High-Integrity Pressure Protection System Market Set to Register 8.7% CAGR During 2016-2022
Valves segment of the HIPPS market to exhibit significant growth potential between 2016 and 2022”
The High-Integrity Pressure Protection System (HIPPS) market is expected to grow at a CAGR of 8.7% between 2016 and 2022 to reach USD 526.2 million by 2022. The key driving factors for the growth of this market are growing demand for safety systems in the oil & gas industry, and the need of reliable safety systems for personnel & asset protection. Valves are used as final safety devices which control the pressure and discharge a certain amount of fluid by themselves without any electric power. However, high acquisition cost of HIPPS and lack of awareness and complexity of standards are the major factors restraining the growth of this market.
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“Market for training & certification service expected to grow at the highest rate during forecast period”
The HIPPS training & certification service market is expected to grow at the highest CAGR between 2016 and 2022. Appropriate training enables HIPPS supervisors to detect flaws with a high degree of accuracy and reliability without causing damage to structures or components. Technicians must be trained to recognize all failure types such as interfacing systems and associated failures must be assessed in detail.
“Oil & gas to account for the largest market share in the overall HIPPS market”
The oil & gas vertical is expected to account for the largest market share of the global HIPPS market in 2016. Safety is the most critical concern in the oil & gas industry, and a lack of proper safety systems in this industry could lead to production losses, and affect components and systems, and pose a hazard during system restoration. Moreover, the requirement for HIPPS in the oil & gas industry is expected to increase with the rise in offshore and shale-related exploration activities.
“APAC to be the fastest-growing market for HIPPS during the forecast period”
The market for HIPPS in the APAC region is expected to grow at the highest CAGR between 2016 and 2022. With growing industrialization, increasing emphasis on safety by the organizations, and influence of multinational companies in adoption of safety systems are driving the demand for HIPPS in the APAC region.
Break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C–Level Executives – 65%, Directors– 35%
• By Region: North America – 20%, Europe – 35%, APAC – 35%, and RoW – 10%
The key players in the market include Rockwell Automation (U.S.), Schneider Electric SE (France), Emerson Electric Company (U.S.), Yokogawa Electric Corporation (Japan), and Schlumberger Limited (U.S.). ABB Ltd. (Switzerland), General Electric Company (U.S.), HIMA Paul Hildebrandt GmbH (Germany), Siemens AG (Germany), Mogas Industries Inc. (U.S.), Velan ABV S.p.A. (Italy), and Paladon Systems Ltd. (U.K.)).
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