The High-Integrity Pressure Protection System (HIPPS) Market report represents gathered information about a market within an industry or various industries. High-Integrity Pressure Protection System (HIPPS) Market report includes analysis in terms of both quantitative and qualitative data with a forecast period of the report extending to 2028.
The market is prepared to take into consideration various factors such as Product pricing, Product or services penetration at both country and regional levels, Country GDP, market dynamics of parent market & child markets, End application industries, major players, consumer buying behavior, economic, political, social scenarios of countries, many others. The report is divided into various segments to offer a detailed analysis of the market from every possible aspect of the market.
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The global high-integrity pressure protection system (HIPPS) Market size is projected to reach a CAGR of 7.3% from 2022-2028.
A high-integrity pressure protection system (HIPPS) is a safety instrumented system (SIS) designed to avoid the overpressure generated during hazardous processes, mainly in oil & gas plants, by shutting off the source and capturing the pressure in the upstream side of the system. In process industries, a safety system is to prevent the loss of containment occurred when a vessel or a pipeline is ruptured due to overpressure. Overpressure can be handled using relief systems; however, the release of flammable, explosive, hazardous, or toxic process fluids in the environment may have an adverse impact on humans and the environment.
Key Players of High-Integrity Pressure Protection System (HIPPS) Market:
· Rockwell Automation
· Emerson Electric Co.
· Yokogawa Electric Corporation
· Siemens AG
· Schneider Electric and More
High-Integrity Pressure Protection System (HIPPS) Market is segmented into type, component, services, end user and region.
On the basis of Type
· Electronic HIPPS
· Mechanical HIPPS
On the basis of Component
· Field Initiators
· Logic Solver
· Final element
· On the basis of Services
· Testing, Inspection and Certification
· Maintenance
· Training and Consultation
On the basis of End User
· Oil & Gas
· Chemicals
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Growing need for reducing flaring to protect the environment and the imposition of stringent regulatory norms by governments to ensure safety and security at manufacturing plants are some of the factors that have supported long-term expansion for High-Integrity Pressure Protection System (HIPPS) Market.
The outbreak and widespread of the COVID-19 pandemic adversely affected the growth of the oil & gas industry. The imposition of various restrictions by governments worldwide in 2020 created a wide gap between supply and demand.
Regional Analysis of High-Integrity Pressure Protection System (HIPPS) Market:
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.
Recent Developments of High-Integrity Pressure Protection System (HIPPS) Market:
· In October 2021, Emerson launched the first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 as per the IEC 61508 standard of the International Electrotechnical Commission.
· In September 2021, Yokogawa launched its new Electric Exaquantum Safety Function Monitoring (SFM) software, a solution to identify whether actual operating performance meets safety design targets. The new version of the software supports the International Electrotechnical Commission (IEC) 61511 standard and includes several new features to help SFM users identify potential safety issues, optimize maintenance activities, and improve overall safety solution design.
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· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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