Global high integrity pressure protection market is growing owing to imposing government regulatory norms to ensure safety and security at manufacturing plants along with increasing focus of countries across the world on participating in gas flaring and venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments.
The high cost of maintenance is the key factor that impedes the growth of high integrity pressure protection system market. Besides this, lack of awareness and complexity of standards directly impact the sales of high integrity pressure protection system, which is another factor that hampers the growth of the high integrity pressure protection system market.
Valves are used to control the plant pressure and discharge a certain amount of steam or gas without electric power. Valves actuate or stop the flow of any dangerous fluid or external hydrocarbons on detection of a hazardous event. Logic solvers are highly flexible, efficient, reliable, and secure, as well as can be installed easily. Many standard and safety-related applications in the process industry require one or more single-loop logic solvers, offering flexibility and user-friendly advantages to programmers.
Oil & gas industry is dominating segment of the market. Safety is the most critical concern in the oil & gas industry. Lack of proper safety systems in this industry may lead to production loss, stress on affected components and systems, and hazards during system restoration.
Increase in the level of emissions in the oil & gas industry 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 oil & gas companies to install high integrity pressure protection systems.
The Asia-Pacific high integrity pressure protection market is expected to grow at highest growth rate during the forecast period owing to the focus of countries on expanding oil & gas refining capacity and significant growth in the chemicals industry.
The rising adoption of functional safety systems in the oil & gas industry has fostered the demand for high integrity pressure protection systems to ensure the protection of the environment, equipment, and personnel. In recent years, the requirement for gas in China has surged sharply due to the expansion of the petroleum industry, improvement in living standards, and the development of gas infrastructure.
Investment in oil & gas industry in the Middle East and Africa is estimated to accelerate the growth of the high integrity pressure protection system market. Increased demand for power plants in developing countries across the globe is expected to be a key driving factor for the growth of high integrity pressure protection system market.