Digitized and Automated Solutions Drive NDT Sales
Palo Alto, Ca-A wave of consolidation is sweeping over the nondestructive test equipment industry, bringing in its wake both benefits and challenges. The consolidated companies must cope with the challenge of balancing the integration of businesses and managing stakeholder concerns. Smaller companies, in-turn, are pressured by the looming threat of their larger sized competition.
On the upside, the conglomerates have the financial might to invest in new technologies and products, global reach to meet customer requirements, and the ability to influence product prices. Their smaller sized competitors are focusing on niche markets and customized solutions to compete effectively.
New analysis from Frost & Sullivan, World Nondestructive Test Equipment Markets, reveals that revenues in this market totaled $724.3 million in 2003 and are projected to reach $1.03 billion by 2010.
"With the continued drive toward enhancing quality, improving production efficiency and increasing residual life of assets, the demand for digitized and automated NDT equipment is projected to grow," says Frost & Sullivan Industry Analyst Jaidev Ram Mohan.
Increasing opportunities presented by the foundry, oil and petroleum, and automotive markets provide a focus area for NDT equipment vendors. Growth in manufacturing activity in Asia Pacific and eastern European markets further holds potential opportunities for vendors of NDT equipment.
"Vendors can look to profit by establishing a presence in these rapidly developing markets through self-initiated forays or by partnering with local distributors and dealers," concludes Ram Mohan.