The Asia Pacific High-Integrity Pressure Protection System (HIPPS) Market would witness market growth of 6.6% CAGR during the forecast period (2021-2027).
The decrease in downstream container costs and weight has been a primary driver of the worldwide HIPPS market expansion. Furthermore, the enhanced capacity enabling flow line applications has contributed to the use of HIPPS in several sectors, particularly the oil and gas sector. The use of HIPPS has also lowered shipping and storage costs as a consequence of reduced volume and weight, which has increased global demand for high-integrity pressure protection systems. Aside from that, using HIPPS eliminates the need for relief devices to prevent gas emissions into the environment because it is addressed by HIPPS.
The deployment of HIPPS in the oil and gas, power generating, and chemicals industries in Asia Pacific has enormous potential. The rising demand for petrochemicals in nations like China and India is boosting oil, gas, and chemical output. Due to the area's focus on growing oil and gas refining capacity and substantial expansion in the chemicals sector, the Asia Pacific HIPPS market is expected to grow at the fastest rate during the forecast period, with China, Japan, and India being some of the key nations in this region. According to the IEA, Asia will continue to be the most important LNG destination, contributing for 70% of global LNG imports by 2020.
The China market dominated the Asia Pacific 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 $53.6 million by 2027. The Japan market would exhibit a CAGR of 5.9% during (2021 - 2027). Additionally, The India market is anticipated to grow at a CAGR of 7.2% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide High-Integrity Pressure Protection System (HIPPS) Market is Projected to reach USD 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.
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