"Increasing Investment across the Oil & Gas Industry Is Driving the Hydrostatic Testing Market"

Globally, the hydrostatic testing market is expected to grow with a CAGR of 5.2% during the forecast period from 2023 to 2030. The market growth is driven increasing investment in the oil & gas industry across the globe. The oil & gas companies are investing heavily across the value chain to enhance operational efficiency and business agility. The oil & gas industry is leveraging heavily on hydrostatic testing to check the strength and leakages across pipelines, gas cylinders, boilers, and pressure vessels. This is driving the adoption of hydrostatic testing across the industry. Furthermore, the stringent government regulations related to safety of the pipelines is further accelerating the adoption of hydrostatic testing.

The increasing production across the oil & gas industry also acts as major force driving the market growth. Also, the growing trend of outsourcing testing services across the industry verticals is also serving as a major factor driving the growth of the market. The organization are leveraging on third-party service providers to outsource their testing requirement due to rising need among organizations to reduce the cost of operations. Furthermore, the growing requirement among organizations to focus on the core business competencies is further accelerating the demand for hydrostatic testing.

"Pumps Segment Is Dominating the Hydrostatic Testing Market"  

The hydrostatic testing market is characterized based on the product type into pumps, relief valves, and others. The pumps dominated the market with more than 70% share in the revenue. The organizations are using pumps to test sprinklers, plumbing lines, water meters, solar systems, and pressure vessels. The growing adoption of the hydrostatic pump across the oil & gas industry is further accelerating the growth of the market. On the other hand, the relief valve is estimated to grow significantly during the forecast period.

"North America Is Leading the Hydrostatic Testing Market"

North America accounted for 35% share in the hydrostatic testing market. The growth of the market is attributed to the large scale production oil & gas in the region. The stringent government regulations relate to the safety of the pipelines is further accelerating the adoption of the hydrostatic testing market. The privatization of the testing services across the region is augmenting the demand for the hydrostatic testing services.   

The prominent players in the hydrostatic testing market are Cat Pumps, China Joy Machinery and Equipment Limited, Cosmo Instruments Co. Ltd., Curtiss-Wright Corporation, Energy Services International, Galiso Inc., Greene’s Energy Group, H. Lorimer Corp., Hydro-Test Products Inc., International Pipeline Products Limited, JM Test Systems, Petersen Products Co., Pumps Australia Pty Ltd., Resato International B.V., and Rice HYDRO.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hydrostatic Testing market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hydrostatic Testing market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hydrostatic Testing market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hydrostatic Testing market?
• Which is the largest regional market for Hydrostatic Testing market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hydrostatic Testing market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hydrostatic Testing market worldwide?