PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1489417
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1489417
According to Stratistics MRC, the Global High-Integrity Pressure Protection System Market is accounted for $526.1 million in 2023 and is expected to reach $943.3 million by 2030 growing at a CAGR of 8.7% during the forecast period. High-Integrity Pressure Protection System (HIPPS) is a safety instrumented system designed to prevent overpressure in pipelines or process vessels. It consists of sensors, logic solvers, and final elements such as valves. When pressure exceeds safe limits, High-integrity pressure protection system swiftly shuts off flow or reduces it to a safe level, averting potential disasters like explosions or leaks. High-integrity pressure protection system operates autonomously, independent of other control systems, ensuring rapid response and reliability in critical situations. Its design adheres to rigorous safety standards, providing a robust barrier against high-pressure incidents, safeguarding both personnel and assets in industrial environments.
According to IEA, gas demand in the coming five years is set to be driven by Asia Pacific, and it is anticipated to account for almost 60% of the total consumption increase by 2024.
Increasing demand for safety and risk management
The growing awareness of safety issues prompts industries beyond traditional sectors like oil and gas to adopt high-integrity pressure protection system. Manufacturers strive to develop systems with enhanced functionalities, reliability, and performance to meet the evolving safety requirements of industries. Industries such as chemicals, pharmaceuticals, and power generation recognize the importance of risk mitigation and incorporate high-integrity pressure protection system into their processes, expanding the market's scope.
Complexity in design and implementation
Designing a high-integrity pressure protection systems system requires highly skilled engineers who understand the intricacies of pressure control, safety protocols, and relevant regulations. This specialized expertise translates to higher engineering costs. This extends the engineering period and delays the installation and operation of the high-integrity pressure protection systems, impacting project budgets and production schedules. Moreover correcting these errors can be expensive and further delay project completion thus hampering the growth of the market.
Rising urbanization and industrialization in emerging economies
Urbanization and industrialization lead to the development of new infrastructure, including pipelines, refineries, chemical plants, and power generation facilities. As production volumes rise, so does the need for robust safety systems like high-integrity pressure protection system to protect personnel, equipment, and the environment from potential hazards such as overpressure events. Additionally governments and regulatory bodies in emerging economies often mandate the use of advanced safety technologies like high-integrity pressure protection system to minimize the risk of accidents and ensure compliance with safety protocols which propel the markets growth.
Limited awareness
Limited awareness may lead industries to underestimate the risks associated with overpressure events and the potential consequences of not having adequate protection measures in place. Industries may miss out on opportunities to enhance safety and mitigate risks by not considering or implementing high-integrity pressure protection system. This fragmentation can confuse customers and hinder standardization efforts, making it more challenging for manufacturers to establish market dominance and scale their operations efficiently.
Covid-19 Impact
The COVID-19 pandemic initially slowed down the High-Integrity Pressure Protection System (HIPPS) market due to project delays, supply chain disruptions, and reduced investments in industrial sectors. However, as industries adapted to new safety protocols and resumed operations, the demand for high-integrity pressure protection system surged, driven by a renewed focus on safety and risk management. Remote monitoring and predictive maintenance solutions gained traction, while industries prioritized investments in critical infrastructure resilience. The pandemic also accelerated digitalization trends, fostering innovation in high-integrity pressure protection system technologies.
The electronic segment is expected to be the largest during the forecast period
The electronic segment is estimated to have a lucrative growth, as electronic systems enable real-time monitoring of pressure levels, valve positions, and other critical parameters in high-integrity pressure protection system. This allows for more precise control over the process, ensuring that pressure is maintained within safe limits and enabling quicker response to abnormal conditions enhancing operational flexibility and efficiency.
The field initiator segment is expected to have the highest CAGR during the forecast period
The field initiator segment is anticipated to witness the highest CAGR growth during the forecast period, Field initiators enable high-integrity pressure protection system to rapidly detect pressure deviations and initiate protective actions closer to the source of the anomaly. This results in quicker response times, reducing the likelihood of equipment damage and mitigating safety risks more effectively. This is particularly important in industries such as oil and gas, petrochemicals, and pharmaceuticals where adherence to safety regulations is paramount.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing concern about the environmental impact of gas flaring and venting in the oil & gas industry. High-integrity pressure protection system can help to reduce flaring and venting by safely isolating equipment and releasing pressure in a controlled manner. Key players in this market typically offer a range of high-integrity pressure protection system solutions including valves, sensors, controllers, and software for monitoring and controlling pressure levels. These systems are often integrated into the overall process control and safety systems of industrial facilities to ensure reliable operation and compliance with safety regulations.
North America is projected to have the highest CAGR over the forecast period, as the region is experiencing rapid industrialization, particularly in sectors like oil & gas, chemicals, and power generation. This growth necessitates the construction of new refineries, chemical plants, and power plants, all of which require high-integrity pressure protection system for safe operation. Further governments in this region are implementing stricter regulations regarding industrial safety. These regulations mandate the use of safety instrumented systems (SIS) like high-integrity pressure protection system in high-pressure applications.
Key players in the market
Some of the key players in the High-Integrity Pressure Protection System Market include ABB Ltd, ATV Hipps, BEL Valves (British Engines Limited), Ceasefire Industries Pvt. Ltd, Electro Detectors Ltd, Emerson Electric Co., HIMA Paul Hildebrandt GmbH, Hochiki Corporation, L&T Valves Limited (Larsen & Toubro Limited), Mogas Industries Inc., Mokveld Valves BV, Napco Security technologies, Inc., PetrolValves SpA, Rockwell Automation, Schlumberger NV, Schneider Electric, SELLA CONTROLS Ltd, Severn Glocon Group , Siemens AG and Yokogawa Electric Corporation
In March 2024, ABB launches new share buyback program of up to $1 billion. The maximum number of shares that may be repurchased under this new program on any given trading day is 692,486.
In January 2024, ABB to acquire weather routing business to expand marine software portfolio, the transaction is subject to customary closing conditions as well as completion of applicable works councils' consultation procedures. It is expected to close during Q2 2024.
In October 2024, Emerson announced it has closed its acquisition of NI (Nasdaq: NATI), a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion.