Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global High-Integrity Pressure Protection System (HIPPS) Market size is expected to reach $636.7 million by 2027, rising at a market growth of 6.0% CAGR during the forecast period.
The Electronic HIPPS segment acquired a maximum revenue share in the Global High-Integrity Pressure Protection System (HIPPS) Market by Type in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $359.8 million by 2027. The Electronic HIPPS segment shows high revenue share. The electronic system operates on demand with 1oo2 or 2oo3 (voting) pressure transmitter inputs, an electronic logic solver, and two spring-returns hydraulically actuated safety valves. The High-integrity and flexible electronic design results in the reduced high-pressure pipelines or vessel overpressure risk. This would enhance the adoption of electronic HIPPS Segment.
The Chemical market is showcasing a CAGR of 7.3% during (2021 - 2027). The need for high-integrity pressure protection systems is increasing rapidly in the chemical sector. Every year, hazardous chemical exposure causes many workers to be wounded, damaged, or even murdered. Accidents like these cause human suffering, manufacturing losses, and significant health-care expenditures. Chemical firms are increasingly using HIPPS to comply with stringent safety rules and decrease gas flaring.
The North America is the fastest growing region in Global High-Integrity Pressure Protection System (HIPPS) Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $233.7 million by 2027. The Europe market is estimated to grow at a CAGR of 5.6% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 6.6% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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