According to a new market research report published by Credence Research “Global Hydrostatic Testing Market (Product Type (Pumps, Pressure Gauges, Relief Valves, Others); Design (Manual, Powered); Application (Oil & Gas, Plant Processing, Water, Aircraft, Construction, Fire & Safety, Others) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the hydrostatic testing market is set to grow with a CAGR of 5.2% during the forecast period.
The global hydrostatic testing market is driven by growing activities over exploration of oil reserves across the globe. The increasing production and consumption of the oil & gas, couple with the growing requirement for the safety among the gas pipelines is escalating the demand for the hydrostatic testing. The growing investment in the oil & gas production activities across the MEA, Brazil and Mexico is further accelerating the adoption of the hydrostatic testing service. Furthermore, the technological advancement in the hydrostatic testing equipment is presenting myriad opportunities for the growth of the market. In addition, the supportive government initiatives and policies for the safety of the oil & gas infrastructure is further augmenting the growth of the market.
The oil & gas industry dominated the hydrostatic testing market with over 20% share in the revenue in 2018, and the sector is estimated to follow the trend during the forecast period. The large scale adoption of the hydrostatic testing in the sector is estimated to drive the growth of the market. The increasing upstream, midstream and downstream oil exploration and the growing requirement for rigorous and safe pipeline infrastructure is also serving as a major force driving the growth of the market.
Asia Pacific is estimated to grow at a CAGR of more than 6% during the forecast period. The increasing oil & gas exploration activities in the region are driving the growth of the market. Furthermore, the growing investment in the oil & gas infrastructure across the region is presenting numerous opportunities for the growth of the market. MEA is also estimated to contribute significantly during the forecast period. The increasing drilling and exploration activities in the region are accelerating the adoption of the hydrostatic testing market.
The prominent players in the hydrostatic testing market are Energy Services International, Galiso Inc., China Joy Machinery and Equipment Limited, Cat Pumps, Curtiss-Wright Corporation, Hydro-Test Products Inc., Cosmo Instruments Co. Ltd., Petersen Products Co., Greene’s Energy Group, H. Lorimer Corp., JM Test Systems, International Pipeline Products Limited, Rice HYDRO, Resato International B.V., and Pumps Australia Pty Ltd.
Browse the full report at https://www.credenceresearch.com/report/hydrostatic-testing-market
The Global Hydrostatic Testing Market is Segmented into:
|Segmentation||By Product Type Segment (2017–2027; US$ Bn)|
|By Design Segment (2017–2027; US$ Bn)|
|By Application Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page
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