Hydrostatic testing market is set to grow at a 4.7% CAGR by 2028, driven by oil and gas explorations and safety concerns.
The hydrostatic testing market to grow with a year-on-year growth of 4.7% in 2022 reaching a value of about US$ 582.2 Mn by 2022 end.
Hydrostatic testing is a way to ascertain strength and leaks in pressure vessels such as pipelines, gas cylinders, boilers, and fuel tanks.
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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 2022-2028.
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.
2013-2021 Hydrostatic Testing Market Outlook Compared to 2022-2028 Forecast
Increased oil and gas exploration activities and pipeline safety in the U.S. and the Middle East and Africa are expected to increase demand for pressure testing equipment and services in oil and gas facilities.
Furthermore, the safe operation of gas and petroleum pipelines necessitates meticulous construction, design and verification of structural integrity. Pipeline failure results in financial losses as well as environmental damage and in severe cases, death.
As a result, the need for hydrostatic testing equipment has increased in this industry. Manufacturers of hydrostatic testing equipment and service providers are always focused on research and development as well as acquisition activities to expand their market presence globally and effectively mitigate challenges.
The demand outlook for hydrostatic testing between 2013 and 2021 remains 3.9% as the pandemic crisis has impacted the market. The development of high-quality hydrostatic testing equipment such as test pumps, pressure gauges and relief valves at lower prices as compared to those manufactured by established brands, is identified to be one of the key challenges in hydrostatic testing equipment market.
The growth of the hydrostatic testing market is likely to grow at a growth rate of 4.5% by Volume over the assessment period of 2022-2028.
Which key factors drive the usage of hydrostatic testing in various end-use industries?
Growing investments across the oil and gas industry’s value chain are one of the key factors anticipated to support demand for pipeline pressure testing equipment and services around the world.
Furthermore, increased Mexican oil and gas exploration and drilling activities will create significant competition with foreign investors as well as increase demand for hydrostatic testing services across the various end-use industries.
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Environmental and safety concerns are becoming more prevalent in recent times. As a result, several end-users are taking steps to ensure a safe working environment and establish a system in which they can minimise damage by adapting preventative measures. These are the major attributes behind the rise of hydrostatic testing services in recent times.
What was the Impact of the COVID-19 Crisis on the Hydrostatic Testing Market?
SARS-introduction COV-2’s in 2020 has had a massive impact on the global economy. Due to the oil price war, the worldwide market has been impacted by an unprecedented decline in demand and supply in the oil and gas business and the influence of Covid-19 has resulted in supply chain disruptions.
Furthermore, due to extensive lockdowns and movement restrictions, economic activity had come to a halt. The closure of end-use industries has an impact on hydrostatic testing’s global growth rate in 2020 but subsequently, the demand will definitely flourish with the rise of testing services in near future.
Hydrostatic Testing Market Competitive Landscape
There has been an increase in the number of acquisitions and growth operations to strengthen the supply of hydrostatic testing over the last few years. A number of major firms are also working to improve the efficiency of hydrostatic testing for diverse purposes. Various manufacturers have emerged in worldwide businesses, particularly in the U.S., China, and Germany. Companies are concentrating on broadening their products into a variety of end-use applications and expanding their global footprint. It will assist them in increasing income and establishing a strong brand presence.
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*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report.
Hydrostatic Testing Market by Category
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The article discusses the growth of the hydrostatic testing market driven by oil and gas explorations.
Increased exploration activities require robust pipeline testing, boosting demand for hydrostatic testing.
The market faces challenges like developing cost-effective testing equipment and overcoming pandemic impacts.
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