in oil and gas facilities. A safety system is used in process sectors to avoid loss of containment whenever a vessel or pipeline ruptures due to overpressure. Relief systems can be used to relieve overpressure, although the discharge of combustible, hazardous, explosive, or poisonous process fluids into the environment might harm individuals and the environment.
The rising need to reduce flaring to preserve the environment, as well as the installation of severe regulatory criteria by governments to maintain safety and security at industrial plants, are driving market expansion. The high cost of HIPPS installation is projected to be a major restraint on the market's growth.
The chance that a HIPPS will execute its necessary safety instrumented function properly under all indicated situations and within a given time frame is called safety integrity. A HIPPS's Safety Integrity requirement is expressed in terms of a discrete level known as SIL. The chance of the HIPPS failing to execute its design function on demand, or just probability of failure on demand, is quantified by the SIL or availability score of the HIPPS (PFD). Better SIL indicates a lower PFD and a higher likelihood of HIPPS executing its role.
The emergence of COVID-19 has had a detrimental influence on the market for high-integrity pressure protection systems. The industrial operations in several places came to a standstill due to the shutdown constraints. The market for high integrity pressure protection systems has shrunk due to a drop in demand from end-user industries. The recovery of the economy following COVID will increase demand for high-integrity pressure protection systems.
The onset and spread of the COVID-19 pandemic had a negative impact on the oil and gas industry's growth. In 2020, governments throughout the world imposed different limitations, resulting in a large disparity amongst supply and demand. The slowing expansion of the sector has a cascading impact on the HIPPS market's growth in 2020.
Gas flaring is most commonly done at oil and gas production facilities during routine maintenance, equipment repairs, or shutdown events. The technology allows for the release of pressure from the gas collecting and processing systems in a controlled manner. As a result, it is employed in industrial plants to regulate pressures and assure safe and effective operations.
Gas flaring, on the other hand, has recently emerged as one of the most pressing challenges in the process industries, since it consumes important natural resources and emits a considerable quantity of carbon dioxide, sulphur dioxide, and nitrous oxide gases, all of which are harmful to the environment. Similarly, at several phases of the treatment process, gas venting is carried out to ensure safety. Unburned gases (impure gases) are discharged into the atmosphere during this technique, which might be harmful to human health.
In both emerging and developed nations, the industrial sector, particularly includes the oil and gas and chemical sectors, is continually increasing. The petrochemical sector accounts for 12% of worldwide feedstock consumption, which is predicted to rise as demand for fertilisers, plastics, and other goods increases. Furthermore, several proposed projects connected to oil and gas production and transportation have been planned on a worldwide scale. Strict regional government rules on emission levels across sectors to improve worker safety have boosted demand for HIPPS solutions.
The HIPPS is made up of a variety of safety components, including logic solvers, pressure transmitters, field initiators, and final components, such as valves and actuators. It is implemented as a precautionary step to protect personnel, machinery, and production lines in the event of an emergency. The expenses of HIPPS components, installation, maintenance, and repair, on the other hand, place a significant strain on companies' budgets. Although big companies can handle these costs, medium and small businesses may find it challenging. Furthermore, HIPPSs must adhere to regulatory requirements that are continuously revised in response to technology improvements and new demands, necessitating the updating of businesses' safety systems. This necessitates increased expenditures in the installation of safety components and systems.
Based on Offering, the market is segmented into Component and Services. During the projected period Component segment is likely to lead the global High-Integrity Pressure Protection Systems market.
Based on Component, the market is segmented into Final Element, Field Initiators, Logic Solver and Others. Based on Final Element Type, the market is segmented into Valves and Actuators. During the projected period, valves will be the major component of the HIPPS market. Valves and actuators are the final control elements of HIPPS, and they execute the process close down operation in the event of an overpressure problem. The valve is the most important component in the functioning of a HIPPS system since it is used to cut off the pipeline and prevent overpressure from happening downstream. In the construction of a HIPPS, valves are the most expensive component.
Based on Services, the market is segmented into Maintenance, Training & Consultation, and Testing, Inspection & Certification. Maintenance services are expected to lead the HIPPS market. The market for testing, inspection, and certification services is expected to grow at the fastest rate. The use of HIPPS is becoming more common in Greenfield projects, which has increased demand for HIPPS services, which serve to enhance and extend the HIPPS' operating life. HIPPS is examined on a regular basis for inconsistencies, defects, or other flaws that might compromise its operational dependability and cause it to fail.
Based on Type, the market is segmented into Electronic HIPPS and Mechanical HIPPS. Mechanical HIPPS offers complete safety system and operates without the usage of electric power. A mechanical technology instrument comes with Self-actuated pneumatic and Self-contained hydraulic technologies. The low cost installation within no electric power area enhances the growth of Mechanical HIPPS in High-Integrity Pressure Protection System (HIPPS) Market.
Based on Industry, the market is segmented into Oil & Gas and Chemical. Due to the expanding transportation sector, rising energy consumption, and increased drilling operations in the Gulf Cooperation Council (GCC) nations, the oil and gas industry accounted for the highest share of the HIPPS market in 2021. The fall in oil prices and production caused by the COVID-19 pandemic had a negative impact on the oil and gas industry's growth in 2020. The biggest oil-producing firms, on the other hand, restarted oil exploration and drilling operations by the end of 2020.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is predicted to grow at the fast rate. In the oil and gas, chemicals, and power generation sectors, APAC has a lot of potential for HIPPS implementation. The rising demand for petrochemicals in nations like China and India is boosting oil, gas, and chemical output. With an increasing number of Greenfield development schemes in countries like China and India, the oil and gas sector is anticipated to see a rise in demand for HIPPS.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG, ABB Group and Honeywell International, Inc. are the forerunners in the High-Integrity Pressure Protection System (HIPPS) Market. Companies such as HIMA Paul Hildebrandt GmbH, Schneider Electric SE, Emerson Electric Co. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include HIMA Paul Hildebrandt GmbH, Emerson Electric Co., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., Schlumberger N.V., Baker Hughes Company, ABB Group, Honeywell International, Inc., and Yokogawa Electric Corporation.
By Offering
By Final Element
By Services
By Type
By Industry
A high-integrity pressure protection system (HIPPS) is a functional safety system (SIS) that shuts off the source and captures the pressure on the upstream side of the system to minimise overpressure created during hazardous processes, primarily in oil and gas facilities. A safety system is used in process sectors to avoid loss of containment whenever a vessel or pipeline ruptures due to overpressure. Relief systems can be used to relieve overpressure, although the discharge of combustible, hazardous, explosive, or poisonous process fluids into the environment might harm individuals and the environment.
The rising need to reduce flaring to preserve the environment, as well as the installation of severe regulatory criteria by governments to maintain safety and security at industrial plants, are driving market expansion. The high cost of HIPPS installation is projected to be a major restraint on the market's growth.
The chance that a HIPPS will execute its necessary safety instrumented function properly under all indicated situations and within a given time frame is called safety integrity. A HIPPS's Safety Integrity requirement is expressed in terms of a discrete level known as SIL. The chance of the HIPPS failing to execute its design function on demand, or just probability of failure on demand, is quantified by the SIL or availability score of the HIPPS (PFD). Better SIL indicates a lower PFD and a higher likelihood of HIPPS executing its role.
COVID-19 Impact Analysis
The emergence of COVID-19 has had a detrimental influence on the market for high-integrity pressure protection systems. The industrial operations in several places came to a standstill due to the shutdown constraints. The market for high integrity pressure protection systems has shrunk due to a drop in demand from end-user industries. The recovery of the economy following COVID will increase demand for high-integrity pressure protection systems.
The onset and spread of the COVID-19 pandemic had a negative impact on the oil and gas industry's growth. In 2020, governments throughout the world imposed different limitations, resulting in a large disparity amongst supply and demand. The slowing expansion of the sector has a cascading impact on the HIPPS market's growth in 2020.
Market Growth Factors:
To safeguard the environment, there is a rising need to reduce gas flaring and venting
Gas flaring is most commonly done at oil and gas production facilities during routine maintenance, equipment repairs, or shutdown events. The technology allows for the release of pressure from the gas collecting and processing systems in a controlled manner. As a result, it is employed in industrial plants to regulate pressures and assure safe and effective operations.
Gas flaring, on the other hand, has recently emerged as one of the most pressing challenges in the process industries, since it consumes important natural resources and emits a considerable quantity of carbon dioxide, sulphur dioxide, and nitrous oxide gases, all of which are harmful to the environment. Similarly, at several phases of the treatment process, gas venting is carried out to ensure safety. Unburned gases (impure gases) are discharged into the atmosphere during this technique, which might be harmful to human health.
Refineries and petrochemical factories are being expanded
In both emerging and developed nations, the industrial sector, particularly includes the oil and gas and chemical sectors, is continually increasing. The petrochemical sector accounts for 12% of worldwide feedstock consumption, which is predicted to rise as demand for fertilisers, plastics, and other goods increases. Furthermore, several proposed projects connected to oil and gas production and transportation have been planned on a worldwide scale. Strict regional government rules on emission levels across sectors to improve worker safety have boosted demand for HIPPS solutions.
Marketing Restraining Factor:
A high-integrity pressure protection system comes with a high-cost installation (HIPPS)
The HIPPS is made up of a variety of safety components, including logic solvers, pressure transmitters, field initiators, and final components, such as valves and actuators. It is implemented as a precautionary step to protect personnel, machinery, and production lines in the event of an emergency. The expenses of HIPPS components, installation, maintenance, and repair, on the other hand, place a significant strain on companies' budgets. Although big companies can handle these costs, medium and small businesses may find it challenging. Furthermore, HIPPSs must adhere to regulatory requirements that are continuously revised in response to technology improvements and new demands, necessitating the updating of businesses' safety systems. This necessitates increased expenditures in the installation of safety components and systems.
Offering Outlook
Based on Offering, the market is segmented into Component and Services. During the projected period Component segment is likely to lead the global High-Integrity Pressure Protection Systems market.
Component Outlook
Based on Component, the market is segmented into Final Element, Field Initiators, Logic Solver and Others. Based on Final Element Type, the market is segmented into Valves and Actuators. During the projected period, valves will be the major component of the HIPPS market. Valves and actuators are the final control elements of HIPPS, and they execute the process close down operation in the event of an overpressure problem. The valve is the most important component in the functioning of a HIPPS system since it is used to cut off the pipeline and prevent overpressure from happening downstream. In the construction of a HIPPS, valves are the most expensive component.
Service Outlook
Based on Services, the market is segmented into Maintenance, Training & Consultation, and Testing, Inspection & Certification. Maintenance services are expected to lead the HIPPS market. The market for testing, inspection, and certification services is expected to grow at the fastest rate. The use of HIPPS is becoming more common in Greenfield projects, which has increased demand for HIPPS services, which serve to enhance and extend the HIPPS' operating life. HIPPS is examined on a regular basis for inconsistencies, defects, or other flaws that might compromise its operational dependability and cause it to fail.
Type Outlook
Based on Type, the market is segmented into Electronic HIPPS and Mechanical HIPPS. Mechanical HIPPS offers complete safety system and operates without the usage of electric power. A mechanical technology instrument comes with Self-actuated pneumatic and Self-contained hydraulic technologies. The low cost installation within no electric power area enhances the growth of Mechanical HIPPS in High-Integrity Pressure Protection System (HIPPS) Market.
Industry Outlook
Based on Industry, the market is segmented into Oil & Gas and Chemical. Due to the expanding transportation sector, rising energy consumption, and increased drilling operations in the Gulf Cooperation Council (GCC) nations, the oil and gas industry accounted for the highest share of the HIPPS market in 2021. The fall in oil prices and production caused by the COVID-19 pandemic had a negative impact on the oil and gas industry's growth in 2020. The biggest oil-producing firms, on the other hand, restarted oil exploration and drilling operations by the end of 2020.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is predicted to grow at the fast rate. In the oil and gas, chemicals, and power generation sectors, APAC has a lot of potential for HIPPS implementation. The rising demand for petrochemicals in nations like China and India is boosting oil, gas, and chemical output. With an increasing number of Greenfield development schemes in countries like China and India, the oil and gas sector is anticipated to see a rise in demand for HIPPS.
Cardinal Matrix - High-Integrity Pressure Protection System (HIPPS) Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG, ABB Group and Honeywell International, Inc. are the forerunners in the High-Integrity Pressure Protection System (HIPPS) Market. Companies such as HIMA Paul Hildebrandt GmbH, Schneider Electric SE, Emerson Electric Co. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include HIMA Paul Hildebrandt GmbH, Emerson Electric Co., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., Schlumberger N.V., Baker Hughes Company, ABB Group, Honeywell International, Inc., and Yokogawa Electric Corporation.
Recent Strategy Deployed in High-Integrity Pressure Protection System (HIPPS) Market
Partnerships, Collaborations and Agreements:
- Sep-2021: Bently Nevada, a Baker Hughes business signed an agreement with Saudi Basic Industries Corporation (SABIC), a worldwide diversified chemicals company. Under this agreement, the company’s plant-wide condition monitoring and machine asset protection services deliver above 12,000 assets across more than 16 SABIC sites in Saudi Arabia.
- Nov-2020: Siemens Energy came into a partnership with ProFlex Technologies, a provider of technology-driven solutions to unify management challenges within the oil & gas industry. Through this partnership, the company aimed to obtain access to ProFlex Technologies’ digital Pipe-Safe advanced leak detection technology that allows operators to minimize the environmental risk related to operating their infrastructure.
Acquisitions and Mergers:
- Dec-2021: Yokogawa Electronics Corporation completed the acquisition of PXiSE Energy Solutions, developer of software that allows utilities and other grid operators to offer stable and reliable power through maintaining renewables and distributed energy resources (DERs) in real-time. From this acquisition, the company aimed to help customers in the power transmission and distribution sectors to satisfy its clean energy goal as well as enhance its abilities in the monitoring and control of power generation facilities.
Product Launches and Product Expansions:
- Oct-2021: Emerson rolled out the first valve assemblies which satisfy the design process needs of Safety Integrity Level (SIL) 3 as per the International Electrotechnical Commission’s IEC 61508 standard. The launch aimed to minimize unknown variables although assisting safety is always paramount.
- Dec-2020: Baker Hughes introduced the 1900 Series Dual Media (DM), the only Dual Certified Spring-Loaded and the overpressure protection industry’s First to Market Safety Relief Valve. The launch aimed to introduce Consolidated reputation as the leader in the overpressure protection industry through innovation and technological differentiation.
- Oct-2020: Yokogawa Electric corporation introduced the level 2 version of the ProSafe series safety instrumented system, ProSafe-RS Lite. From this launch, the company’s portfolio of safety instrument systems aimed to offer customers multiple choices for choosing a safety instrumented system which satisfies site SIL needs and installation cost through covering all risk reduction levels from SIL2 to SIL4.
- Aug-2020: Emerson launched the Rosemount 550PT Pressure Transmitter. The product has been mainly developed for the use of single-use bioprocessing to deliver the performance required for improving the process while ensuring product integrity. In addition, this new manufacturing approach aimed to make necessary medicines reliably, safely, economically, and quickly.
Scope of the Study
Market Segments Covered in the Report:
By Offering
- Component and
- Final Element
- Field Initiators
- Logic Solver and
- Others
- Services
By Final Element
- Valves and
- Actuators
By Services
- Maintenance
- Training & Consultation, and
- Testing, Inspection & Certification
By Type
- Electronic HIPPS
- Mechanical HIPPS
By Industry
- Oil & Gas
- Chemical
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- HIMA Paul Hildebrandt GmbH
- Emerson Electric Co.
- Siemens AG
- Schneider Electric SE
- Rockwell Automation, Inc.
- Schlumberger N.V.
- Baker Hughes Company
- ABB Group
- Honeywell International, Inc.
- Yokogawa Electric Corporation
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global High-Integrity Pressure Protection System (HIPPS) Market by Offering
Chapter 5. Global High-Integrity Pressure Protection System (HIPPS) Market by Type
Chapter 6. Global High-Integrity Pressure Protection System (HIPPS) Market by Industry
Chapter 7. Global High-Integrity Pressure Protection System (HIPPS) Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- HIMA Paul Hildebrandt GmbH
- Emerson Electric Co.
- Siemens AG
- Schneider Electric SE
- Rockwell Automation, Inc.
- Schlumberger N.V.
- Baker Hughes Company
- ABB Group
- Honeywell International, Inc.
- Yokogawa Electric Corporation
Methodology
LOADING...
