Significant growth opportunities are revealed in the most recent research report on the High-Integrity Pressure Protection System (HIPPS) Market. The HIPPS market was valued at USD 484 million globally as of 2022, and it is predicted to grow significantly, reaching USD 670 million by 2027. Throughout the projected period, this growth trajectory is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6.7%. The vital role HIPPS plays in maintaining efficiency and safety in sectors like oil & gas and chemicals is just one of the elements contributing to the market's bouncy state. The research emphasises the growing significance of HIPPS technology and its optimistic future.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249295352

The oil and gas and chemical sectors are principally responsible for the soaring demand for High-Integrity Pressure Protection Systems (HIPPS). By reducing hazards associated with plant equipment, reducing gas flaring, and assuring compliance with strict safety rules, the installation of HIPPS in process industries offers a significant advantage. Particularly in the oil and gas industry, the need for HIPPS is anticipated to increase due to the increased activity around offshore and shale exploration. This emphasises the crucial part HIPPS technology plays in raising safety and improving operational effectiveness throughout these vital industries.

Valves to hold the largest size in components of HIPPS market during the forecast period

The final control elements, which in the context of High-Integrity Pressure Protection Systems (HIPPS) comprise of valves and actuators responsible for carrying out shutdown actions in the case of overpressure conditions, are crucial in assuring system safety. The valve, which is responsible for turning off the pipeline and effectively preventing overpressure in the system's downstream segment, is the most important of these parts. It's important to note that valves also contribute significantly to the entire cost of assembling a HIPPS, highlighting their crucial role in the system's correct operation and safety.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=249295352

Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027

High-Integrity Pressure Protection Systems (HIPPS) are increasingly being used, especially in new construction projects, which has boosted the demand for related services. These services are essential to improving the functionality and lifespan of HIPPS installations. Testing, inspection, and certification are three of these services that are quite important in the HIPPS industry. To find any discontinuities, flaws, or defects that can jeopardise the system's operational reliability and perhaps cause failures, regular inspections are crucial. Maintaining the system's intended Safety Integrity Level (SIL) rating is crucial to preserving its long-term effectiveness and safety, and maintenance plays a crucial role in the whole life cycle of HIPPS.

Oil & gas accounted for the largest share of the HIPPS market in 2021

The oil and gas industry became the largest contributor to the HIPPS market in 2021, which can be attributable to a number of causes including the expanding transportation sector, the rising energy consumption, and the expansion of drilling activities in Gulf Cooperation Council (GCC) countries. In 2020, the COVID-19 pandemic had a negative effect on the sector, as seen by falling oil prices and production levels. However, major oil producers resumed their exploration and drilling operations towards the end of that year. The demand for High-Integrity Pressure Protection Systems (HIPPS) is anticipated to increase significantly over the course of the estimated period due to the inherent dangers associated with oil extraction and offshore rig operations. This increase is projected as new projects are started and ongoing oil extraction activities are expanded in numerous nations, underscoring the significant role that HIPPS plays in guaranteeing safety and operational integrity in this important sector.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/high-integrity-pressure-protection-system-market-249295352.html

North America to be the largest market for HIPPS during the forecast period

Throughout the forecast period, North America is anticipated to assert its leadership in the worldwide High-Integrity Pressure Protection Systems (HIPPS) market. North America, which is renowned for having strict industrial safety regulations, is a major factor in the expansion of the HIPPS industry. Leading oil and gas producers in the area, the United States and Canada, uphold a commitment to follow strict safety guidelines like IEC 61508 and IEC 61511, in order to avoid fines and other repercussions. The existence of regulatory organisations such as OSHA and ANSI, who have released thorough industrial safety recommendations, further encourages the broad adoption of HIPPS. The increasing demand for HIPPS technology is highlighted by the region's increased focus on resource optimisation and safety advancements within oil and gas facilities.

A few of the key players in the HIPPS market are Emerson Electric Co. (US), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (US), Schneider Electric (France), Honeywell International (US), ABB (Switzerland), Siemens (Germany), Schlumberger (US), and Baker Hughes (US) are among the major players in the HIPPS market

News Covered:

https://www.prnewswire.com/news-releases/high-integrity-pressure-protection-system-hipps-market-worth-670-million-by-2027--exclusive-report-by-marketsandmarkets-301473557.html

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com