MOUNTAIN VIEW, Calif., July 2, 2013 /PRNewswire/ -- The rapid expansion of key end-user industries, such as oil and gas and power generation, is encouraging investment in newer infrastructure, which is driving demand for nondestructive test inspection (NDT) services in the emerging markets of Brazil, South Africa, India and China. Of these, Brazil is the most developed, accounting for 55 percent of the market share. Furthermore, with the investment plans announced by Petrobras to develop oil and gas infrastructure in Brazil, sustained market growth is expected in the long term.
New analysis from Frost & Sullivan (http://www.testandmeasurement.frost.com), Emerging Growth Markets for Nondestructive Test (NDT) Inspection Services, finds that the market earned revenue of $367.8 million in 2012 and estimates this to reach $615.6 million in 2017. The study covers the oil and gas upstream, midstream and downstream, power generation, and other industries, such as aerospace, automotive, transportation, shipbuilding, manufacturing, pulp and paper, and sugarcane end-user sectors.
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"The burgeoning population has compelled government investments in infrastructure development, therefore driving the demand for NDT inspection," said Frost & Sullivan Measurement and Instrumentation Senior Research Analyst Nikhil Jain. "Capital expenditure in key end-user industries such as oil and gas, power generation and civil infrastructure caters to the demands of the ever-growing population and is driving the NDT inspection services in emerging markets."
Demand for conventional NDT is significantly higher than for advanced NDT, however, sophisticated technologies will gain importance over the next five years as awareness on the need and importance of these NDT techniques grows.
End-user industries are awarding contracts for NDT inspection solely based on lowest bid price rather than technical capabilities, creating an unhealthy competitive environment with a low quality of service since price is directly proportional to quality of service
"Educating end-user industries on the importance of NDT inspection and demonstrating benefits, such as costs saved as a result of high-quality NDT inspection, is critical for market success," noted Jain. "Conducting these initiatives through collaborations and partnerships with strategic end-user companies can improve awareness and widen the consumer base."
Emerging Growth Markets for Nondestructive Test (NDT) Inspection Services is part of the Test & Measurement Growth Partnership Service program. Frost & Sullivan's related research services include: Analysis of the Indian Nondestructive Test Equipment Market, Analysis of the Global Nondestructive Test Equipment Market, Analysis of the Industrial Digital X-ray Inspection Systems Market and World Nondestructive Test Inspection Services Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Emerging Growth Markets for Nondestructive Test (NDT) Inspection Services
SOURCE Frost & Sullivan