High-Integrity Pressure Protection System (HIPPS) Market by Component (Field Initiator, Logic Solver, Valve, Actuator), Service (Maintenance, Testing, Inspection, & Certification, Training & Consulting), Industry, and Region – Global Forecast to 2024
The global high-integrity pressure protection system (HIPPS) market size is estimated to grow from USD 486 million in 2019 to USD 724 million by 2024, at a CAGR of 8.3%. The HIPPS industry is highly diversified and competitive due to the presence of a large number of companies. Key factors driving the demand for HIPPS includes imposing government regulatory norms to ensure safety & security at manufacturing plants, increasing focus of countries across the world on participating in gas flaring & venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments. However, lack of awareness and high installation cost of high-integrity pressure protection system are restraining the growth of HIPPS market.
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The demand for services is likely to grow at a higher CAGR in the HIPPS market, owing to the increasing adoption of HIPPS in greenfield projects. Maintenance services are expected to account for the largest HIPPS market share based on service offerings, followed by testing, inspection, & certification (TIC) services. Maintenance is a critical factor in the overall life cycle of HIPPS. After the installation of HIPPS, end-users have to maintain the SIF and SIL level throughout the life cycle of HIPPS. Preventive and corrective maintenance services are offered directly by the manufacturers and system integrators of HIPPS solutions.
The market for logic solvers is expected to grow at the highest CAGR during the forecast period. A logic solver is a programmable electronic system (PES) that receives signals from initiators, completes the required logics (voting, diagnostics, and partial stroke test routine), and engages the final element. The HIPPS logic solver must be designed or selected in accordance with the IEC 61508 standard and is required to achieve the SIL 3 and SIL 4 performance. The HIPPS logic solver captures signals from pressure transmitters and performs a 2oo3 voting logic before activating the solenoids and closing the pipeline. The logic solver is the key instrument in HIPPS, which initiates the final element to make the process safe if the need arises.
The market for the chemicals industry is expected to grow at the highest CAGR during the forecast period. HIPPS are used across various safety-critical industries wherein safety is highly essential, and system failure or malfunction may lead to severe injury or loss of life. The chemicals industry involves inherent risks due to the presence of dangerous materials such as gases and chemicals. Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances. These incidents cause human suffering, loss of production, and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring.
The HIPPS market in APAC is expected to grow at the highest CAGR during the forecast period. The APAC region presents a high potential for installation of HIPPS in the oil & gas, chemicals, and power generation industries. The growing demand for petrochemicals in countries such as China and India is are enforcing them to increase the production of oil, gas, and chemicals. Implementation of HIPPS by end-users depends on the cost of the system and the return on investment (RoI). Hence, making the technology more affordable to clients and convincing them about the financial benefits of using these systems are the critical factors for the success of HIPPS in APAC. The oil & gas industry is likely to witness an increased demand for HIPPS, with a growing number of greenfield projects planned in countries such as India and China.
