High Integrity Pressure Protection System (HIPPS) Market Insights
The high integrity pressure protection system market is likely to demonstrate notable revenue growth. Stringent industrial safety regulations worldwide would boost market growth. Market Research Future (MRFR) confirms that the global high integrity pressure protection system market is projected to expand at approximately 7.50% CAGR during the forecasted period (2023-2032).
Over the past decade, the market has witnessed several developments which are boosting the adoption of high integrity pressure protection systems in various verticals. Increasing developments of products that can be customized to meet specific requirements and OSHA and ANSI fall protection standards drive the market growth. The proliferation of Industry 4.0 and industrial IoT (IIoT) solutions favor the HIPPS market growth.
Besides, the rising demand for HIPPS from oil & gas, chemicals, power, metal & mining, food & beverages, and other process industries substantiates the market size. Growing safety concerns across industries and the increasing demand for real-time monitoring safety systems escalates the high integrity pressure protection system market value. Increasing regulations and policies supporting workers' safety boost the HIPPS market size.
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On the flip side, high costs involved in the maintenance and automation of safety equipment are a significant factor that impedes market growth. Also, the availability of a limited number of certified safety personnel in facilities creates a major challenge for factory operators to implement high integrity pressure protection system solutions. Nevertheless, the growing demand for HIPPS in heavy industries would support market growth.
Major Players:
Leading HIPPS market players are
- Emerson Electric Co.,
- Rockwell Automation,
- Severn Glocon Group,
- Yokogawa Electric Corporation,
- Schneider Electric,
- ABB Ltd.,
- Schlumberger NV,
- Siemens AG,
- Mogas Industries Inc., and
- Mokveld Valves BV, among others.
HIPPS Market – Segments
The report is segmented into types, end-user industries, and regions. The type segment is sub-segmented into components and services. The end-user industry segment is sub-segmented into oil & gas, chemicals, power, metal & mining, food & beverages, and other process industries. By region, the high integrity pressure protection system market is segmented into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
High Integrity Pressure Protection System Market - Regional Analysis
North America dominates the high integrity pressure protection system market due to government regulations on industrial and environmental safety. Besides, the growing automation and Industry 4.0 regulations increase the adoption of HIPP systems in this region. Ongoing industrial developments, alongside the rapid commercialization and rise in security systems implementations across heavy industries, drive market growth. Moreover, growing government spending to enhance industrial security systems in the region boosts the growth of the market.
High Integrity Pressure Protection System Market – Competitive Analysis
The highly competitive high integrity pressure protection system market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key trends of market players. Players invest substantially in the research and development of innovative technologies and upgrade their product portfolio.
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Industry/ Innovation/ Related News
Nov. 03, 2022 -- HIMA Group, a leading global provider of safety-related automation solutions, announced its plan to strengthen its large installed base and existing partnerships in France. HIMA France has also moved into new premises at its Jossigny site. By expanding its market presence in France, the firm confirms its commitment to supporting its customers and partners in France. The group’s vast expertise is available for spectrums ranging from high-integrity pressure protection systems to the security process and rail industries.
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