NEW YORK, May 19, 2016 /PRNewswire/ -- Eastern Europe Provides Maximum Growth Opportunities
For the European NDT inspection services market, the past 5 years have been torrid with the much discussed sovereign debt crisis crippling many economies. While some economies have turned around, the NDT inspection services market took a fresh blow when oil prices started declining to their lowest level in over 12 years. There are pockets of growth in this market, but the NDT inspection service participants need to strategically navigate choppy waters. Wind energy is emerging as an interesting market for growth over the next 5 years, as it has become the major source of energy generation in Europe. Many windmills are aging and inspection of these is opening avenues for NDT inspection services in this vertical market.
1 The European NDT inspection services market has been growing at a moderate pace since 2012 and is expected to experience only a % compound annual growth rate (CAGR) from 2015 to 2020.
The market is coming under pressure because of low oil prices, which are impacting the offshore market in North Sea and the downstream industry across Europe. A gradual shift from nonrenewable energy to renewable energy is also negatively impacting the market revenue.
2 Scandinavia, Germany, France, BENELUX, and the United Kingdom are the largest regional markets in Europe; however, Eastern European countries hold the highest growth potential.
3 Applus RTD, SGS, Bureau Veritas, TUV Rheinland, Intertek, and Dekra are the most prominent participants in the market; however, participants such as Vincotte, Inspecta, Force Technology, Aker Solutions, and the CAN Group are important participants as well.
4 Growth opportunities for the NDT inspection services market from 2015 to 2020 exist mainly in the transportation industry, for example, aerospace and railway industries. It is expected that revenue from the oil and gas industry will experience a correction over the next years and grow moderately thereafter.
Key Questions This Study Will Answer
• Is the market growing, how long will it continue to grow, and at what rate?
• What has been the impact of the oil prices on the market and are any growth opportunities developing?
• What is the size of the market across different regions and countries and which one of them offers the most attractive growth opportunities?
• What is the competitive landscape, which are the biggest companies, and what is their market share?
• Is the market ripe for acquisitions or will it continue to remain fragmented?
• What has been the impact of the change in the nuclear energy policy on the growth prospects for the market?
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