The Global High Integrity Pressure Protection System (HIPPS) market is projected to record a CAGR of 6.60% during the forecast period due to the rapid adoption of innovative drilling technologies.

Market Research Future has published a half-cooked research report on the Global High Integrity Pressure Protection System (HIPPS) Market, 2019–2030. 

The global High Integrity Pressure Protection System (HIPPS) market is projected to exhibit a CAGR of 6.60% during the forecast period of 2024 to 2032.

Market Research Future has recognized the following companies as the key players in the global High Integrity Pressure Protection System (HIPPS) market Rockwell Automation, Emerson Electric Co., Severn Glocon Group, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Schlumberger NV, Mogas Industries Inc., and Mokveld Valves BV among others.

Market Highlights

The global High Integrity Pressure Protection System (HIPPS) market is projected to record a CAGR of 7.5% during the forecast period.  A high Integrity Pressure Protection System (HIPPS) is a type of pressure relief valve that can help reduce the risk of a dangerous pressure release in case of a pipeline failure. In addition to protecting the pipeline, HIPPS can also be used to control the flow rate and reduce emissions. It is also capable of reducing the risk of a dangerous pressure release in case of a pipeline failure. The HIPPS system has been used in many countries including Canada, Russia, China, and India.

Due to the COVID-19 outbreak, production was disrupted leading to lower supply chains and market prices. This has impacted the company's business & driven down financial markets. The virus started to spread across the world soon after, and a lot of governments imposed community quarantines to limit its outbreak. The government also ordered lockdown restrictions and other measures to minimize the effects of the virus.

The COVID-19 pandemic halted the production of various products in the High-integrity pressure protection system industry, which is attributed to the lockdown in countries worldwide. This has hampered the growth of the intelligent pump market. COVID-19 affected the sales of high-integrity pressure protection systems in the first quarter of 2020 and is anticipated to harm the market growth throughout the year.

Segmental Analysis

The global  High Integrity Pressure Protection System (HIPPS) market has been segmented based on type, end-use, and region.

By type, the global  High Integrity Pressure Protection System (HIPPS) market has been segmented into Components, and Services. The services segment is expected to grow at a faster rate than the hardware segment due to the increasing demand for maintenance, installation, and other services such as repair and replacement for pressure protection systems (PPS). Contractors and operators are increasingly implementing maintenance programs to improve the reliability of their pressure protection systems (PPS) and to avoid unplanned shutdowns which can harm their production.

Based on the end-use, the global  High Integrity Pressure Protection System (HIPPS) market has been segmented based on Oil and Gas, Chemicals, Power, Metal and Mining, Food and Beverages, and Other Process Industries. The oil and gas segment is expected to be the fastest-growing in the global  High Integrity Pressure Protection System (HIPPS) market. The rapid adoption of innovative drilling technologies is expected to drive the oil and gas segment of the High Integrity Pressure Protection Systems (HIPPS) market. The growth of the oil and gas segment is a result of the rising investments in exploration and production activities in North America, South America, and West Africa.

Regional Analysis

Geographically, the global High Integrity Pressure Protection System (HIPPS) market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is the fastest-growing region in the High Integrity Pressure Protection System (HIPPS) market due to the increasing demand for HIPPS and the rising number of industrial applications. The growth can be attributed to factors such as increasing construction activities, rising need for pressure protection systems for industrial applications, and growing demand for pressure protection systems in North America. North America has been witnessing rapid growth in construction activities due to a surge in residential and commercial real estate markets, which has led to an increased demand for pressure protection systems across various industries such as oil & gas, mining, water & wastewater treatment, chemical manufacturing, and power generation among others.