The Europe High-Integrity Pressure Protection System (HIPPS) Market would witness market growth of 5.6% CAGR during the forecast period (2021-2027).
HIPPS is a component of the Safety Instrumented System (SIS) and is meant to avoid overpressure by shutting down the source and trapping the pressure in the upstream side of the system, creating a barrier between the High and Low Pressure sides of the process plant. The tight shutdown will prevent the containment from being lost and fugitive emissions will be eliminated.
The oil and gas, as well as the chemical sectors, are driving up demand for HIPPS. Implementation of HIPPS in process industries aids industry participants in lowering hazards related with their facilities' equipment, reducing gas flaring, and adhering to safety laws.
Typically, a HIPPS will keep track of pressure and temperature. Decisions are taken to stop the process or, in severe cases, to conduct a total shutdown based on the actual value of such parameters. Installing a HIPPS might eliminate the need to blast out or flare significant volumes of carbon dioxide, hydrocarbons, and other harmful gases into the atmosphere, acts that could presently result in penalties under government rules and limits. A HIPPS is a low-cost solution that delivers a high level of security. Players in the market are focusing on developing new products and processes that will help the HIPPS market expand in the next years. The Severn Glocon Group, for example, expanded their range of triple offset butterfly valves in July 2019 to give a novel technique for preventing galvanic corrosion in salty applications without sacrificing fire-safe capabilities.
The Germany market dominated the Europe 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 $39.5 million by 2027. The UK market would experience a CAGR of 4.6% during (2021 - 2027). Additionally, The France market is registering a CAGR of 6.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global High-Integrity Pressure Protection System (HIPPS) Market Size will Hit $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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