High-Integrity Pressure Protection System Market
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High-Integrity Pressure Protection System Market was valued at over USD 525 million in 2023 and is anticipated to grow at a CAGR of over 7% between 2024 and 2032, driven by the increasing adoption of advanced control and logic systems for preventing excessive pressure occurrence in valves and pipes. These technological advancements have enhanced the functionality of HIPPS solutions, making them more adept at managing equipment and preventing potentially catastrophic incidents such as pipeline ruptures and vessel explosions. As industries continue to prioritize risk mitigation and operational excellence, the demand for HIPPS solutions is expected to further escalate.
The growing concern of safeguarding assets from the consequence of overpressure events in the pipeline is gaining traction in the market. The primary objective to protect personnel, equipment, and others is creating demand for creation of robust HIPPS solution in the market. The consequences due to excessive pressure can lead to major accidents, which will result in costly downtime, production losses, and damage to process equipment, impacting the overall operation & profitability.
Report Attribute | Details |
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Base Year: | 2023 |
High-Integrity Pressure Protection System Market size in 2023: | USD 525 Million |
Forecast Period: | 2024 - 2032 |
Forecast Period 2023 - 2032 CAGR: | 7 |
2023 Value Projection: | USD 950 Million |
Historical Data for: | 2018 - 2023 |
No of Pages: | 220 |
Tables, Charts & Figures: | 272 |
Segments Covered: | Technology, component, services, and end-use industry |
Growth Drivers: |
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Pitfalls Challenges: |
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Designing and implementing HIPPS systems requires expertise in process safety engineering, risk assessment, and Safety Instrumented System (SIS) design. The challenge of integrating HIPPS with the existing protocol control system is high, specifically for large-scale industrial facilities.
The HIPPS industry has witnessed a rise in stringent regulatory standards owing to major accidents. The organization is constantly working and addressing the need for proper system & incident investigation to find the root cause of accidents due to overpressure in the pipes. The regulatory frameworks are also strengthening the standards as they are directly related to major accidents, which can damage the pipes and even release unwanted substances into the environment.
The growing emphasis on process safety and risk management across different sectors such as oil & gas, petrochemical, and chemical processing has enabled the priority of HIPPS deployment. The surge in demand to control overpressure events and reduce the risk of hazardous substances released into the environment is acting as a catalyst for the development of HIPPS & related systems to cater the challenges.
Based on services, the market is segmented into Testing, Inspection & Certification (TIC), maintenance and training & consultation. In 2023, the TIC segment dominated the market with a share of over 45%.
Based on end-use industry, the market is divided into oil & gas and chemicals, pharmaceutical, power generation, and others. The oil & gas segment is expected to register a CAGR of over 8% through 2032.
Asia Pacific high-integrity pressure protection system market is anticipated to register a CAGR of over 10.5% from 2024 to 2032. The region's prominence is attributed to several factors including the increasing adoption of advanced industrial technologies and the implementation of stringent regulatory frameworks aimed at enhancing process safety & risk management. Initiatives aimed at enhancing industrial safety, such as the implementation of Safety Instrumented Systems (SIS) and adherence to international standards such as IEC 61511, contribute to the growing demand for HIPPS in the region.
As industries in Asia Pacific continue to prioritize safety, reliability, and regulatory compliance, the market is poised for substantial growth, driven by increasing investments in critical infrastructure and the adoption of advanced safety technologies.
Honeywell International Inc. is a prominent player in the HIPPS market, offering a wide range of solutions and services tailored to the needs of various industries, including oil and gas, chemical, petrochemical, and manufacturing. As a leading technology company, Honeywell leverages its expertise in process control, automation, and safety systems to provide innovative HIPPS solutions that enhance process safety, reliability, and efficiency for its customers.
Rockwell Automation Inc. is a major player in the High-Integrity Pressure Protection System (HIPPS) market, offering a range of products and solutions tailored to the needs of industries such as oil and gas, chemical processing, power generation, and manufacturing. Rockwell Automation is renowned for its expertise in industrial automation and control systems, providing innovative technologies and services that help customers improve process safety, reliability, and efficiency.
Major players operating in the High-Integrity Pressure Protection System (HIPPS) market are:
Market, By Technology
Market, By Component
Market, By Services
Market, By End-User Industry
The above information is provided for the following regions and countries:
Honeywell International Inc., Rockwell Automation Inc., Yokogawa Electric Corp, Siemens AG, Emerson Electric Co, ABB ltd., and L&T Valves Limited., are some of the major High-Integrity Pressure Protection System (HIPPS) companies worldwide.
The market size of high-integrity pressure protection system was reached USD 525 million in 2023 and is expected to register over 7% CAGR from 2024 to 2032, owing to the increasing adoption of advanced control and logic systems worldwide.
Asia Pacific high-integrity pressure protection system (HIPPS) industry is expected to register 10.5% CAGR from 2024 to 2032, due to the implementation of stringent regulatory frameworks aimed at enhancing process safety & risk management in the region.
TIC segment recorded 45% share of the high-integrity pressure protection system market in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, due to growing emphasis on safety and risk management in industries.