NDT Services Market by Testing Technique, Type, Vertical, & Geography - Global Forecast to 2022
NEW YORK, Aug. 30, 2016 /PRNewswire/ -- The NDT services market is expected to reach USD 8.55 billion by 2022, at a CAGR of 8.52% between 2016 and 2022. The major factors driving this market include the outsourcing of NDT services to third party service providers and the availability of different NDT methods to meet the requirement to ensure quality inspection.
"NDT training services market is expected to grow at the highest rate during the forecast period"
The demand for NDT services would increase in the near future owing to the aging infrastructure and the increasing rate of new infrastructure development. Moreover, owing to the shift to advanced NDT techniques, such as phased array ultrasonic testing (PAUT) from traditional NDT techniques; there would be a need for skilled technicians. As a result, the NDT training services market is expected to grow because of the shortage for trained technicians for conducting NDT inspections in the NDT market.
"Oil & gas sector is expected to hold the largest share during the forecast period"
The demand for NDT technologies in the oil & gas sector is largely driven by government regulations for improving the safety of people and environment by avoiding oil spillage due to leaks, bursting of pipes, or any other accidents. As majority of the piping infrastructure and refineries are timeworn, it is imperative to conduct regular NDT inspections to ensure the integrity of these assets. The fall in oil prices since the end of 2014 are not expected to significantly impact the demand for NDT inspection on existing infrastructure. Thus, the oil & gas sector is expected to remain the largest market for NDT during the forecast period.
"APAC is expected to be the fastest-growing market for NDT services during the forecast period"
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The growth is attributed to the large infrastructure projects and growing manufacturing sector in this region. The NDT services market in India is expected to grow at the highest CAGR between 2016 and 2022. Power plants are expected to be the key factor for the growth of NDT services market in APAC. North America is expected to hold the largest share during the forecast period owing to the growth of transportation, power transmission and supply, oil & gas, and aerospace & defense verticals.
Break-up of profiles of primary participants for the report is given below:
- By Company Type: Tier 1 – 20%, Tier 2 – 50%, and Tier 3 – 30% - By Designation: C-level Executives–10%, Managers– 40%, Others – 50% - By Region: North America - 60%, Europe – 25%, APAC – 10%, RoW – 5%
The key players in the market include GE Oil & Gas Digital Solutions (U.S.), Ashtead Technology (U.K.), Mistras Group Inc. (U.S.), Zetec Inc. (U.S.), Intertek Group (U.K.), Yxlon international GMBH (Germany), and TUV Rheinland AG (Germany) among others.
Reasons to buy the report:
- This report includes the market statistics pertaining to technique, type, vertical, and region.- The Porter's Five Forces framework has been utilized along with the value chain analysis to provide an in-depth insight into this market.- Major drivers, restraints, opportunities, and challenges for the NDT services market have been detailed in this report.- Illustrative segmentation, analysis, and forecast have been conducted for the markets based on the technique, type, vertical, and geography to give an overall view of the NDT services market.- The detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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