18-Feb-2020 | Zion Market Research
Zion Market Research has published a new report titled “Global High-Integrity Pressure Protection System (HIPPS) Market –By Offering (Services and Components), By End-Use Industry (Metals & Mining, Power Generation, Oil & Gas, Food & Beverages, Chemicals, Water & Wastewater, Pharmaceuticals, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026.” According to the report, global demand for high-integrity pressure protection system (HIPPS) market was valued at nearly USD 480 Million in 2019 and is likely to be growing at a CAGR of around 8% by 2026.
Browse the full “Global High-Integrity Pressure Protection System (HIPPS) Market – By Offering (Services and Components), By End-Use Industry (Metals & Mining, Power Generation, Oil & Gas, Food & Beverages, Chemicals, Water & Wastewater, Pharmaceuticals, and Others), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026.” Report at https://www.zionmarketresearch.com/report/high-integrity-pressure-protection-system-hipps-market
A high-integrity pressure protection system, abbreviated as HIPPS, is a safety system installed in oil refineries or chemical plants to regulate the excess pressure generated during the multiple operations. The safety instrumented system (SIS) automatically shuts down the source when the pressure exceeds the threshold value and holds the pressure on its upstream side.
The global high-integrity pressure protection system (HIPPS) market is primarily driven by the favorable regulatory norms imposed by the several federal & state governments to ensure security and safety at production facilities. Moreover, escalating interest among nations to participate in venting reduction and gas flaring programs is fueling the global market. However, a high initial investment in the system installation and lack of awareness are persistently impeding the global HIPPS market growth.
“Chemicals” under offering segmentation anticipates rapid growth during the forecast period
Chemical plants involve intrinsic threats owing to the manufacturing and/or presence of toxic & explosive materials such as chemicals and gases. Therefore, safety assurance is the key factor strongly supporting the chemical industry. The increasing demand for the installation of HIPPS in chemical manufacturing firms coupled with stringent safety norms anticipates the phenomenal growth of the chemical category during the projected period.
The Asia Pacific to rapidly escalate revenue generation in the high-integrity pressure protection system sector in the coming years
The Asia Pacific HIPPS market is likely to thrive at the utmost CAGR during the forecast period owing to the dedication of the regional economies to expand the chemicals and oil & gas sectors. For safety purposes, the installation rate of HIPPS in newly emerging as well as already established oil & gas plants is increasing, thereby propelling the regional high-integrity pressure protection system market.
Some of the key players driving the global high-integrity pressure protection system (HIPPS) market are ABB, Siemens, Yokogawa Electric, Honeywell, Schneider Electric, Rockwell Automation, Emerson Electric, Schlumberger, Hima, Mokveld Valves, and General Electric, among others.
The global high-integrity pressure protection system (HIPPS) market is segmented as:
Global High-Integrity Pressure Protection System (HIPPS) Market: Offering Segmentation Analysis
Global High-Integrity Pressure Protection System (HIPPS) Market: End-Use Industry Segmentation Analysis
Global High-integrity pressure protection system (HIPPS) Market: Regional Segmentation Analysis
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