A fresh report titled on “High-Integrity Pressure Protection System (HIPPS) Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.
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Top Companies profiled in the High-Integrity Pressure Protection System (HIPPS) Market:
- Emerson Electric (US)
- Yokogawa Electric (Japan)
- Hima (Germany)
- Schneider Electric (France)
- General Electric (US)
- ABB (Switzerland)
- Rockwell Automation (US)
- Honeywell (US)
- Schlumberger (US)
- Siemens (Germany)
- Mokveld Valves (Netherlands)
The 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%. This report spread across 157 pages, profiling 15 companies and supported with 70 tables and 54 figures is now available in this research.
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“Market for services to grow at the highest CAGR from 2019 to 2024”
Demand for services is likely to grow at a higher CAGR in the HIPPS market owing to the increasing adoption of these systems in green field projects. Maintenance services are expected to continue to hold the largest size of the HIPPS market based on service offerings, followed by testing, inspection, and 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 TIC services is likely to register the highest CAGR in the HIPPS market.
“Market for chemicals industry to grow at highest CAGR during the forecast period”
Safety and reliability are critical factors for the chemicals industry. For reliable and accurate workflow in this industry, the functional safety of plants is necessary. 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.