"Increasing Investment across the Oil & Gas Industry Is Driving the Hydrostatic Testing Market"
Globally, the hydrostatic testing market is expected to grow with a CAGR of 5.2% during the forecast period from 2019 to 2027. The market growth is driven increasing investment in the oil & gas industry across the globe. The oil & gas companies are investing heavily across the value chain to enhance the operational efficiency and business agility. The oil & gas industry is leveraging heavily on the hydrostatic testing to check the strength and leakages across pipelines, gas cylinders, boilers, and pressure vessels. This is driving the adoption of the hydrostatic testing across the industry. Furthermore, the stringent government regulations related to safety of the pipelines is further accelerating the adoption of the hydrostatic testing.
The increasing production across the oil & gas industry also acts as major force driving the market growth. Also, the growing trend of the outsourcing the testing services across the industry verticals is also serving as a major factor driving the growth of the market. The organization are leveraging on the third party service providers to outsource their testing requirement due to rising need among organizations to reduce the cost of operations. Furthermore, the growing requirement among the organizations to focus on the core business competencies is further accelerating the demand for hydrostatic testing.
Market Synopsis
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"Pumps Segment Is Dominating the Hydrostatic Testing Market"
The hydrostatic testing market is characterized based on the product type into pumps, relief valves, and others. The pumps dominated the market with more than 70% share in the revenue. The organizations are using the pumps to test sprinklers, plumbing lines, water meters, solar systems, and pressure vessels. The growing adoption of the hydrostatic pump across the oil & gas industry is further accelerating the growth of the market. On the other hand, the relief valve is estimated to grow significantly during the forecast period.
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"North America Is Leading the Hydrostatic Testing Market"
North America accounted for 35% share in the hydrostatic testing market. The growth of the market is attributed to the large scale production oil & gas in the region. The stringent government regulations relate to the safety of the pipelines is further accelerating the adoption of the hydrostatic testing market. The privatization of the testing services across the region is augmenting the demand for the hydrostatic testing services.
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The prominent players in the hydrostatic testing market are Cat Pumps, China Joy Machinery and Equipment Limited, Cosmo Instruments Co. Ltd., Curtiss-Wright Corporation, Energy Services International, Galiso Inc., Greene’s Energy Group, H. Lorimer Corp., Hydro-Test Products Inc., International Pipeline Products Limited, JM Test Systems, Petersen Products Co., Pumps Australia Pty Ltd., Resato International B.V., and Rice HYDRO.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The hydrostatic testing market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global hydrostatic testing market based on product type, design, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Product Type Segment (2017–2027; US$ Bn)
• Pumps
• Pressure Gauges
• Relief Valves
• Others
|
|
Design Segment (2017–2027; US$ Bn)
• Manual
• Powered
|
|
Application Segment (2017–2027; US$ Bn)
• Oil & Gas
• Plant Processing
• Water
• Aircraft
• Construction
• Fire & Safety
• Others
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of hydrostatic testing in 2018 and forecast up to 2027?
- Which is the largest regional market for hydrostatic testing?
- What are the major trends followed in hydrostatic testing market across different regions?
- Who are the key companies in the hydrostatic testing market?
- What are the key strategies adopted by the leading hydrostatic testing companies in market?
Unique data points of this report
- Statistics on hydrostatic testing and spending worldwide
- Recent trends across different regions in terms of adoption of hydrostatic testing across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
