The 2020-26 High-Integrity Pressure Protection System (HIPPS) Market outlook by OG Analysis identifies rising focus of emerging countries on gas flaring and venting reduction programs, imposing government regulatory norms to ensure safety and security at manufacturing plants, and increasing demand for reliable safety solutions in high-pressure environments as market driving trends set to shape the market size at a CAGR of 8.37%.
In addition, growing exploration and production activities in the oil & gas industry offer key growth opportunities for high-integrity pressure protection system (HIPPS) market players during the forecast period.
Services segment to gaining momentum with a rising adoption of safety instrumented systems (SIS) by manufacturing companies and Greenfield projects. The services sector pertaining to HIPPS is gaining pace with increasing demand across the Oil & Gas and chemical industries. In addition, maintenance services such as testing, inspection, and certification (TIC) services to rapidly emerge the market growth.
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Although there are many prospects in this market, challenges such as high installation cost of pressure protection systems and lack of awareness slump the High-Integrity Pressure Protection System market growth.
Emergence of key end-users likely to boost the high-integrity pressure protection system market size during the forecast period
For reliable and accurate workflow across the chemical industry, the HIPPS market growth is observed to strongly emerge attributed to presence of dangerous materials with inherent risks. In addition, the wide implementation of HIPPS in compliance with stringent regulations, safety protocols drive the market demand across chemical companies.
Further, increasing demand for HIPPS in the oil & gas industry is expected to increase with the rise in offshore and shale-related exploration activities to tackle challenges of inefficient safety systems in oil & gas utilities which may hinder production.
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Regional synopsis of high-integrity pressure protection system market during the forecast period
High potential for installation of HIPPS for functional safety systems across the oil & gas, chemical, and power generation industries offers market growth opportunities across Asia Pacific during the forecast the period.
Further, increasing demand for petrochemicals in countries such as India and China as well as growth in number of green projects planned with protection of the environment, equipment, and personnel.
Furthermore, the high rate of implementation of industrial safety guidelines across North America agencies with strong encouragement from ANSI (American National Standards Institute) and OSHA (Occupational Safety and Health Administration) thrust the market growth during the estimated period.
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Market participants explore the high-integrity pressure protection system market growth opportunities by investing in strategic contracts and novel product portfolio
Service contracts and innovative product portfolio are amidst key strategies presently in focus by key market participants to exploit the market growth opportunities. For instance, HIMA signed a contract with INPEX in 2018 to provide maintenance support for safety instrument systems at the Ichthys LNG Project. In addition, ABB signed a five-year framework agreement in 2018 for comprehensive support services to enhance the efficiency and productivity of the Ichthys Liquefied Natural Gas (LNG) production facility.
Additionally, in2017, Yokogawa contracted a 3-year agreement with Sinopec Engineering (Group) Co., Ltd. (SEG) to build a long-term collaborative bond.
Further, in 2018, Emerson Electric developed a varied product portfolio of field initiators, logic solvers, and final control elements to respond to the market challenges and opportunities. Such substantial investment in R&D promotes strong market growth during the estimated period.
Key companies driving the High-Integrity Pressure Protection System (HIPPS) Market growth include ABB, Emerson Electric, General Electric, Hima, Honeywell, Rockwell Automation, Schneider Electric, Schlumberger, Siemens, and Yokogawa Electric among others.
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