Global High Integrity Pressure Protection System (HIPPS) Industry Grows Steadily at a CAGR of 7.95%

Introduction

Actuators with valves and pneumatics are frequently employed in HIPPS. Vendors have created offerings for industrial automation, which has changed the market situation. For instance, in June 2019, Honeywell unveiled Experion PKS Highly Integrated Virtual Environment (HIVE), a fresh approach to creating and maintaining industrial control systems. The company's flagship product, Experion Process Knowledge System, has made this ground-breaking move (PKS). Experion PKS HIVE separates controllers from physical IO and controls applications from physical equipment using networking, software, and Honeywell's LEAP project execution principles. High wellhead shut-in tube pressures during subsea development may necessitate using high-integrity pressure protection devices.

Market Dynamics

Rising Government Regulatory Standards to Defend Safety and Security Drives the Global Market

The implementation of rigorous approaches in many international and regional industrial safety standards has improved the entire safety lifecycle of a system in comparison to the past use of the finest engineering design methodologies. As a result, the market has witnessed a more pronounced increase in using these standards. The requirement for industrial units is also directly impacted by the development of several hazardous areas. In the market under investigation, demand for safety infrastructure may rise due to increased industrial regulatory measures implemented in response to the rising frequency of events in these unstable regions. The widespread adoption of safety regulations and standards, along with heightened awareness of the need for industrial safety management and competency at both the individual and organizational levels, have led to the rapid adoption of safety switches in manufacturing facilities and corporate buildings or offices.

Demand for Conventional Mechanical Relief Devices Creates Tremendous Opportunities

High Integrity Pressure Protection Systems (HIPPS) are quickly rising to prominence due to the demand for traditional mechanical relief devices and the level of flaring in oil and gas applications. Mechanical relief devices are commonly required when attaching new gas production sources to a gas plant facility to protect gas production facilities or pipelines. When new production sources are connected to old pipelines, the channel must be protected from potential overpressure to avoid hydrocarbon releases into the atmosphere or unintended burning of these hydrocarbons via a flare system.

International standards (API 521, Code Case 2211 of the ASME Section VIII, Division I and 2, ANSI/ISA 84.01-2004, IEC 61511) permit the use of high-reliability safety instrumented systems to replace conventional mechanical relief devices and do away with the need for flaring, creating new market opportunities.

Regional Analysis 

Asia-Pacific is the highest revenue contributor and is anticipated to exhibit a CAGR of 8.80% during the projection period. The Asia-Pacific HIPPS market is expected to grow at the highest rate during the projected period due to the region's emphasis on increasing its capacity for oil and gas refining and the apparent growth of the chemicals industry, with China, Japan, and India being some of the key countries in this region. Increased LNG shipments, particularly to India, were the primary factor in South Asia's expansion. HIPPS is mainly employed in India's petrochemical and oil and gas industries to decrease the negative impacts of overpressurization. In addition, the need for HIPPS to guarantee the protection of the environment, equipment, and workers has been spurred by the growing usage of functional safety systems, such as Safety Instrumented Systems (SIS), in the oil and gas industry. This technology reduces the loss of gas or oil due to an explosion.

Europe is anticipated to grow at a CAGR of 7.25% during the forecast period. One of Europe's biggest marketplaces for high-integrity pressure protection systems might offer several opportunities for market suppliers to expand their firms during the forecast period. The presence of well-established chemical production companies in the area may significantly impact the market for high-integrity pressure protection systems. The rise of offshore and shale-related exploration activities could increase the need for HIPPS in the oil and gas sector. For instance, according to the IEA, gas-fired power plants in Europe had an increase in output of around 11%, or about 70 TWh, in 2019, whereas coal-fired power plants saw a dramatic decline of 24%.

Key Highlights

• The global high-integrity pressure protection system (HIPPS) industry was valued at USD 570.50 million in 2022. It is projected to reach USD 1,135.69 million by 2031, growing at a CAGR of 7.95% during the forecast period (2023-2031).
• Based on type, the global high integrity pressure protection system (HIPPS) market is bifurcated into components and services. The components segment is the highest contributor to the market and is estimated to grow at a CAGR of 7.40% during the forecast period.
• Based on the end-user industry, the global high-integrity pressure protection system (HIPPS) market is bifurcated into Oil and Gas, Chemicals, Power, and Others. The oil and gas segment is the highest contributor to the market and is estimated to exhibit a CAGR of 7.25% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 8.80% during the forecast period.

Competitive Players

Competitive Players

The global high integrity pressure protection system (HIPPS) market's major key players are Rockwell Automation, Emerson Electric Co., Severn Glocon Group, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Schlumberger N, Mogas Industries Inc., Mokveld Valves BV, Sella Controls Ltd, ATV HIPPS, HIMA Paul Hildebrandt GmbH, and PetrolValves SpA.

Recent Developments

Market News

• In January 2022, In line with Nigeria’s energy transition plan to attain zero routine gas flaring by 2035 and the nation’s increasing efforts to improve local participation in the oil and gas value chain, PE Energy has commissioned the nation’s first fully equipped facility for the full overhaul, maintenance, and recertification cycle of the High Integrity Pressure Protection System (HIPPS).

Segmentation

Market Segmentation

By Type

• Components
• Services

By End-User Industry

• Oil and Gas (Upstream, Midstream, and Downstream)
• Chemicals
• Power
• Metal and Mining
• Food and Beverages
• Other Process Industries

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA