According to the new market research report, now available on ASDReports, "High-Integrity Pressure Protection System Market by Components (Field Initiators, Logic Solvers, Valves, Actuators), Service (Maintenance and Training & Certification), Vertical (Oil & Gas, Power Generation, Chemical) - Global Forecast to 2022", the High-Integrity Pressure Protection System (HIPPS) market was valued at USD 292.7 Million in 2015 and is expected to at a CAGR of 8.7% between 2016 and 2022.
The factors that are driving the growth of market include rising demand for safety systems in the oil & gas industry, and the rising need of reliable safety systems for personnel & asset protection.
“Valves to be the largest market in the overall HIPPS market during the forecast period“
The valves segment is expected to dominate the global HIPPS component market between 2016 and 2022. A valve is the final element which is designed and tested as a complete assembly including the valve body, the actuator, and the associated actuator control. Moreover, the logic solver sends the signals to valves to de-energize, causing the safety valves to close and act as barriers against the high pressure. Thus, these factors are driving the growth of the valves segment of the HIPPS market during the forecast period.
“Training & certification service segment to hold the largest share and grow at the highest rate by 2022”
Skilled technicians are required to operate HIPPS. Safety instrumented system training is offered for HIPPS services in a wide range of industrial sectors such as power, nuclear, defense, pharmaceuticals, food & beverage, and oil & gas. A predefined HIPPS training & certification system is used to provide technicians an opportunity for hands-on experience and troubleshooting on a physical SIS which includes HIPPS and an emergency shutdown system (ESD). All these factors would lead to the higher adoption of training & certification service in the HIPPS market during the forecast period.
“North America expected to dominate the HIPPS market between 2016 and 2022”
The growth of the North American market is mainly due to stringent industrial safety regulations in the U.S. and Canada are well established, and they are followed strictly across various process industries. The HIPPS market in North America is expected to be driven by the robust growth in oil & gas and power generation industries in the region. The increase in the shale energy exploration in this region has fostered the growth of the oil & gas industry in the North America. Further, supportive government programs, various events and conferences, and new product launches and developments are also driving the growth of the North American HIPPS market.
The major players involved in this market include Rockwell Automation (U.S.), Schneider Electric SE (France), Emerson Electric Company (U.S.), Yokogawa Electric Corporation (Japan), and Schlumberger Limited (U.S.). ABB Ltd. (Switzerland), General Electric Company (U.S.), HIMA Paul Hildebrandt GmbH (Germany), Siemens AG (Germany), Mogas Industries Inc. (U.S.), Velan ABV S.p.A. (Italy), and Paladon Systems Ltd. (U.K.)
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Source: ASDReports - Market Research
Date: Oct 26, 2016