High integrity pressure protection system or HIPPS is a safety system designed for preventing over-pressurization of any plant. HIPPS is designed for a better process shutdown and emergency systems. High integrity pressure protection system prevents a system to stop from exceeding the rated pressure level. The HIPPS shuts down the source of high pressure of the system before the overall design pressure is exceeded. This helps in prevention of loss resulting from rupture of a line or vessel and thus being used across different industry verticals. The global market for high integrity pressure protection system has been segmented on the basis of standards, component, end use industries and geography. The safety integrity level (SIL) and IEC are the various standards based on which the global market for HIPPS has been segmented globally. On the basis of components the global market for HIPPS has been segmented into valves and actuators among others. Power generation, chemicals, mining, pharmaceutical, oil & gas and food & beverages among others form the various application areas of HIPPS market globally.
Global high-integrity pressure protection system market on the basis of geography has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
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The reduction in costs and weight for downstream vessels has been a major driver that is positively impacting the growth of the global HIPPS market. Moreover, the increased capacity supporting the flowline applications has further led to the application of HIPPS in different industries especially the oil & gas sector. Use of HIPPS has also reduced the costs related to transportation and storage as a result of volume and weights reduction that has further enhanced the overall demand for high-integrity pressure protection system globally. Other than this, application of HIPPS also eliminates the necessity for installing relief devices to avoid gas emission in atmosphere as it is covered by HIPPS. All these factors along with the safety security and reliability factor associated with usage of HIPPS for maintaining pressure has resulted in rising application and demand for high-integrity pressure protection system. HIPPS also prevents over pressure in downstream vessels that has been another crucial factor in rising application and demand for high-integrity pressure protection system globally thereby aiding the overall market to grow globally. Considering all these drivers, it is the maintenance of strict standards for the implementation of high-integrity pressure protection system that has been a major restraint for this market globally. Other than this, it is also the technological complexity associated with the implementation of high-integrity pressure protection system that has also been another major restraint restricting the growth of this market globally. The huge application of high-integrity pressure protection system with changing technology across different industries will provide huge growth opportunities for the growth of high-integrity pressure protection system market in the coming years.
Geographically, it is North America that forms one of the major regions contributes to the growth of high-integrity pressure protection system market globally. High application of high-integrity pressure protection system in oil & gas industry that is being focused upon in North America will act as a major driver for the growth of this market. Other than this, it is the shale gas exploration in Mexico that will further act as another major driver for high-integrity pressure protection system market because of its huge applications in oil & gas sector.
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Asia Pacific is expected to be one of the fastest growing regions with China, Japan and India being some of the major regions in this market. Increasing focus for stringent industrial standard and related equipment will act as a major driver for the growth of high-integrity pressure protection system market in this region.
Some of the major players operating in the high-integrity pressure protection system (HIPPS) market include Rockwell Automation (U.S.), Emerson Electric Company (U.S.), Schlumberger Limited (U.S.), Schneider Electric SE (France), ABB Ltd. (Switzerland), General Electric Company (U.S.) and Siemens AG (Germany) among others.
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