Hydrostatic Testing Market represent an incremental opportunity of US$ 282.4 Mn between 2018 and 2028
March 19, 2019 by alok
Petersen Products, China Joy Machinery and Equipment Limited, Resato International B.V., Rice HYDRO, Pumps Australia Pty Ltd., JM Test Systems, H. Lorimer Corp., International Pipeline Products Limited, Greene’s Energy Group, Inc. , Hydro-Test Products, automotive, Technology, Market Overview, Market Forecast, Market Share, Market Size, Statistics, Market Trends, growth Drivers, Hydrostatic Testing Market
In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Hydrostatic Testing Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.
The hydrostatic testing market, as considered under the scope of the report, includes the market sizing only for hydrostatic testing equipment such as pumps, pressure gauges (master gauges and backup gauges), relief valves and others (pressure plugs, etc.). Moreover, the overview of the global hydrostatic testing services market is also covered separately under a section of the report.
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The global hydrostatic testing market is estimated to be valued at US$ 489.5 Mn by 2018 end and is expected to reach US$ 771.9 Mn by the end of 2028, while expanding at a CAGR of 4.7% over the forecast period. The global hydrostatic testing market is anticipated to represent an incremental opportunity of US$ 282.4 Mn between 2018 and 2028.
Growing investments across the value chain of the oil & gas industry are among the key factors likely to support the demand for pipeline pressure testing equipment across the globe, which in turn is expected to drive the global hydrostatic testing market. Moreover, the increasing production of oil & gas across European countries such as France and Germany is expected to surge the demand for hydrostatic testing equipment in the near future.
Manufacturers of hydrostatic testing equipment and tools across the European region are involved in forming agreements with distributors to move strategically into the Scandinavian offshore and onshore market. For instance, recently, the STATS group signed an agreement with the Norwegian distributor, PSO AS, which will provide the company strategic entry into the Scandinavian market. The agreement was done to build a close-working relationship with PSO to customers in Norway and other neighboring countries.
Based on product type, the global hydrostatic testing market has been segmented into pumps, pressure gauges (master gauges and backup gauges), relief valves and others. Hydrostatic testing pumps are one of the most widely utilized equipment across the globe. Hydrostatic testing pumps accounted for the maximum share in the market by the end of 2017 and are expected to account for more than 3/4th of the overall incremental opportunity created over the forecast period in the global hydrostatic testing market.
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On the basis of geography, the global hydrostatic testing market has been segmented into North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, South East Asia & Pacific and Middle East & Africa. The North America hydrostatic testing market accounted for the maximum value share in 2017 and is forecast to maintain its dominance in the global hydrostatic testing market over the forecast period. The top 4 countries in Western Europe are expected to account for more than 3/5th of the Western Europe hydrostatic testing market share by the end of 2018, while the top 2 countries in the Middle East & Africa are expected to account for more than 2/5th of the overall hydrostatic testing market share by the end of 2018.
Some of the leading market players in the global hydrostatic testing market include Cosmo Instruments Co., Ltd., Galiso Inc., Hydro-Test Products, Inc., Greene’s Energy Group, International Pipeline Products Limited, H. Lorimer Corp., JM Test Systems, Pumps Australia Pty Ltd., Rice HYDRO, Resato International B.V., China Joy Machinery and Equipment Limited, Petersen Products Co., Cat Pumps, Curtiss-Wright Corporation and Energy Services International.
The global hydrostatic testing market is observed to be one of the most fragmented markets as a large number of players involved in the market primarily cater to the regional market. Key manufacturers of hydrostatic testing equipment are found to be involved in the introduction of new products in the market to meet the ever-increasing demand from end-use industries.
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