Global Industry Analysts Inc:Worldwide NDT Equipment Market to Reach $1.4 Billion by 2017
Furthermore, the integration of in-line process control measurements with NDT equipment, and deployment of NDT technology to characterize materials during development cycles for rapid delivery of adequate data about failure modes, has considerably expanded the scope of NDT in recent years. Major end-use markets for nondestructive test equipment include automotive; military/aerospace and defense; power generation; primary metals and foundry; oil and gas; educational institutions; transportation; government institutions; and chemical/petrochemical industries.
Growth in the global nondestructive test equipment market would be driven by the large developing countries worldwide, including those in Asia-Pacific. The rapid growth of infrastructure industry in Eastern Europe and Asia, and the general growth of transportation, power transmission and supply, oil and gas, water supply and treatment and aerospace industries, increased the demand for frequent and quality inspection. The trend is particularly high in Russia, Ukraine, Romania, Hungary, Poland, China, India, Thailand and South Korea. Pollution levels in these regions surpassed the safe limits, resulting in an increased number of environmental mandates and regulations, which further enhance the market for nondestructive test equipment across developing nations. As stated by the new market research report on NDT equipment, Asia-Pacific continues to remain the largest as well as the fastest growing regional market for NDT equipment.
Within the industry, novel technologies and improvements in existing technologies are expected to provide better and faster testing. Ongoing research in material technology, the trend of miniaturization in the field of electronics, and the development of composite and other lightweight materials for application in aerospace, defense, and automotive industries, is likely to widen the scope of the NDT equipment. In addition, the ever increasing global energy concerns and the shift from fossil fuels and coal to hydroelectric, wind and nuclear power sources is likely to create new opportunities for vendors of NDT equipment
The NDT equipment market is presently witnessing a spree of mergers, partnerships, and acquisitions among market players, which is resulting in a wide range of challenges and opportunities. Smaller companies continue to face significant challenges in penetrating into the NDT equipment market, owing to the trend of consolidation and the domination of well established tier-1 players. Larger players exhibit superior capabilities in technological innovations, financial strength, global reach, service capabilities, and human capital. Factors influencing industry consolidation include increased competition, growing R&D costs, and the need to meet the demands of several end-use applications. This consolidation spree is likely to continue, and is expected to have a major effect on the NDT equipment market over the next few years.
The global market for NDT inspection services is forecast to grow steadily, driven primarily by major infrastructure undertakings in the Asia-Pacific region, specifically India and China. In South America, Brazil's aerospace, power generation, automotive and oil and gas sectors represent the major drivers for NDT services. A major growth limiting factor in Asia-Pacific is 'pricing issues'. Inspection service providers need to live up to customers' expectations by providing the best price and at the same time provide better services. Other growth drivers of NDT Inspection Services market include the increasing adoption of the technology in energy, material testing, biomedical sciences, and electronics industries; research in material technology to develop composite materials that find utility in diverse segments, such as aerospace, defense, and automotive; and the inclination towards alternative energy generation sources, such as nuclear power, wind turbines, and hydroelectric owing to concerns over depleting natural sources of energy.
Major players profiled in the report include GE Inspection Technologies, Olympus NDT, Sonatest, YXLON International, Bosello HighTechnology, Magnaflux Corporation, Gould-Bass Company and Karl Storz.
The research report, titled "Nondestructive Test Equipment: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the nondestructive test equipment, current market trends, key growth drivers, recent product launches, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for nondestructive test equipment market for the years 2009 through 2017 for the following geographic markets for the United States, Canada, Europe, Asia-Pacific, and the rest of the world. The report analyzes the the NDT market by the following product categories: ultrasonic inspection, radiography, surface inspection, visual inspection and eddy current testing. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit - www.strategyr.com/Nondestructive_Test_Equipment_Market_Report.asp
Global Industry Analysts, Inc., (GIA) is a publisher of off-the-shelf market research.