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