MarketStudyReport.com adds “Global Non Destructive Testing Market – By Equipment and Services – Market Shares, Forecasts and Trends (2015-2020)”new report to its research database.
The worldwide market size for Non-Destructive Testing (NDT) market (Products & Services) is estimated at USD 6.51 billion in 2015 and is projected to reach USD 9.68 billion by the end of 2020, growing at a CAGR of 8.26% over the five year forecasted period. The NDT solutions are the techniques used to test the objects for the flaws and inadequacies in the materials, components or system without causing damages to it. In the recent years, government across the globe are focusing on the safety issues and needs in order to prevent accidents and happenings in the region. This equipment assures the reliability by evading the jeopardy of over sightedness and is expected to aid in elevating the industry demand. It also assure safety for both tester and tested products.
Ageing infrastructure in developed countries like US, United Kingdom, Germany and France which are increasingly in need of maintenance, growing complexity of machines and structures and increasing demand coming from power & energy and oil & gas industry are some of factors driving the growth of the market. Moreover, increasing incidence of infrastructure failures like leakages in the nuclear reactor, pipeline explosion and refinery blast have provoked worldwide government to enact stringent safety regulations thus driving the demand for the NDT solutions. However, lack of inexperienced and technical workforce, economic downturn in some of the region, lack of awareness about the solutions and high upfront cost of the equipment’s are some of the challenges hindering the growth of the market.
The rapid development in infrastructure and power generation in emerging economies such as India, China and Brazil is driving the demand for the market. The increasing number of infrastructure projects, government safety regulations combined with the environmental mandates, because of increasing pollution levels, have made NDT mandatory in the emerging countries. Thus they will be the markets with the highest growth in the equipment industry. Whereas, higher revenue from oil and gas, power generation, aerospace and automotive sectors in emerging economies shows the extent of growth potential these economies have for NDT market.
The Market for Non Destructive Testing solutions has been broadly segmented by type (equipment and service), technique (volumetric examination, surface examination, condition monitoring, integrity examination and others), technology (radiography testing, ultrasonic testing, magnetic particle testing and electromagnetic testing, liquid penetrant testing, visual inspection, acoustic emission testing, thermography testing, eddy current and others) and industry (oil & gas, power & energy, construction, petrochemicals, automotive, aerospace & defense and others).
Rapid technological advancements and expanding end user market has accelerated the demand for NDT solutions globally. In 2015, ultrasonic testing held the largest market share of 32.5 percent, followed closely by radiography testing. Ultrasonic testing and radiography testing in the technology segments are expected to witness significant influx however penetrant testing and visual inspection are going to exhibit slow growth over the forecast period.
Meanwhile, technological innovations coming into the picture for power production and the aging oil refineries; power generation and oil & gas industries have higher market share; a combined share of close to 47%. Adoption of Advanced NDT solutions in the European and APAC region is going to drive the market growth.
The NDT market has also been geographically segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa).
In 2015, North America held the lions share in the global NDT market and is anticipated to dominate throughout the period. Huge investments in the energy industry and increasing power generation operation, especially in the nuclear energy segment are significantly driving the North American market.
Growing number of infrastructure projects in Asia Pacific and South America has provided impetus to NDT Services and Equipment Market in the region. Increasing government safety regulations in this region, combined with the environmental mandates on account of increasing pollution levels has made NDT Services mandatory in these emerging countries. Hence, these regions will witness highest growth in the global market and is anticipated to grow at a CAGR 9.8% over the forecast period.
Some of the vendors mentioned in the report Bosello High Technology, Mistras Group, Inc., FLIR Systems, Fujifilm Corporation, GE Measurement & Control, Magnaflux, Gould-Bass Co. and NDT Systems, Inc.
Key Deliverables in the Study
- Market analysis for the global Non-Destructive Testing market with region specific assessments and competition analysis on global and regional scales
- Market definition along with the identification of key drivers and restraints
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
- Extensively researched competitive landscape section with profiles of major companies along with their market shares
- Identification and analysis of the macro and micro factors that affect the Non-Destructive Testing market on both global and regional scales
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
- Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Inquire more about this report at http://www.marketstudyreport.com/enquiry-before-buying/?search=global-non-destructive-testing-market-by-equipment-and-services-market-shares-forecasts-and-trends-2015-2020/
Connect us @ [email protected] with subject line and your contact details to purchase this report or get your questions answered. OR Call Us @ +1 866-764-2150
Market Study Report