The global business is anticipated to witness a considerable value CAGR of 4.8% during the period 2022 and 2028. Hydrostatic testing is the most common method for inspecting meter skids, compressed gas cylinders, pressure relief valves, boilers, tubing, pipelines, and other pressurized containers for leaks and structural integrity.
A significant value CAGR of 4.8% is predicted for the global economy between 2022 and 2028. The most popular technique for checking for leaks and structural integrity in metre skids, compressed gas cylinders, pressure relief valves, boilers, tubing, pipelines, and other pressurised containers is hydrostatic testing. It is frequently used to test low-pressure stainless steel canisters, check for leaks at the time of the test, and determine when it is safe to restart the equipment.
Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-6359
Due to rising demand from end-use applications, FMI has determined that North America will continue to be a significant market for hydrostatic testing over the forecast period. The hydrostatic testing sector is predicted to grow at a CAGR of 5.9% in the region. It’s typically used to test low-pressure stainless steel canisters as well as determine whether or not the equipment has any leaks at the time of the test and whether or not it’s safe to return to operation.
Hydrostatic testing is a way to ascertain strength and leaks in pressure vessels such as pipelines, gas cylinders, boilers, and fuel tanks. 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.
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. Considering the impact that pipeline failures can have on economy, environment, and human life, the demand for hydrostatic testing is significantly high in the oil and gas industry.
North America and MEA are expected to be key regions in the hydrostatic testing market during the forecast period owing to increasing investments across oil and gas industry in these regions. With the growing oil reserves across various regions, especially MEA, the demand for pipeline and vessel testing services is expected to increase, which in turn, will escalate the demand for hydrostatic testing equipment across the region.
North America, on the other hand, dominated the global natural gas production as well as consumption in 2017. With growing consumption and production of natural gas, coupled with safe operations of gas pipelines, demand for hydrostatic testing is expected to remain high, in the region.
Request For Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-6359
Investments in oil and gas exploration and drilling activities in Mexico and Brazil are surging, which in turn, is projected to create opportunities for hydrostatic testing providers and significant competition for foreign investors, in the Latin American region. Pumps are a widely used test equipment and is likely to dominate the global hydrostatic testing market with more than 3/4th of the overall market share by the end of the forecast period, in terms of product.
These pumps are primarily designed to test plumbing lines, pressure vessels, water meters, sprinkler and solar systems across various industries. Moreover, powered hydrostatic testing compared to manual variants is projected to dominate the global hydrostatic testing market owing to its smooth functioning, lying in the high growth – high value quadrant throughout the forecast period.
New product development, in terms of testing pipelines and pipe systems is also projected to remain key forward market strategy adopted by players in hydrostatic testing market. Moreover, government regulations such as U.S DOT and PHMSA, are expected to create growth opportunities in the hydrostatic testing market. Key players in the global hydrostatic testing market include Curtiss-Wright Corporation, Galiso Inc., Rice Hydro, H. Lorimer Corp, and Cosmo Instruments Company Limited.