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SE_161793
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Pages: 210
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Dec 2016 | 3008 Views
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Author's :
Rachna Singh
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Tables: 57
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Charts: 63
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Global Nondestructive Testing Equipment Market is expected to reach $3 billion by 2022, growing at a CAGR of 9% during the forecast period 2016 - 2022. Nondestructive testing (NDT) is the application of measurement techniques to identify defect and discontinuity in material, component, or structure. Nondestructive testing equipment market is expected to witness considerable growth, owing to continuous evolution in power & energy, oil & gas, and aerospace & defense coupled with growth in need for quality-assured machines. Companies need to have quality accredit in accordance with standards such as ISO 9001 quality management system and other quality control assurance certifications. In addition, the number of companies using nondestructive inspection (NDI) to improve processes, reduce waste, and limit liability has increased considerably, resulting in growth in the nondestructive testing equipment market demand.
The market growth is supplemented by the increase in stringent safety government regulations across different geographical regions owing to rise in incidence of infrastructure failures and need for extending the life of obsolete infrastructure and maintenance optimization by various industries for efficient operations and quality/safety assurance. However, high cost of equipment and lack of skilled technicians may impede the nondestructive testing equipment market growth. Increase in usage of advanced materials is expected to create numerous opportunities for growth.
Segment Review
The nondestructive testing equipment market is segmented on the basis of testing method, technique, industry vertical, and geography. Based on testing method, it is divided into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Based on nondestructive examination (NDE) techniques, it is categorized into volumetric examination, surface examination, and others. It is classified on the basis of industry vertical into oil & gas, energy & power, aerospace & defense, automotive & transportation, infrastructure, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Global Nondestructive Testing Equipment Market Scenario
The impending need of safe and reliable product/material has increased the usage of NDT equipment in various emerging economies. The market growth is driven by the stringent safety government regulations, maintenance optimization by various industries to ensure safety and efficient performance of the machines and increasing oil & gas, and power generation projects across different geographical regions. Furthermore, technological advancements have augmented the overall industrial development within a wide range of industries. Oil & gas, energy & power, and aerospace & defense are some of the leading sectors (commercial and government agencies) which use NDT techniques to ascertain the quality of end products, related material during manufacturing, and gain operations efficiency.
Impact of NDT on the Rail System
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UK network used various NDT methods to curb the rail breaks. As per Rail Accident Investigation Branch, in UK, the number of rail breaks have reduced from 919 in 2000 to 178 in 2013.
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Key Benefits
The nondestructive testing equipment market is segmented based on testing method, technique, industry vertical, and geography.
Nondestructive testing (NDT) is one of the extensively used technique to ensure safety and reliability of the product/material without disrupting operations or delaying processes. The market growth is driven by the increased adoption from various industries to improve operations efficiency and government safety regulations across different geographical regions. Furthermore, technological advancements have augmented the overall industrial development within a wide range of industries. Oil & gas, energy & power, and aerospace & defense are some of the leading sectors (commercial and government agencies) which use NDT techniques to ascertain the quality of end products, related material during manufacturing, and gain operations efficiency.
For instance, the rail breaks were running about 900 per year till 2000 on the UK network. To limit the rail breaks, the Network Rail introduced effective NDT onto the track, which consecutively reduced the number of rail breaks per year, thus increasing rail network performance. As per Rail Accident Investigation Branch, in UK, the number of rail breaks have reduced from 919 in 2000 to 178 in 2013.
The energy & power, and oil & gas sectors constituted largest market share owing to presence of huge shale oil & gas reserves in various countries such as U.S., UK, Germany, China, France, and Italy. The increased energy & power operation, particularly in the nuclear energy sector in U.S., also drives the NDT equipment market significantly as NDT inspection plays vital role in the functioning of the energy & power sector. At present, ultrasonic testing holds the largest market share, however, radiography testing is expected to surpass ultrasonic testing in the next five years, owing to the decline in average price of ultrasonic test equipment.
Considering the regional trends of the NDT equipment market, North America is projected to hold largest market size. The Asia-Pacific market is in its growth phase at a faster rate, owing to the increase in infrastructure projects and power plants. On the other hand, LAMEA is in the introductory phase in terms of adoption of NDT testing methods.
Leading players, such as General Electric, Olympus Corporation and Sonatest, are expected to explore newer techniques and applications to meet the growing demands of customers. Collaborations and acquisitions are expected to enable them to enhance their product portfolios and expand into different geographies.
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