Future Market Insights delivers key insights on the global Hydrostatic Testing market in its latest report titled ‘Hydrostatic Testing Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment, 2018 – 2028’. The long-term outlook for the global Hydrostatic Testing market remains positive with the market value expected to grow at a CAGR of 4.7% during the forecast period (2018 – 2028). Among product type segments, the others segment is expected to expand at a significant CAGR, in terms of value, over the forecast period. Among design segments, the manual segment is anticipated to witness high CAGR, in terms of value, over the forecast period. The oil & gas segment is expected to hold a major share in terms of value among end-use industry segments in the global Hydrostatic Testing market due to the increasing investments across upstream as well as downstream projects. The global market for Hydrostatic Testing is estimated to be valued at US$ 489.5 Mn by the end of 2018 and will witness Y-o-Y growth rate of 4.7% over the forecast period. North America is estimated to account for a significant value share in the global Hydrostatic Testing market by 2018 end and is anticipated to remain dominant throughout the forecast period.
The Hydrostatic Testing market has been experiencing significant growth for years now, particularly in Middle East & Africa and North America. Growing demand for oil & gas and products based on these industries across GCC Countries, the U.S., etc., is contributing to the substantial demand for hydrostatic testing equipment in these regions.
However, the global Hydrostatic Testing market is expected to face certain challenges. Development of high quality equipment at low price is one of the key challenges for the hydrostatic testing equipment manufacturers across the globe. The aforementioned reason is expected to restrain the growth of the global Hydrostatic Testing market.
Strategic acquisitions to expand product base and services is a key trend identified in the global Hydrostatic Testing market across the globe.
Segmentation Analysis
- On the basis of product type, the pumps segment is anticipated to dominate Hydrostatic Testing production over the forecast period
- On the basis of design, electrical powered hydrostatic testing pumps segment is expected to register highest growth, in terms of value, over the forecast period in the global Hydrostatic Testing market
- On the basis of output pressure, the 35-200 Bar segment is anticipated to dominate the market in terms of value. This segment accounted for more than one-third of the value share in the global Hydrostatic Testing market in 2017
- On the basis of end-use industry, the oil & gas segment is expected to represent most of the incremental opportunity created during the forecast period in the global hydrostatic testing market
Regional Analysis
North America and Middle East & Africa are estimated to have collectively accounted for more than half of the overall value share in the global Hydrostatic Testing market by the end of 2017. The North America Hydrostatic Testing market is expected to remain dominant over the forecast period. Middle East & Africa is a key production base for oil & gas, and hence, the region is expected to create significant growth opportunities with relatively high CAGR in the global Hydrostatic Testing market.
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Vendor Insights The report highlights some of the top companies operating in the global Hydrostatic Testing market, such as 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.