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High-Integrity Pressure Protection System Market Trends

Report ID: GMI8642
Published Date: Mar 2024
Report Format: PDF

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High-Integrity Pressure Protection System Market Trends

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.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.