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World Nondestructive Test Inspection Services Market
Frost & Sullivan, June 2011, Pages: 88
The stringent government safety regulations have created huge demand for nondestructive test (NDT) inspection services. This also resulted in an impressive showing during the world economic downturn. The world NDT inspection services market is highly fragmented with significantly high competition. This market is relatively immune from major economic slowdowns and hence presents tremendous growth potential. The market within this study has been broken down by geography as North America, Europe, Asia Pacific, and Rest-of-World. The highlights of the major findings within this research will include: restraints, drivers, trends and revenue forecasts, market share analysis and an overview of the competitive structure.
This research service titled World Nondestructive Test Inspection Services Market provides market drivers and restraints, trends, revenue forecasts, market share analysis, and the competitive structure. The scope of the study includes only third-party nondestructive test (NDT) inspection service providers, and does not encompass the NDT inspection performed in-house by the end user industries. In this research, Frost & Sullivan's expert analysts thoroughly examine the market from a geographic perspective as: North America, Europe, Asia Pacific, and Rest of World.
Large-scale Infrastructure Projects in Asia Pacific and Latin American Countries Hold a Huge Potential for the Nondestructive Test Inspection Services Market
NDT inspection service has been one of the few markets that performed impressively during the global economic downturn. It witnessed modest growth in 2009 and rebounded with an unexpectedly improved performance in 2010. North America is the main contributor to revenues, due to high government safety regulations stipulating that inspection be carried out regularly, even during the downturn. Even though industries were hit severely during the economic downturn, the global NDT inspection services market revenues registered a growth of 4.7 percent in 2009. However, with the U.S. economy still recovering from the effects of financial downturn and the European economy being troubled by a sovereign debt crisis, the primary regions being outlined for growth in the global market are Asia Pacific and Latin America. “The rapid rate of infrastructure development in emerging economies such as India, China, and Brazil is driving the demand for NDT inspection,” notes the analyst. “In Japan, the accident at Fukushima nuclear reactor is expected to trigger widespread increase in safety regulations for nuclear power plants, besides driving short-term precautionary inspection in existing nuclear plants worldwide.”
Meanwhile, in Latin America, Brazil has been the vanguard of the market recovery. The Brazilian economy is the largest in Latin America, with oil and gas, power generation, aerospace, and automotive sectors being the main revenue generators. In this region, majority of the revenues came from oil and gas end use segment, which perform compliance-based maintenance inspection. The power generation segment, especially wind energy and nuclear power, also provides expansion opportunities to NDT inspection service providers. The awareness of the need for NDT inspection in these regions is low, however, industries are beginning to understand the importance of protecting their assets against catastrophic failures.
Inspection Service Providers Challenged to Provide Quality Service at Competitive Prices
A major hurdle that many NDT inspection service providers face in the Asia Pacific is price. “Although most established participants provide high-quality inspection, less established and relatively smaller participants occasionally compromise on safety and quality,” says the analyst. “This is especially witnessed in Asia Pacific, where the end-users are highly price conscious.” Lack of government safety regulations has affected the effective implementation of NDT inspection services in the region. End users are unconcerned about the reputation and quality of the inspection service provider, but they demand the most competitive price-performance ratio.
With the number of pipeline explosions and infrastructure failures being witnessed around the world, authorities have intensified the scrutiny of inspection performed. Also, many industries, that are reluctant to incur the exorbitant installation costs of new infrastructure, are trying to extend the useful life of their existing assets. This has led to relative aging of these assets and periodic inspection is essential to guard against catastrophic failure. To tap this ever increasing demand for NDT inspection, the service providers need to increase their market presence and technicians employed. However, this offers a considerable challenge as there is a clear lack of qualified and skilled technicians in this industry. To overcome this challenge, NDT equipment manufacturers have dedicated their resources to simplify the operational complexity of the instrument used for inspection and increasing the speed of inspection. As a result, technicians have additional time to perform a thorough analysis of the data collected.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By End User:
- Oil and gas
- Power generation
- Petrochemical and chemical industries
- Manufacturing and process industries
- Others
Technologies
The following technologies are covered in this research:
- Ultrasonic inspection
- Surface inspection
- Electromagnetic inspection
- Visual inspection
- Radiography
Key Features:
- The economic crisis of 2008-2009 had a significantly low impact on the world NDT inspection services market. The revenue growth rate decreased, but a negative dip in revenues was not witnessed. A key reason for this was an increase in the scrutiny of government regulations. The government compelled industries to perform inspections at specific intervals of time.
- The recovery from the economic downturn was remarkable with the market recording a better-than-expected growth rate in 2010. This was mainly due to an increase in NDT inspection demand from the Asian economies, driven by high economic growth.
- The power generation segment is likely to provide the maximum opportunity for growth in this market. With an increase in energy demand coupled with a drive toward healthier environment and drying up of non-renewable sources of energy, renewable energy sources such as wind, solar, and nuclear will witness a gradual increase in demand. A few companies have recognized this opportunity by introducing specialized NDT inspection services for the renewable power generation segment.
Regional Trends
- Asia Pacific is expected to play an important role in the growth and demand for NDT inspection services during the forecast period. In terms of revenue generation, this region is expected to grow further as demand from key end user industries, such as manufacturing, oil and gas, and power generation, continues to increase.
- North America continues to play an important role in terms of revenues for this market. The presence of established end users such as oil and gas, and process industries is pivotal to the demand in this region. It is expected to remain the biggest contributor to revenues in this market.
End User Trends
- The oil and gas industry remains the biggest end user for NDT inspection services market. The stringent government safety regulations for this industry creates high demand for inspection services.
- The power generation industry is expected to drive the growth in this market for the forecast period. The shift to clean power generation with an increased emphasis on wind energy provides the NDT inspection market with the opportunity to grow.
- Industries such as automotive, aerospace, military, and defence are the least significant end users for NDT inspection service providers as they carry out most of their inspection in-house.
Technology Trends
- There is a distinctive trend toward the use of phased array ultrasonics for weld inspection in the pipeline industry. Several companies are offering a combination of phased array and time of flight diffraction (TOFD) inspection techniques.
- In the radiography services segment, the transition from analog to digital X-ray inspection is a trend that is expected to continue. The ease-of-use, productivity, and overall annual cost advantages of implementing digital x-ray inspection systems outweighs the tried and tested benefits offered by the film-based X-ray inspection systems market.
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