High-Integrity Pressure Protection System Market Size, Share, Trends, Analysis and Forecasts To 2021
Market Research analysts forecast the global high-integrity pressure protection system market to grow at a CAGR of 7.4 % during the period 2017-2021.
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.
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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.
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.
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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