Study: NDT Industry Expects Growth
June 4, 2009
MOUNTAIN VIEW, CA-Although the bleak economy has dampened prospects for traditionally strong nondestructive test (NDT) equipment markets, the industry still expects slow but steady growth, according to a study by Frost & Sullivan.
The growth will be fuelled by the high rate of infrastructure development in the Asia Pacific region and escalating governmental and environmental regulations in emerging countries. The advent of newer technologies and faster inspection methods combined with the need for compliance with safety legislations bodes well for NDT equipment manufacturers.
The study, World Nondestructive Test (NDT) Equipment Markets, finds that the market earned revenues of more than $1.1 billion in 2008 and estimates this to reach $1.3 billion in 2013.
“The growth of industries like power supply and transmission, transportation, water treatment, oil & gas, as well as aerospace has generated an increase in the demand for quality and frequency of inspection,” says Frost & Sullivan Senior Research Analyst Vijay Mathew.