The global high integrity pressure protection system market size is expected to reach USD 817.5 million by 2030, according to a new study by Polaris Market Research. The report “High Integrity Pressure Protection System Market Share, Size, Trends, Industry Analysis Report, By Type (Component, Services); By End Use; By Region; Segment Forecast, 2022 – 2030” provides a thorough understanding of the dynamics of the market now and analyses how the market will expand in the future.
The key factors driving the growth of the HIPPS industry are the imposition of government regulatory norms to ensure safety and security at manufacturing plants, the increasing focus of countries around the world on participating in gas flaring and venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments. The main restraints to the growth of the HIPPS market are a lack of knowledge and the high installation cost of high-integrity pressure protection systems.
Advances in digital technology in the high integrity pressure protection system (HIPPS) market enable efficient manufacturing, portfolio expansion, effective operational maintenance, and sales monitoring. Proliferating need for smart storage, decentralized networks, intelligent automation, and rising disposable incomes in rapidly emerging economies are just a few of the important market developments.
The post-pandemic economic rebound, which boosts energy consumption, and automotive, industrial, and consumer goods sales, will result in a strong growth rate in 2021. However, some of the high integrity pressure protection system (HIPPS) market restraints over the forecast period include complying with stringent regulations and varying standards around the world, growing competition, and inflation expected to remain above the upper band in key nations in the short term, as well as fluctuating raw material prices.
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Rising usage of pressure protection devices in industries such as automotive, aerospace and defense, chemical engineering, and oil and gas. Furthermore, Asia Pacific has a significant need for pressure protection systems in residential structures due to its developing industrial sector. Rising petrochemical demand in China and India is driving up oil, gas, and chemical output.
High Integrity Pressure Protection System Market Report Highlights
- Component type segment expected to spearhead revenue growth due to the need for standard and safety-related applications that are a major concern.
- Among the end use segment, the oil and gas category dominated the market due to the sustainable development policies arising among the regions.
- Asia Pacific is expected to grow at a highest CAGR over the forecast period due to a rise in oil and gas refineries and rapid expansion in the chemicals industry.
- Major players operating in the industry include Emerson Electric, Yokogawa Electric, Hima, Schneider Electric, General Electric, ABB, Rockwell Automation, Honeywell, Schlumberger, Siemens, Mokveld Valves, MOGAS, and Severn Glocon Group.
Polaris Market Research has segmented the high integrity pressure protection system market report based on type, end use and region:
High Integrity Pressure Protection System, Type Outlook (Revenue – USD million, 2018 – 2030)
High Integrity Pressure Protection System, End Use Outlook (Revenue – USD million, 2018 – 2030)
- Oil and Gas
- Power Generation
- Food and Beverages
- Water and Wastewater
- Metals and Mining
High Integrity Pressure Protection System, Regional Outlook (Revenue – USD million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa