Stringent Industrial Regulations to Boost the Global High-integrity Pressure Protection System Market Through 2021, Says Technavio
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.
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Technavio has published a new report on the global high-integrity pressure protection system market from 2017-2021. (Graphic: Business Wire)
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
-
Pharmaceuticals
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:
-
ABB
-
Schneider Electric
-
Rockwell Automation
-
Yokogawa Electric
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
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techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
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