Aging infrastructure, in developed countries like the US, the United Kingdom, Germany, and France, is increasingly in need of maintenance. Growing complexity of machines and structures and increasing demand from the power & energy and oil & gas industries are some of the factors driving the growth of the market. Moreover, increasing incidences of infrastructure failures like leakages in the nuclear reactor, pipeline explosion and refinery blasts, have provoked governments across the world to enact stringent safety regulations, thus driving the demand for NDT solutions. However, lack of experienced and technical workforce, economic downturn in some of the regions, lack of awareness about the solutions and high upfront costs of the equipment 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 are driving the demand for the market. An increasing number of infrastructure projects and government safety regulations, combined with the environmental mandates due to increasing pollution levels, have made NDT mandatory in the emerging countries. These countries are expected to have 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 the NDT market.
The market for non-destructive testing solutions has been 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%, 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 projected to exhibit slow growth over the forecast period.
Technological innovations in the area of power production and aging oil refineries have led to a combined share of about 47% for the power generation and oil & gas industries. Adoption of advanced NDT solutions in the European and APAC region is going to drive the market growth.
The NDT market is geographically segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
In 2015, North America held the lion's share of the global NDT market and is anticipated to dominate throughout the forecast period. Huge investments in the energy industry and increasing power generation operations, especially in the nuclear energy segment, are significantly driving the North American market.
Growing number of infrastructure projects in Asia-Pacific and South America have 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 are expected to witness the highest growth in the global market and are anticipated to grow at a CAGR 9.8% over the forecast period.
Some of the vendors mentioned in the report include â€“
- Bosello High Technology
- FLIR Systems
- Fujifilm Corporation
- GE Measurement & Control
- Gould-Bass Co.
- Mistras Group, Inc.
- 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 scenario, 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 where this industry is growing and also identify the regions that are still untapped.
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1.1 Research Methodology
1.2 Key Findings of the Study
2. Executive Summary
3. Market Overview
3.2 Industry Attractiveness - Porter's 5 Force Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat from new entrants
3.2.4 Threat from substitute Product Types
3.2.5 Competitive rivalry within the industry
3.3 Industry Policies
4. Market Dynamics
4.2.1 Ageing Infrastructure and increasing need for Maintenance
4.2.2 Increasing Complexity of machines and structures
4.2.3 Government Safety Regulations
4.2.4 Increasing demand in Power & Energy and Oil & Gas Industry
4.3.1 Lack of Technical Workforce
4.3.2 Cost Conscious APAC users/Growing Equipment Cost
4.3.3 Economic Downturn; Recession and the Sovereign Debt Crisis
4.3.4 Lack of Awareness
4.4.1 Large Scale Infra Projects in APAC and Latin America
4.4.2 Growing Need for Advanced Non Destructive Testing Solutions
4.4.3 Increasing Demand for Automated Non Destructive Testing
5. Market Analysis and Forecast (2015-2020)
5.1 Global Non Destructive Testing Market - Segmented By Type
5.2 Global Non Destructive Testing Market - Segmented By Technique
5.2.1 Volumetric Examination
5.2.2 Surface Examination
5.2.3 Condition Monitoring
5.2.4 Integrity Examination
5.3 Global Non Destructive Testing Market - Segmented By Technology
5.3.1 Radiography Testing
5.3.2 Ultrasonic Testing
5.3.3 Magnetic Particle Testing and Electromagnetic Testing
5.3.4 Liquid Penetrant Testing
5.3.5 Visual Inspection
5.3.6 Acoustic Emission Testing
5.3.7 Thermography Testing
5.3.8 Eddy Current
5.4 Global Non Destructive Testing Market - Segmented By Industry
5.4.1 Oil & Gas
5.4.2 Power & Energy
5.4.6 Aerospace & Defense
5.5 Global Non Destructive Testing Market - Segmented By Region
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 Latin America
5.5.5 Middle East and Africa
6. Vendor Market Share Analysis
7. Competitive Intelligence - Company Profiles
7.1 Bosello High Technology
7.2 Mistras Group, Inc.
7.3 FLIR Systems
7.4 Fujifilm Corporation
7.5 GE Measurement & Control
7.6 Gould-Bass Co.
7.8 NDT Systems, Inc.
7.9 Nikon metrology
7.10 Olympus Corporation
7.11 Sonatest Ltd
7.12 Sonotron NDT
7.14 YXLON International GmbH
8. Investment Analysis
8.1 Recent Mergers and Acquisitions
8.2 Investment Scenario and Opportunities
9. Future of Non Destructive Testing Market