VALLEY COTTAGE, New York, September 5, 2018 /PRNewswire/ --
Global Hydrostatic Testing Market: Overview
Hydrostatic testing is a way to ascertain strength and leaks in pressure vessels such as pipelines, gas cylinders, boilers, and fuel tanks. In the pipeline industry, hydrostatic testing presents unique safety, environmental and community liaison challenges. However, outside the pipeline industry, there is considerably lean understanding of hydrostatic pressure testing of existing pipelines. As projected in a recently released market intelligence by Future Market Insights (FMI), the global hydrostatic testing market is estimated to be valued at US$ 771.9 Mn by 2028, expanding at a steady CAGR of 4.7% during the forecast period 2018-2028.
Moreover, the demand for hydrostatic testing is notably high in the oil and gas industry, in the wake of increasing upstream and downstream oil and gas exploration and drilling activities that requires rigorously constructed and designed pipelines. Considering the impact that pipeline failures can have on economy, environment, and human life, the demand for hydrostatic testing is significantly high in the oil and gas industry. North America and MEA are expected to be key regions in the hydrostatic testing market during the forecast period owing to increasing investments across oil and gas industry in these regions.
With the growing oil reserves across various regions, especially MEA, the demand for pipeline and vessel testing services is expected to increase, which in turn, will escalate the demand for hydrostatic testing equipment across the region. North America, on the other hand, dominated the global natural gas production as well as consumption in 2017. With growing consumption and production of natural gas, coupled with safe operations of gas pipelines, demand for hydrostatic testing is expected to remain high, in the region. Investments in oil and gas exploration and drilling activities in Mexico and Brazil are surging, which in turn, is projected to create opportunities for hydrostatic testing providers and significant competition for foreign investors, in the Latin American region.
Pumps are a widely used test equipment and is likely to dominate the global hydrostatic testing market with more than 3/4th of the overall market share by the end of the forecast period, in terms of product. These pumps are primarily designed to test plumbing lines, pressure vessels, water meters, sprinkler and solar systems across various industries. Moreover, powered hydrostatic testing compared to manual variants is projected to dominate the global hydrostatic testing market owing to its smooth functioning, lying in the high growth - high value quadrant throughout the forecast period.
The global market for hydrostatic testing is significantly fragmented, with most players involved in the manufacturing of testing pumps and other associated equipment, mostly catering to their respective regional markets. Manufacturers of hydrostatic testing equipment and service providers are focusing on various acquisition activities to enhance their global presence.
New product development, in terms of testing pipelines and pipe systems is also projected to remain key forward market strategy adopted by players in hydrostatic testing market. Moreover, government regulations such as U.S DOT and PHMSA, are expected to create growth opportunities in the hydrostatic testing market. Key players in the global hydrostatic testing market include Curtiss-Wright Corporation, Galiso Inc., Rice Hydro, H. Lorimer Corp, and Cosmo Instruments Company Limited.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.