High Integrity Pressure Protection System Market is expected to grow at a robust CAGR

Global High Integrity Pressure Protection System Market is expected to grow owing to stringent government laws and regulations as well as the requirement for a dependable safety system throughout the forecast period.

According to TechSci Research report, “High Integrity Pressure Protection System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global High Integrity Pressure Protection System Market is expected to register robust growth during the forecast period owing to need for various HIPPS applications has increased as a result of stringent regional government rules on emission levels across businesses to improve workstation safety. The end-user industrial landscape has been rapidly changing because of the emerging economies' quick expansion, sustainability regulations, the emergence of new technologies, and shifting customer tastes.

Due to the rising need for safety systems, there are more prospects for businesses in this sector. The demand for these systems is rising across many industries, which has tremendous growth potential. Both developed and developing nations continue to experience steady growth in the industrial sector, which includes the chemical and oil & gas industries. Because petrochemicals are a significant industry that depends on feed sources, the need for feedstock rises. The quantity of feedstock needed is likewise found to increase with the rise in demand. On a global scale, several initiatives relating to the production and transportation of oil and gas have been planned.

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The Global High Integrity Pressure Protection System Market is segmented based on type, offering, industry and region. Based on type, the market is bifurcated into electronics HIPPS and hydraulic/mechanical HIPPS. Based on offering, the market is bifurcated into component and services. Based on industry, the market is bifurcated into oil & gas, power generation, chemical and others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on Industry, Oil & Gas industry dominated the market in 2022 and is expected to show its dominance during the forecast period. Oil and gas production, refining, and pipeline systems are all protected against over pressurization by high integrity pressure protection systems, which are safety instrumented systems. HIPPS makes use of the system design and integration skills of an oil and gas firm. The market's players are concentrating on creating cutting-edge goods and services, which might support the HIPPS market's expansion in the upcoming years. In the past, the Dirok Gas Field Development Project in Assam received HIPPS built domestically by the leading engineering firm in India, Larsen & Toubro. In-house developed HIPPS were provided to Dirok, which is sponsored by a partnership of the Hindustan Oil Exploration Company, Oil India, and IOCL, by L&T Valves, a division of Larsen & Toubro.

Based on offering, Component segment dominated the market in 2022 and is expected to show its dominance during the forecast period. The HIPPS system includes valves, actuators, solenoids, logic solvers, pressure sensors/transmitters, control panels and software, alarms, valve positioners, manifolds, and accessories. Without using any energy, valves are used to control plant pressure and discharge a precise amount of steam or gas. Valves start or stop the passage of any harmful fluid or exogenous hydrocarbons (gases) when a potentially dangerous action is detected. Logic solvers are very adaptable, effective, reliable, and secure. They are also quite easy to set up. One or more single-loop logic solvers are required for many standard and safety-related applications in the process industry because they give specialists flexibility and user-friendliness.

Key market players in the Global High Integrity Pressure Protection System Market are:-

• Rockwell Automation Inc.
• Emerson Electric Co.
• Schneider Electric SE
• ABB Ltd
• Siemens AG
• Schlumberger NV
• L&T Valves Limited
• Mogas Industries Inc.
• Honeywell International, Inc.
• Yokogawa Electric Corporation

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"With China, Japan, and India being some of the key nations in this region, it is projected that the Asia Pacific High Integrity Pressure Protection System Market expected to have the greatest growth rate during the projection period due to the region's focus on building capacity for oil and gas refining and significant expansion in the chemicals industry. Asia Pacific is expected to grow with the demand of the petrol till 2024, accounting for about 60% of the rise in global consumption, according to the IEA. The installation of High Integrity Pressure Protection System Market (HIPPS) in the oil and gas, chemical, and power generation industries has enormous potential in Asia Pacific. The production of oil, gas, and chemicals is increasing as a result of the rising demand for petrochemicals in nations like China and India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“High Integrity Pressure Protection System Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Type (Electronics HIPPS and Hydraulic/Mechanical HIPPS), By Offering (Component, Services), By Industry (Oil & Gas, Power Generation, Chemical and Others), By Region,” has evaluated the future growth potential of Global High Integrity Pressure Protection System Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global High Integrity Pressure Protection System Market.

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