Impact of Mega Trends on the Mechanical Test Market : Macro to Micro Implications of Global Mega Trends

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Mar 05, 2015, 05:27 ET

LONDON, March 5, 2015 /PRNewswire/ -- Overview

Nondestructive Testing (NDT)
Includes equipment and services. Technologies considered are ultrasonic, radiography, electromagnetic, and visual inspection

Condition Monitoring
Includes technologies such as vibration monitoring, thermography, and lubricating oil analysis equipment

Dimensional Metrology
Includes technologies such as coordinate measuring machines (CMMs), optical digitizers and scanners, and inline metrology

Material Testing
Includes universal testing machines, servohydraulic testing machines, and hardness and impact test equipment

Key Trends

•Increased investment in developing the oil sands in Canada and the shale plays in the United States
•Government safety regulations drive need for NDT inspection
•High price of oil enables oil and gas companies to invest in new projects, which increases need for NDT inspection
•Lack of qualified technicians in Canada and the United States limits growth potential for NDT inspection service providers
•Push toward predictive analytics and asset management services to understand machine behavior
•Aging maintenance workforce driving outsourcing of condition monitoring services
•Renewable energy markets create new growth opportunities
•Global economic conditions, particularly in Europe, hampering market growth
•The degree of automation in the automotive industry drives demand for inline metrology solutions
•Growing urbanization has given rise to mega corridors, cities, and regions, which are expected to attract considerable government investment toward intelligent transport systems
•Industries such as medical devices and electronics expected to create niche growth opportunities
•Chinese competitors are making inroads into the global market
•The market is characterized by slow yet steady growth due to its use across a diversified range of end-user industries
•The services industry continues to drive opportunity for test equipment providers
•Asia-Pacific is the biggest revenue contributor to this market
•The continued drive toward ever-smaller, faster, and cheaper materials has created the need for more accurate and standardized test equipment

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