LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global high-integrity pressure protection system (HIPPS) market is expected to grow at a CAGR of more than 7% during the forecast period.
“Companies are increasingly implementing HIPPS to enable operations without compromising on safety or requiring additional investments in the flare system”
This research report titled ‘Global High-Integrity Pressure Protection System Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Bharath Kanniappan, a lead analyst at Technavio for automation research, “Industrial accidents are accompanied by environmental contamination, which is severely criticized by international environment preservation communities. Hence, governments worldwide are focusing on increasing the safety standards for industries and preventing the occurrence of accidents. Over the years, HIPPS have emerged as the most effective solution for high-pressure application segments.”
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The market research analysis categorizes the global HIPPS market into three major end-user segments. They are:
- Oil and gas
- Chemicals and petrochemicals
Global HIPPS market in oil and gas industry
Oil and gas onshore sites, where protection against overpressure is mainly provided by traditional relief valves that discharge fluids to the flare, are responsible for natural gas flares in the sites. This natural gas flaring by oil and gas industry is responsible for GHG emissions. Despite introducing several policies such as Clean Air Initiatives, oil and natural gas processing operations remain the leading source of methane emissions in the US.
With the rise in the level of emissions in the oil and gas sector from both onshore and offshore sites, there is an increase in pressure from regulatory bodies to cut down on the level of pollution. These factors have guided the oil and gas companies to install safety instrumented solutions. HIPPS solutions play a vital role in this area by giving clear protection from the accumulation of excess pressure and gas. With the implementation of HIPPS solutions, the oil and gas companies can counter the overpressure by shutting down the source thereby reducing the pressure on the onshore site.
Global HIPPS market in chemicals and petrochemicals industry
The global HIPPS market in the chemicals and petrochemical industry is expected to grow at a CAGR of more than 9%. In the chemicals and petrochemical industry, pressure relief valves and control valves are used to handle, control and respond to the over-pressure situation. However, when the units are modified or when a new unit is added to the plant, the existing capacity of the flare ejection system may become inadequate. Hence, relieving the vessels from over-pressure requires installing another flare system, which increases the overall cost of plant expansion.
“Companies are increasingly implementing HIPPS to enable operations without compromising on safety or requiring additional investments in the flare system,” says Bharath.
Global HIPPS market in pharmaceutical industry
The global HIPPS market in the pharmaceutical industry is expected to grow at a CAGR of close to 10%. In the pharmaceutical industry, high-pressure fluids are used in the manufacturing and laboratory divisions. Recently governing bodies of many countries have become very stringent with safety regulations for pharma sector. For instance, in India, FDA has issued warning letters to more than nine major pharmaceutical companies. The main issues were compliance with safety regulations and adherence to good manufacturing practices. Hence, pharmaceutical companies have integrated HIPPS in their plants to increase safety in case of explosion, fire or gas leakage.
The top vendors highlighted by Technavio’s industrial automation market research analysts in this report are:
- Schneider Electric
- Rockwell Automation
- Yokogawa Electric
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