The North America High-Integrity Pressure Protection System (HIPPS) Market would witness market growth of 5.5% CAGR during the forecast period (2021-2027).
HIPPS also avoids overpressure in downstream vessels, which has been a key driver in the growing use and demand for high-integrity pressure protection systems throughout the world, assisting the worldwide market's growth. Considering all of these factors, the worldwide market's key limitation has been the enforcement of tight regulations for the deployment of high-integrity pressure protection systems. The surge in offshore and shale exploration activity is likely to enhance demand for HIPPS in the oil and gas sector.
A HIPPS monitors process parameters in real time, logically integrating observed data to decide if process intervention is necessary. The system must run at an extraordinarily high Safety Integrity Level or SIL in order for the HIPPS to act if - and only if - the connected system's safety is no longer assured.
A high-integrity pressure protection system keeps a system from exceeding its rated pressure. Before the total design pressure is surpassed, the HIPPS shuts down the system's source of high pressure. This aids in the avoidance of loss due to a line or vessel rupture, and is consequently employed in a variety of industrial verticals. Geographically, one of the key areas contributing to the worldwide growth of the high-integrity pressure protection system market is North America. The increased use of high-integrity pressure protection systems in the oil and gas industry, which is being concentrated on in North America, will be a significant driver for market expansion.
Aside from this, shale gas development in Mexico will be a key driver for the high-integrity pressure protection system market due to its extensive uses in the oil and gas industry.
The US market dominated the North America High-Integrity Pressure Protection System (HIPPS) Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $168.6 million by 2027. The Canada market is experiencing a CAGR of 7.9% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 7% during (2021 - 2027).
Based on Offering, the market is segmented into Component and Services. Based on Component, the market is segmented into Final Element, Field Initiators, Logic Solver and Others. Based on Final Element Type, the market is segmented into Valves and Actuators. Based on Services, the market is segmented into Maintenance, Training & Consultation, and Testing, Inspection & Certification. Based on Type, the market is segmented into Electronic HIPPS and Mechanical HIPPS. Based on Industry, the market is segmented into Oil & Gas and Chemical. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global High-Integrity Pressure Protection System (HIPPS) Market is Estimated to reach $636.7 Million by 2027, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include HIMA Paul Hildebrandt GmbH, Emerson Electric Co., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., Schlumberger N.V., Baker Hughes Company, ABB Group, Honeywell International, Inc., and Yokogawa Electric Corporation.
By Offering
By Final Element
By Services
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By Industry
By Country
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