LONDON, April 28, 2016 /PRNewswire/ -- The non-destructive testing market is estimated to be valued at USD 12.98 billion in 2015 and is projected to reach USD 18.88 billion by 2020, at a CAGR of 7.78% from 2015 to 2020. NDT equipment and services have been in high demand in the oil & gas, power generation, automotive, aerospace & defense, and infrastructure sectors in recent years. The NDT service market is witnessing growth due to high infrastructure cost, which discourages companies from buying and setting up NDT equipment. The service segment is also witnessing growth owing to stringent government rules and regulations. Increased investment in oil shale plays and new nuclear power projects are driving the NDT market in North America, the largest contributor to the global NDT industry.
Outsourcing of non-core activities and technical resource constraints
The NDT service industry has great potential to invest and grow since most of the leading players in the NDT market prefer to outsource NDT inspection to third-parties. As a result, many companies that were involved in in-house inspection in the past have now started outsourcing these services to providers that have the necessary technical workforce and expertise to conduct these tests more efficiently. Government safety regulations, increased investment in developing oil & gas shale plays, and new power generation projects in the U.S. are some of the significant drivers for the growth of the U.S. and global NDT market.
"Oil & Gas industry fuels the NDT market, globally"
Oil & gas industry has been the largest end user of NDT techniques, globally. Several nations have engaged their research, development, test and evaluation activities towards NDT for oil & gas industry, which shows the huge growth potential of the NDT market in the near future. Moreover, the industrial and economic growth of developing countries has increased the demand for oil & gas non-destructive testing.
"G7 nations hold a dominant market share in the global NDT market"
The NDT market, by region, is led by the G7 nations segment which includes the U.S., the U.K., Germany, Japan, France, Canada, and Italy. The G7 nations hold a significant share of the global NDT market in 2015. Extensive investments in shale oil & gas exploration along with focus towards generating nuclear energy by the major developed countries are the prime reasons behind the growth of the NDT market.
Break-up of profile of primary participants for the NDT report:
- By Company Type - Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation – C level – 60%, Director level – 25%, Others – 15%
- By Region – North America - 10%, Europe – 20%, APAC – 40%, RoW – 30%
NDT uses a number of techniques designed to test and measure various material and mechanical properties of an object without affecting its operating performance. Rapid industrialization and growing safety regulations by government in the aerospace and defense industry and other industries have fuelled the growth of the global NDT market. There is immense growth opportunity for NDT in other commercial sectors like automotive industry, oil & gas industry, infrastructure industry, and power generation.
The list of companies profiled in the NDT report are MISTRAS Group , Intertek Group PLC , SGS SA , GE Measurement & Control , and Olympus Corporation , Nikon Metrology, Inc. , Ashtead Technology, Inc. , Sonatest Ltd. , Bosello High Technology S.R.L. , and Fujifilm Holding Corporation .
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis , market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the parachute market; high-growth regions and countries and their respective regulatory policies; government initiatives; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on NDT service and equipment offered by the top 10 players in the global NDT market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for NDT across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading market players
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