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The high-integrity pressure protection system (HIPPS) market share is expected to increase by USD 86.6 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.75%.
This high-integrity pressure protection system (HIPPS) market research report provides valuable insights on post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers high-integrity pressure protection system (HIPPS) market segmentations by end-user (oil and gas, chemicals and petrochemicals, pharmaceuticals, and others) and geography (Europe, APAC, North America, MEA, and South America). The high-integrity pressure protection system (HIPPS) market report also offers information on several market vendors, including ABB Ltd., Emerson Electric Co., General Electric Co., HIMA GmbH, Johnson Controls International Plc, Mokveld Valves BV, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, and Yokogawa Electric Corp. among others.
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Based on our research output, there has been a neutral impact on the market growth during and after post-COVID-19 era. The rise in midstream infrastructure is notably driving the high-integrity pressure protection system (hipps) market growth, although factors such as capital expenditure cuts by the major oil and gas industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the high-integrity pressure protection system (HIPPS) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key High-Integrity Pressure Protection System (HIPPS) Market Driver
The rise in midstream infrastructure is one of the key factors driving the growth of the global high-integrity pressure protection system (HIPPS) market. In the midstream sector, production flowlines from the wellhead to the offshore storage facilities and to the end-users processing plants are usually built to withstand high wellhead shut-in pressures, even if the pressure in the flowline is much lower under normal operating conditions. Building this pressure buffer into the system can be costly and may endanger economic feasibility. HIPPS circumvents this problem by downrating the pipeline pressure. It instantaneously closes the pipeline the moment a preset level is exceeded. This is done by implementing a choke system to monitor a continuous pressure drop, with valves that close if the pressure increases. HIPPS is equipped with control systems and valves that detect a wide range of safety conditions. We note that the use of HIPPS can save producers as much as 30% of the capital costs in a midstream project. However, we estimate that ongoing investments in midstream infrastructure will escalate market demand for HIPPS in the oil and gas industry.
Key High-Integrity Pressure Protection System (HIPPS) Market Trend
The introduction of a safety Programmable Logic Controller (PLC) will fuel the global high-integrity pressure protection system (HIPPS) market growth. The IEC standards clearly specify that logic solvers have information on measures and techniques to prevent systematic faults from being introduced in the hardware and software of the safety system. IEC 61511 makes provision to use a safety configured PLC in SIL 2 and SIL 3 applications. The requirements mentioned for safety configured PLC are beyond the scope of the average PLC. These requirements may not be supported by standard industrial-grade PLCs. The software of a safety PLC is also developed to include a range of error detecting and monitoring measures to ensure that the safety modules are operating correctly. However, the cost is a disadvantage to the implementation of safety PLCs, and this has created a barrier for small plant applications. This is gradually being addressed, and smaller, less costly safety PLC controllers are now available. Nonetheless, in some plants, it is common practice to make use of a standard industrial grade PLC for some trip system tasks. Hence, the increase in demand for safety PLC can also positively influence the sales of HIPPS to safeguard the processes in end-user industries.
Key High-Integrity Pressure Protection System (HIPPS) Market Challenge
The capital expenditure cuts by major oil and gas industries are major challenges for the global high-integrity pressure protection system (HIPPS) market growth. The oil and gas industry is one of the major end-users of HIPPS and other safety systems products. Both international and regional oil companies are negotiating aggressively to draw discounts from automation service providers. While companies are trying their best to deal with the market downturn by reducing capital expenditure, factors such as exiting equity capital, expected crew change, and stringent environmental concerns continue to add pressure on enterprise operations. Therefore, the decline in planned expenditure and delays in major projects will hinder the growth of the HIPPS market in the oil and gas industry during the forecast period. These developments can negatively affect the market in the oil and gas industry. In addition, the recent outbreak of the COVID-19 pandemic has adversely affected global crude oil prices, which have declined considerably due to the slow economic growth and the fall in demand. The pandemic has also caused an extensive shortage of workers as a result of the shutdown of industries and has led to reduced investments in the oil and gas industry.
This high-integrity pressure protection system (HIPPS) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global HIPPS market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the high-integrity pressure protection system (hipps) market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the high-integrity pressure protection system (hipps) market encompasses successful business strategies deployed by the key vendors. The high-integrity pressure protection system (hipps) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover the from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The high-integrity pressure protection system (HIPPS) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the high-integrity pressure protection system (HIPPS) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global industrial machinery market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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