Participants in the Hydrostatic testing market are being pushed to keep up with changes in safety standards and testing methods set by regulators to sustain development in the industry.
DUBAI, UAE / ACCESSWIRE / November 9, 2020 / The hydrostatic testing market is expected to rise at over 4.5% CAGR between the years of forecast from 2018 and 2028. The coronavirus outbreak is expected to adversely affect the global market owing to restricted activity in the oil and gas exploration, storage, and transport sectors. Also, lockdown restrictions on other industries that rely on fluid flow for operations are likely to limit short term demand. Strategy in marketing is likely to gain importance to widen potential for attracting new end user businesses.
"The hydrostatic testing market is strongly driven by strict regulations by government bodies in terms of pipeline safety standards. This along with investments by private players in the industry is likely to benefit long term industry prospects," says the FMI study.
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Hydrostatic Testing Market - Leading Takeaways
- Oil & gas sector applications will remain the dominant contributor to revenues, on the back of major investments into exploration activities.
- Relief valves are expected display relatively strong growth, with strict rules in terms of equipment including pressure vessels and boilers in industrial settings.
- North America is a leading regional market for hydrostatic testing, accounting for more than 30% of the global market share through the forecast period.
Hydrostatic Testing Market - Growth Factors
- Investments by players in the oil and gas sectors towards business agility and operational efficiency is a key contributor to demand.
- The rising trend of outsourcing for hydrostatic testing processes to private players is bolstering scope of market growth.
Hydrostatic Testing Market - Constraints
- Risk of pressure reversals are an issue, which reduce user confidence in the efficacy of hydrostatic testing, hurting adoption.
- High costs of hydrostatic testing on whole pipelines is a challenge for market participants.
Expected Impact on Market by Coronavirus Outbreak
The effects of the global covid-19 pandemic have largely been negative on the hydrostatic testing market. The massive slump in demand for crude oil has substantially limited the need for hydrostatic testing services, as operations in the sector have wound down. Further, lockdown restrictions imposed by governments around the world has affected operations in the aviation, construction and manufacturing sectors, which have further cut down short term demand.
However, the market is likely to witness sustained demand in water treatment, and fire safety applications which will aid operations. The industry will recover gradually towards 2021 as restrictions are lifted and economic conditions normalize
Explore data on the hydrostatic testing market with 163 figures, 48 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-6539
Competition Landscape
Some of the key players participating in the hydrostatic testing market are Cosmo Instruments Company Ltd., Curtiss-Wright Corporation, H. Lorimer Corp., Galiso Inc., and Rice Hydro among others.
Leading players in the hydrostatic testing market have been pushing for improvements to testing procedures in compliance with regulatory standards and strategic partnerships with public and private sector end users.
For instance, the National Propane Gas Association's DOT-specification cylinders have received approval from the Pipeline and Hazardous Materials Safety Administration, for the new volumetric expansion testing method. Pacific Gas and Electric Co. has entered into a long-term contract into safety testing for the underground gas pipeline in Lafayette. Similarly, CWB has announced its intentions towards its hydrostatic testing program for Canada.
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More on the Report
FMI's provides in-depth insights on the hydrostatic testing market. The market is segmented in terms of Product Type (pumps, pressure gauges, relief valves, and others), design (manual and powered), and output pressure (below 35 bar, 35-200 bar, 200 - 400 bar, and above 400 bar), and end use industry (oil & gas, plant processing, water, aircraft, construction, fire & safety, and others) across nine regions (North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, South East Asia & Pacific, and Middle East & Africa).
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights
View source version on accesswire.com:
https://www.accesswire.com/615437/Hydrostatic-Testing-Market-Finds-Growth-Opportunities-in-Pressure-Gauge-and-Industrial-Pumps-for-Oil-Gas-Sector-with-Exploration-Activities-in-North-America
