The Latin America, Middle East and Africa High-Integrity Pressure Protection System (HIPPS) Market would witness market growth of 8.3% CAGR during the forecast period (2021-2027).
The technological complexity involved with the adoption of high-integrity pressure protection systems has also been a key stumbling block to the market's global expansion. The widespread use of high-integrity pressure protection systems in many sectors, combined with changing technology, will present significant growth prospects for the high-integrity pressure protection system market in near future.
The HIPPS is completely self-contained and continually checks safety parameters to protect the process, plant equipment, and the environment. The HIPPS closes safety valves automatically if gas pressure rises too high, bringing the system back to a safe state.
Mechanical relief devices have frequently been necessary when connecting new gas production supplies to a gas plant facility to safeguard gas production facilities or pipeline networks. New production sources linked to existing pipelines necessitate pipeline protection against potential overpressure, which might result in hydrocarbons being released into the atmosphere or unwanted burning via a flare system. The market is expected to develop as regulatory standards to protect industrial plant safety and security rise in response to an increase in plant accidents.
A high integrity pressure protection system is a safety-instrumented system designed to prevent over-pressurization in oil and gas production, refinery, and pipeline systems. HIPPS makes use of oil and Gas Company’s engineering and integration skills. The industry's players are concentrating on producing unique products and solutions, which might help the HIPPS market, grow in the approaching years.
The Brazil market dominated the LAMEA 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 $10.5 million by 2027. The Argentina market is showcasing a CAGR of 9% during (2021 - 2027). Additionally, The UAE market would grow at a a CAGR of 8.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global High-Integrity Pressure Protection System (HIPPS) Market is Predict to reach $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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