High-Integrity Pressure Protection System (HIPPS) Market with COVID-19 Impact Analysis by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, TIC), Industry (Oil & Gas, Chemical) and Region - Global Forecast to 2027

The Market for Services to Grow at the Highest CAGR from 2022 to 2027.

The global High-Integrity Pressure Protection System (HIPPS) market size was valued at USD 484 million in 2022 and is projected to reach USD 670 million by 2027. It is expected to grow at a CAGR of 6.7% during the forecast period. The high demand for HIPPS is accounted from oil & gas industry in North American Region as the region is have implemented safety regulations and major oil companies have their operations in US and Canada. The HIPPS market in APAC is expected to grow at the highest CAGR owing to the increasing number of oil and gas refineries and significant growth in the chemicals industry in the region.

Market for services to grow at the highest CAGR from 2022 to 2027.

Demand for services is likely to grow at a higher CAGR in the HIPPS market owing to the increasing adoption of these systems in greenfield projects. Maintenance services are expected to continue to hold the largest size of the HIPPS market based on service offerings, followed by testing, inspection, and certification (TIC) services.

Maintenance is a critical factor in the overall life cycle of HIPPS. After the installation of HIPPS, end-users have to maintain the SIF and SIL level throughout the life cycle of HIPPS. Preventive and corrective maintenance services are offered directly by the manufacturers and system integrators of HIPPS solutions. The market for TIC services is likely to register the highest CAGR in the HIPPS market. To improve the quality and reliability of components and configurations, HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure.

Market for chemicals industry to grow at highest CAGR during the forecast period

Safety and reliability are critical factors for the chemicals industry. For reliable and accurate workflow in this industry, the functional safety of plants is necessary. The chemicals industry involves inherent risks due to the presence of dangerous materials such as volatile gases and chemicals. Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances. These incidents cause human suffering, loss of production, and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring. Owing to this, the market for HIPPS in the chemicals industry is likely to grow at the highest CAGR during the forecast period

Market in APAC to grow at fastest CAGR during the forecast period

The HIPPS market in APAC is expected to grow at the highest CAGR owing to the increasing number of oil and gas refineries and significant growth in the chemicals industry. APAC presents a high potential for installation of HIPPS in the oil & gas, chemicals, and power generation industries. The growing demand for petrochemicals in countries such as China and India are augmenting the production of oil, gas, and chemicals. The oil & gas industry is likely to witness an increased demand for HIPPS, with a growing number of greenfield projects planned in countries such as India and China.

In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the HIPPS marketplace.

• By Company Type: Tier 1 - 40, Tier 2 - 35%, and Tier 3 - 25%
• By Designation: C-Level Executives - 48% , Director- 33%, and Others - 19%
• By Region: North America - 35%, Middle East - 30%, Europe - 10%, APAC - 20%, and RoW - 5%

The HIPPS market comprises major players such as Emerson Electric Co. (US), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (US), Schneider Electric (France), Honeywell International (US), ABB (Switzerland), Siemens (Germany), Schlumberger (US), and Baker Hughes (US). These top players have strong portfolios of products and services and presence in both mature and emerging markets.

The study includes an in-depth competitive analysis of these key players in the HIPPS market, with their company profiles, recent developments, and key market strategies.

Research Coverage

The report defines, describes, and forecasts the HIPPS market based on type, offerings, industry, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the HIPPS market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.

Key Benefits of Buying the Report

The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall HIPPS market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.