High Integrity Pressure Protection System Market Projected to Grow at a CAGR of 7.5% from 2022 to 2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Growing Need to Reduce Gas Flaring & Venting to Boost HIPPS Market Growth
New York, US, July 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “High Integrity Pressure Protection System Market Analysis by Type (Components, Services), End-user Industry (Oil and Gas, Chemicals, Power, Metal and Mining, Food and Beverages, Other Process Industries), and Region — Forecast till 2030” valuation is poised to register an 7.5% CAGR throughout the forecast period (2022–2030).
High Integrity Pressure Protection System Market Overview
The installation of severe regulatory criteria via the governments for maintaining security and safety at industrial plants will offer robust opportunities for the market over the forecast period.
High Integrity Pressure Protection System Market Report Scope:
Report Metric
Details
Market Size
Significant Value
CAGR (2022 to 2030)
7.5%
Base Year
2021
Forecast Period
2022-2030
Historical Data
2020
Forecast Units
Value (USD Million)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, End-user Industry and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors
Rockwell Automation, Emerson Electric Co., Severn Glocon Group, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Schlumberger NV, Mogas Industries Inc., and Mokveld Valves BV
Key Market Opportunities
Installation of Regulatory Criteria by Governments to Offer Robust Opportunities
Key Market Drivers
Growing Need to Reduce Gas Flaring & Venting to Boost High Integrity Pressure Protection System (HIPPS) Market Growth
Drivers Growing Need to Reduce Gas Flaring & Venting to Boost Market Growth Typically, gas flaring occurs during scheduled maintenance, shutdown events, or equipment repair. It allows for controlled pressure release from gas collection & processing systems with minimal environmental impact. This is used for maintaining pressure and ensuring the safe and efficient operation of the plant. Because of process industry emissions regulations, this raises the costs associated with harmful gas emissions. When earthen material is utilized as part of gas venting process through MCD, no earthen material is discarded. The equipment is repurposed for a different treatment method. This, once again, creates a healthier environment for both people & the environment. Oil and gas companies are reducing their emissions by using FLNG vessels & augmenting the way these compress natural gas.
High Installation Cost to act as Market Challenge The high installation price of HIPPS and complexity to design HIPPS may act as market challenges over the forecast period.
High Integrity Pressure Protection System Market Segments
The global HIPPS market is bifurcated based on end user industry and type.
By type, services will lead the market over the forecast period.
By end user industry, oil and gas will dominate the market over the forecast period.
Browse In-depth Market Research Report (100 Pages) on High Integrity Pressure Protection System Market:
High Integrity Pressure Protection System Market Regional Analysis
APAC to Lead HIPPS Market The Asia-Pacific region has enormous potential for the high-tech industries that is boosting demand for the pressure protection systems through increased adoption in industries such as automotive, aerospace and defense, chemical engineering, and oil and gas. Furthermore, due to its expanding industrial sector, Asia Pacific has a high demand for the pressure protection systems in residential buildings. Because of the increase in oil & gas refineries & rapid growth in chemicals industry, the HIPPS market in APAC is likely to develop at the fastest CAGR. APAC has a high potential for HIPPS installation in the oil and gas, chemicals, & power generation industries. Rising petrochemical demand in countries like China and India is boosting oil, gas, & chemical production.
With the increase in greenfield projects planned in countries like India and China, the oil and gas industry is likely to see an increase in demand for HIPPS. The Asia Pacific HIPPS market is expected to grow at the fastest rate during the forecast period, owing to the region's focus on the developing oil & gas refining capacity & significant growth in the chemicals industry, with China, Japan, & India among the key countries in this region. According to the IEA, Asia will continue to be the primary LNG destination, accounting for 70% of total LNG imports via 2020.
HIPPS implementation has tremendous potential in APAC. Rising petrochemical demand in countries such as China and India is driving up oil, gas, & chemical output. With the increase in Greenfield development schemes in countries such as China & India, demand for HIPPS is expected to rise in the oil and gas sector. The region's expansion can be attributed to the increasing adoption of the functional safety systems in the oil and gas refining capacity, as well as the rapidly expanding chemical industry. Furthermore, rising industry investment is fueling the growth of the HIPPS Market in the region.
North America to Have Favorable Growth in HIPPS Market The market for HIPPS is expanding in North America. This is due to rising demand for HIPPS & its ability in protecting against increasing risks of fires, explosions, and power outages. North America contributes significantly to the global market for HIPPS systems. The widespread usage of HIPPS in the oil & gas industry, particularly in North America, is predicted to be a vital driver for this market growth. In addition, due to its extensive use in the oil and gas sector, shale gas exploration in Mexico is expected to be an imperative driver for the HIPPS market.
COVID-19 Analysis The outbreak & spread of the COVID-19 epidemic harmed the oil and gas industry's growth. Governments around the world imposed various restrictions in 2020, resulting in a large gap between supply & demand. The decline in industry growth had a knock-on effect on the HIPPS market's growth in 2020. Furthermore, restrictions on foreign trade due to international border closures, nonoperational distribution channels, & various public health and safety precautions impacted the manufacturing and procurement of HIPPS system components. As a result, the HIPPS market will experience a 5% decline in growth by 2020. However, this market recovered during 2021 as oil prices & production stabilized.
High Integrity Pressure Protection System Market Competitive Analysis
The global HIPPS market is both fragmented as well as competitive on account of the presence of multiple international along with domestic industry players. Such players have used myriad innovative strategies for staying ahead and also sufficing to the customers surging need including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and much more. Besides, they are also incorporating in myriad research & development activities.
Dominant Key Players on High Integrity Pressure Protection System Market Covered are:
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