About high-integrity pressure protection system
HIPPS is a type of safety instrumented system (SIS) that is used to safeguard a process to prevent a catastrophic release of flammable, toxic or explosive chemicals. Traditionally, in industrial plants, flare or relief systems are used for burning off flammables gases that are released through pressure relief valves during unplanned over-pressurization of plant equipment.
Technavio’s analysts forecast the global high-integrity pressure protection system market to grow at a CAGR of 7.4% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global high-integrity pressure protection system market for 2017-2021. To calculate the market size, the report considers the revenue generated from sales and the aftermarket services of HIPPS in the oil and gas, chemicals and petrochemicals, pharmaceuticals, power, metal and mining, and foods and beverages industries.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global High-Integrity Pressure Protection System Market 2017-2021
Technavio recognizes the following companies as the key players in the global high-integrity pressure protection system market: ABB, Schneider Electric, Rockwell Automation, and Yokogawa Electric.
Other Prominent Vendors in the market are: Emerson Electric, Esoterica Automation, GE, HIMA, Honeywell Process Solutions, Johnson Controls, Mokveld, Norgren, OMRON, RTP, Siemens, and Tyco International.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is introduction of safety PLC. Safety PLCs have increasingly become popular as logic solvers in the past 10 years. This is due to their ability to provide shared logic solver duties for many safety functions within one HIPPS. They perform simple logic combined with efficient operator interfacing and secure management of the program logic.”
According to the report, one of the major drivers for this market is rise in midstream infrastructure. In the midstream sector, production flowlines from the wellhead to the offshore storage facilities and to the end-users' processing plants are usually built to withstand high wellhead shut-in pressures, even if the pressure in the flowline is much lower under normal operating conditions. Building this pressure buffer into the system can be costly and may endanger economic feasibility. HIPPS circumvents this problem by downrating the pipeline pressure.
Further, the report states that one of the major factors hindering the growth of this market is capital expenditure cuts by major oil and gas industry. The oil and gas industry is one of the major end-users of HIPPS and other safety systems products. Both international and regional oil companies are negotiating aggressively to draw discounts from automation service providers. While companies are trying their best to deal with the market downturn by reducing capital expenditure, factors such as exiting equity capital, expected crew change, and stringent environmental concerns continue to add pressure on enterprise operations.
ABB, Schneider Electric, Rockwell Automation, Yokogawa Electric, Emerson Electric, Esoterica Automation, GE, HIMA, Honeywell Process Solutions, Johnson Controls, Mokveld, Norgren, OMRON, RTP, Siemens, Tyco International.