The global High Integrity Pressure Protection System market size is expected to reach USD 670 million by 2027 from USD 484 million in 2022, growing at a CAGR of 6.7%. The market growth is mainly attributed to growing need for reducing flaring to protect the environment and the imposition of stringent regulatory norms by governments to ensure safety and security at manufacturing plants. The high installation cost of HIPPS is expected to be the key restraining factor for the HIPPS market growth.
Emerson Electric Co. (US), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (US), Schneider Electric (France), Honeywell International (US), ABB (Switzerland), Siemens (Germany),Schlumberger (US), and Baker Hughes (US) and are the key players in the HIPPS market. These top players have strong portfolios of products and services and presence in both mature and emerging markets.
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Emerson Electric Co. is a leading manufacturer of electrical and industrial equipment and a provider of process management products and solutions, such as valves, transmitters, analyzers, regulators, and automation systems. Additionally, the company provides vertical-specific engineering, consulting, and maintenance services to industries such as chemicals, oil & gas. It provides customers with complete lifecycle management for valve assets through its monitoring and maintenance tools. Product development is the key organic growth strategy adopted by the company. For instance, in October 2021, Emerson announced its first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 requirements.
Yokogawa Electric Corp. is a leading supplier of industrial automation and process safety solutions to different process industries. Its years of expertise have helped it achieve excellence in integrating superior technologies into industrial solutions for process industries. Yokogawa offers HIPPS solutions under the shade of its Industrial Automation and Control segment. The company’s portfolio of components for HIPPS includes pressure transmitters and logic solvers under the brand name Prosafe.
HIMA is a major provider of safety solutions, with operations in all major geographies. It develops safety solutions for the rail, oil & gas, energy, and chemical industries. HIMA’s expertise is focused on providing solutions for improving the safety, cybersecurity, and profitability of manufacturing plants in the digital age. Over 35,000 TÜV-certified safety systems from HIMA have been deployed worldwide. Its strong market position enables it to gain business coverage and increase investor confidence. Expansion and agreements have been the major strategies adopted by the company to compete in the market. The company is a core safety specialist, catering to process and discrete industries. Additionally, it focuses on inorganic growth strategies, such as partnerships and contracts, to develop its capabilities.
Other key players in the HIPPS market include Mogas Industries (US), Velan, Inc. (Canada), Paladon Systems (UK), Severn Glocon Group (UK), IMI plc (UK), British Engines (UK), SAMSON GROUP (Germany), Larsen & Toubro (L&T, India), PetrolValves S.p.A. (Italy), ProControl (Italy), ValvTechnologies Inc. (US), Pietro Fiorentini S.p.A (Pietro Fiorentini, Italy), Frames Group (Netherlands), and DAFRAM S.p.A. (Italy).
High-Integrity Pressure Protection System (HIPPS) Market with COVID-19 Impact Analysis by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, TIC), Industry (Oil & Gas, Chemical) and Region - Global Forecast to 2027
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