Global Hydrostatic Testing Market is expected to grow with the CAGR of 4.25% over the forecast period.
Increasing production of oil and gases across the world with surge in agriculture sector and supportive government regulations related to safety of the pipelines are the major factors driving growth of Global Hydrostatic Testing Market.
The hydrostatic testing is a process used to inspect equipment such as fire extinguishing cylinders, storage tanks, gas cylinders and chemical pipelines, through use of a hydrostatic tester. Hence, the equipment is examined for leaks, and the overall integrity of the units is assessed. This is hydrostatic tester events the rate of expansion of the tube under water pressure, which ultimately determines whether the unit can safely hold the amount of pressure it, is rated for. However, the hydrostatic testing is often used to check the quality a piece of equipment that has been repaired or rebuilt, prior to it returning to service. This is generally used for testing low pressure, stainless steel canisters that are required to be tested by the Department of Transportation (DOT). Additionally, hydrostatic test indicates whether or not there are any leaks in the equipment at the time of the test, as a means of verifying whether it is safe to put back into service. In addition, it helps to avoid disasters, hydrostatic testing is a highly accurate way to test pressure vessels used by Department of Transportation (DOT), such as pipelines, plumbing, and chemical cylinders, for possible leaks. The hydrostatic testing can help companies avoid potential penalties associated with transporting outdated and/or weak cylinders.
Global Hydrostatic testing Market report is segmented on the basis of product type, application, and by regional & country level. Based on product type, global hydrostatic testing market is classified as the pumps, pressure gauges, relief valves and others. Based upon application, global hydrostatic testing is classified into oil & gas, plant processing, water, aircraft, construction, fire & safety and others.
The regions covered in this hydrostatic testing market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of hydrostatic testing is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Global Hydrostatic testing Market are,
The rapidly growing offshore oil and gas production and the need for pipelines to transport from sea to the shore and other services are the major factors driving the growth of global hydrostatic testing market. The rising need for integrity testing for existing pipelines and facilities at regular intervals to keep the flow of oil and gas at required pressure and temperature is also fostering the market growth. As per the Organization of the Petroleum Exporting Countries; the oil and gas combined is still expected to make up over 52% of the global energy mix by 2040. The increasing requirement among the organizations to focus on the business competencies is further accelerating the demand for hydrostatic testing. Furthermore, growing oil reserves exploration activities around the globe is also supplementing the market growth. The increasing production and consumption of oil and gas, coupled with the growing demand for safety among gas pipelines, is also fueling the demand for hydrostatic testing. Growing investment in oil & gas production activities across the MEA, Brazil and Mexico is also accelerating the adoption of the hydrostatic testing service. In addition, the technical development of the hydrostatic test equipment presents a myriad of opportunities for market growth. The advancement in wireless solutions to monitor the pipelines has supported the market growth.
The North America hydrostatic testing market is expected to account for the maximum value share within the forecast to maintain its governance in the global hydrostatic testing market. Supportive stringent government regulations related to safety of the pipelines is one of the major factors attributed to the increased adoption of the hydrostatic testing in this region. According to Organization for Economic Co-operation and Development in 2016, America accounted for 20% of global GDP, OECD Europe and China were both at 18%, and India was at 7%.The privatization of the testing services across the region is augmenting the demand for the hydrostatic military.
The Asia Pacific region is projected to be the fastest growing market for hydrostatic testing owing to the increasing oil & gas exploration activities in the region. In addition, growing investment in oil & gas infrastructure across the region presents numerous opportunities for market growth. According to United Nations Economic and Social Commission for Asia Pacific region contributed 54.2% in 2014, while the regional share in global total gross domestic product (GDP) grew from 27.3 to 31.8% to meet the commitments in the Paris Agreement, emissions need to fall between 40 and 70 per cent by 2050.
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa