HIPPS Market Size

High Integrity Pressure Protection System Market Analysis

The HIPPS Market size is estimated at USD 654.24 million in 2024, and is expected to reach USD 971.12 million by 2029, growing at a CAGR of 8.22% during the forecast period (2024-2029).

Oil and gas are one of the significant target segments for the high integrity pressure protection system (HIPPS) market. With the recent outbreak, the industry has observed a downward trend, affecting market growth. From the demand perspective, oil and gas have been challenged by the effects of the COVID-19 outbreak. Owing to this, producers have rapidly slashed capital spending and drilling programs. The pandemic has impacted the progress of several projects, resulting in pipelines getting stalled or delayed.

• The connection of new gas production sources to a gas plant facility has often required mechanical relief devices to protect gas production facilities or pipelines. New production sources connected to existing pipelines require the pipeline to be protected against potential overpressure, resulting in the release of hydrocarbons to the atmosphere or undesirable burning of these hydrocarbons via a flare system. Rising government regulatory standards to defend safety and security at industrial plants due to increasing accidents at plants drives the growth of the market.
• Strict government regulations in the regions on emission levels across industries to increase workstation safety have bolstered the demand for various HIPPS applications. Due to rapid developments in the emerging markets, sustainability policies, the rise of new technologies, and changing consumer preferences, the end-user industry landscape has been rapidly evolving.
• In July 2020, in a boiler blast at Neyveli Thermal Power Station (India), at least six people died, and as many as 17 others suffered serious injuries. This was the second boiler explosion in two months at the same plant. It is suspected that overheating and high pressure led to the power plant explosion in Tamil Nadu (India).
• Players operating in the market studied have been focusing on cutting-edge technology developments pertaining to HIPPS applications. For instance, in December 2019, High-Pressure Equipment Company (a subsidiary of Graco Inc.) introduced a new soft seat relief valve designed to protect liquid and gas tubing systems from overpressure damage and failure. The new relief valves are available in pressure ranges from 1,500 to 25,000 psi for 9/16' O.D. tubing, with adapters available for other sizes. The company's newly developed valves are factory set to the designated pressure and tagged accordingly. They feature 316 stainless steel bodies and removable seat glands, with a 17-4PH stem and seal ring for standard applications.