The hydrostatic testing market to grow with a year-on-year growth of 4.7% in 2022 reaching a value of about US$ 582.2 Mn by 2022 end.
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.
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.
According to FMI analysis, the first half of 2021 is predicted to see a 4.5% increase in global hydrostatic testing, with a subsequent increase of 27 basis points over the first half of 2022. Environmental and safety concerns have grown in importance in recent years.
As a result, many end-users are taking action to keep a safe workplace and to set up a system that enables them to reduce harm by putting various preventative measures into practise. These are the main elements that have helped the demand for hydrostatic testing services increase.
The demand outlook for hydrostatic testing between 2013 and 2021 remains 3.9% as the pandemic crisis has impacted the market. The development of high-quality hydrostatic testing equipment such as test pumps, pressure gauges and relief valves at lower prices as compared to those manufactured by established brands, is identified to be one of the key challenges in hydrostatic testing equipment market.
The growth of the hydrostatic testing market is likely to grow at a growth rate of 4.5% by Volume over the assessment period of 2022-2028.
In 2022, U.S. Hydrostatic Testing Market is expected to register 4.7% year-on-year growth by volume, in North America, owing to the rising demand from upstream and downstream oil & gas production facilities. Furthermore, regulatory background in the U.S. such as the U.S. Department of Transportation and the PHMSA (Pipeline and Hazardous Materials Safety Administration) are supporting the demand for hydrostatic testing services.
China is expected to hold a considerable market share in the worldwide hydrostatic testing market. China’s Hydrostatic Testing Market is expected to grow at a CAGR of 3.0% throughout the forecast period.
During the years 2022 to 2028, the pumps segment is anticipated to generate an absolute dollar opportunity of more than US$ 180.2 Mn. Due to their expanding use in hydrostatic testing in the oil and gas industry, pumps are anticipated to be the most well-liked product among market participants. It is used to make sure that water systems in residential and commercial buildings, including pipe networks, pressure vessels, sprinkler systems, plumbing lines, industrial pumps, and water metres, do not leak while they are in use.
Hydrostatic Testing Market by Category
By Product Type:
- Pressure Gauges
- Master Gauges
- Backup Gauges
- Relief Valves
By Output Pressure:
- Below 35 Bar
- 35-200 Bar
- 200-400 Bar
- Above 400 Bar
By End Use:
- Oil & Gas
- Plant Processing
- Fire & Safety
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA & Pacific