$30+ Bn Non-Destructive Testing (NDT) Equipment Market Outlook, 2025: Stringent Regulations Mandating Safety Drives Growth
DUBLIN, April 3, 2020 /PRNewswire/ -- The "Non-Destructive Testing (NDT) Equipment Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
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The global non-destructive testing equipment market was valued at USD 14,099.26 million in 2019, and it is projected to be worth USD 30,312.98 billion by 2025, registering a CAGR of 6% during the period 2020-2025.
The introduction of stringent government safety regulations across different regions, due to an increase in failure incidents and the need for extending the life of aging infrastructure, is compelling the industries to employ testing across their manufacturing cycles.
The need for maintenance optimization for efficient operations and quality/safety assurance is further helping the adoption of NDT testing equipment. Moreover, factors, such as safety, increased service intervals, reducing tolerance to disruption, small emission targets, and innovative materials have further contributed to the rising demand for NDT techniques in the aerospace and defense sectors.
However, the high cost of acquiring these systems and the lack of skilled technicians may hinder market growth. Also, outsourcing of NDT operations to third-party vendors and the advent of service providers may cripple the sales of these devices.
Among the technologies used in NDT testing equipment, the ultrasonic and radiography testing segments are witnessing high innovations, which are aimed at filling in gaps of existing market product offerings. Ultrasonic detectors, however, have significantly aided the demand for ultrasonic test equipment, with Olympus NDT and GE Measurement and Control Systems playing a crucial role in offering these advanced solutions. Within the ultrasonic testing segment, the market for phased array ultrasonic testing is witnessing a saturation, with guided-wave ultrasonic testing being dubbed as the next major fillip.
Approximately 70-80% sales of NDT equipment manufacturers, like GE, Olympus, etc., cater to NDT service providers, such as Acuren, Applus RTD, among others, through a wide variety of distributors and local representatives, including Inspection Technologies Inc., Detek, etc.
In the end users segment, the global recovery from the slump in crude oil prices has been among the promary factors that have significantly driven investments in the oil and gas vertical. Moreover, assets within the oil and gas industry are complex and have a limited life cycle. By employing Asset Integrity Management (AIM) programs, integrity services, and risk-based inspections, the life cycle of these assets can be significantly improved by increasing ROI. NDT systems here provide clarity enabling to identify, characterize and size flaws, enabling effective, safe, and production asset management.
Though the market studied is expected to dwindle in short-term due to volatility, long-term projections create immense market potential for the end-users. Additionally, the emergence of Big Data and IoT devices enabled equipment vendors to integrate improved reporting mechanisms, primarily as a value addition to gain a competitive advantage in the market. However, the lack of skilled professionals and training centers is significantly plaguing the growth of the market studied. Tighter integration, along with equipment manufacturers establishing their own training centers, is expected to partially address this restraint.
Key Market Trends
Power & Energy Generation Industry to Witness Strong Growth
-- The NDT equipment market witnessed an increased demand from the power
generation industry, as most of these plants established have aged and
were designed and constructed using the standards, materials, and
components, thus, meeting industrial practices prevalent at the time of
construction
-- The main scope of NDT applications in the energy and power industry is
to help ensure the safety, integrity, and reliability of plant
equipment, such as pressure vessels, boilers, heat exchangers, pipework,
and pipelines. The inspection of concrete structures is a part of plant
life assessment, as these materials often form an essential part of the
construction of such plant equipment.
-- The utilization and adaptability of developing digital imaging
technology have also added to the cost-effectiveness of the advanced NDT
equipment methods. The capability of continuous data collection,
storage, online inspection, advanced simulation of data in real-time,
and interpretation of the information are also possible with new NDT
equipment techniques. These techniques are creating greater
opportunities in the market
-- Additionally, The market studied is experiencing an increase in
acceptance and applications in the power generation industry, due to the
continuous evolution of traditional NDT techniques. These techniques,
along with the increased assimilation with the technology, have made
many NDT methods cost-efficient, allowing end users to cut down a part
of the operations and maintenance costs.
-- In the Middle East & Africa, power plants under construction, such as
nuclear plants in the United Arab Emirates, coal-based plants in Africa,
and replacement of older oil-based power plants by newer ones in Qatar
and Saudi Arabia, are expected to drive the demand for the NDT
equipment, during the forecast period.
-- Futuremore, the development of new nuclear plants, as well as renewable
energy projects, globally, is expected to augment the market growth over
the forecast period.
Asia-Pacific to Witness the Fastest Growth Owing to Huge Investments in Infrastructure
-- Currently, China is the world's largest producer of electricity. The
energy demand of the country is expected to increase, thereby provoking
the growth of energy production. NDT application in the fossil fuel
segment dominates the market but is slowly expected to shift toward the
nuclear and renewable segments. China is the largest consumer and
importer of oil and gas in the world, after the United States.
-- The country's rising demand for cleaner sources of energy is a major
contributor to the weakening oil demand, in the country. China is also
the world's top market for electric vehicles. The Chinese government is
said to be working on a plan to implement a ban on vehicles powered by
fossil fuels, similar to France and the United Kingdom, which announced
that they would ban the sale of vehicles powered by fossil fuels, by
2040.
-- India has the fifth largest power generation capacity in the world. The
country ranks third globally in terms of electricity production. In May
2018, India ranked 4th in the Asia Pacific region out of 25 nations on
an index that measures their overall power. Electricity production in
India reached 108.90 Billion Units (BU) in April 2019. This implies that
the current demand for NDT is dominated by the fossil fuel sector, with
nuclear energy-based NDT equipment slowly gaining momentum.
-- With the Indian aviation sector witnessing a surge in consumption,
supported by growing incomes and increasing affordability, the
industrial consumption of the NDT equipment is expected to witness
substantial growth, over the forecast period.
-- Singapore accounts for more than 25% of the Asia-Pacific MRO
(maintenance, repair, and overhaul) market, with more than 100 aerospace
companies catering the demand for aviation-related services. Leading
companies, such as Singapore Technologies and SIA Engineering Company
carry, out the nose to tail MRO services, thereby contributing to
large-scale adoption of NDT equipment, in this segment.
-- Indonesia offers opportunities for NDT equipment in the fossil fuel
segment, as it is the dominant contributor to electricity production in
the country. NDT is suitable for the inspection of pressurized
pipelines, boilers, and exhaust systems. There are more than 133 CPP and
7 GPP operational, in the country which is further bolstering the growth
of the Indonesian segment, over the forecast period.
Competitive Landscape
The Non-Destructive Testing (NDT) Equipment Market is competitive in nature and consists of several major players. With the increasing regulations, which makes it mandatory for different organizations to undergo a life assessment procedure as a safety measure coupled with the regular inspection required to check for any damage in the equipment is creating a market for NDT equipment.
The end-users demand is driven by safety and regulatory needs and the companies operating in the market are leveraging on strategic collaborative initiatives, to offer specialized solutions, to increase their market share and increase their profitability. The companies operating in the market are also into mergers and acquisitions of start-ups that help in improving the served market portfolio on Non-Destructive Testing (NDT) Equipment to strengthen their product capabilities.
-- October 2019 - Intertek announced the expansion of its corrosion testing
at its Sharjah Laboratory Complex, which assists clients in the UAE,
Saudi Arabia, Kuwait, Oman, Bahrain, and Egypt. The upgrade and
expansion of the Sharjah facility allow Intertek to offer enhanced local
services in a laboratory devoted to the testing of corrosion inhibitors
under highly sour' conditions; for example, fluids containing high
levels of corrosive hydrogen sulfide (H2S).
-- July 2019- Applus+ RTD in Germany was planning to deliver
non-destructive testing (NDT) for the construction of a new chemical
plant for Covestro. Applus+ RTD is expected to provide services,
including NDT on piping, new construction, and work during the assembly
phase of the project. In view of the tight schedule, Applus+ is
partnering with the UK company, SafeRad Ltd, whose qualified system
allows for radiographic techniques to be used with a minimum of
radiographic exposure. Radiographic Testing (RT) can be performed during
day and night shifts, in parallel with the work of the piping companies.
-- January 2019 - Nikon's X-ray and CT inspection systems perform quality
inspection of aircraft and vehicle parts, helping to ensure reliability.
Nikon makes effective use of X-ray systems in the fields of
manufacturing and R&D to contribute to a safer society. Nikon's X-ray
and CT systems provide a non-contact, non-destructive inspection
solution to assure aircraft safety and manufacturing quality.
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Stringent Regulations Mandating Safety
4.3.2 Ageing Infrastructure and Increasing Need for Maintenance
4.4 Market Restraints
4.4.1 Lack of Skilled Personnel and Training Facilities
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Radiography Testing
5.1.2 Ultrasonic Testing
5.1.3 Magnetic Particle Testing
5.1.4 Liquid Penetrant Testing
5.1.5 Visual Inspection
5.1.6 Eddy Current
5.1.7 Other Technologies
5.2 By End-user
5.2.1 Oil & Gas
5.2.2 Power & Energy
5.2.3 Aerospace & Defense
5.2.4 Automotive & Transportation
5.2.5 Construction
5.2.6 Other End-users
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 MISTRAS Group
6.1.2 SGS Group
6.1.3 Fujifilm Corporation
6.1.4 Olympus Corporation
6.1.5 Bureau Veritas S.A.
6.1.6 GE Measurement & Control
6.1.7 Nikon Metrology Inc.
6.1.8 Intertek Group PLC
6.1.9 Applus Services, S.A.
6.1.10 Acuren Inspection Inc.
6.1.11 TEAM Inc.
6.1.12 YXLON International GmbH (COMET Group)
6.1.13 TV Rheinland AG
6.1.14 Magnaflux Corp.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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