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Non-Destructive Testing Equipment Market Expected to Reach $6646.1 Million by 2023 | Key Players Analysis MISTRAS GROUP, SGS GROUP, FUJIFILM HOLDINGS CORPORATION, OLYMPUS CORPORATION

01-02-2019 04:21 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The non-destructive testing (NDT) equipment market was valued at USD 4711.4 million in 2017 and is expected to reach a value of USD 6646.1 million by 2023, at a CAGR of 5.85% during the forecast period (2018 - 2023).

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The non-destructive testing (NDT) equipment offers solutions to industries, which are to be used in manufacturing, fabrication and in-service inspections to ensure product integrity and reliability. NDT equipment are also used in construction, automotive and transportation, power & energy, and aerospace & defense to ensure the quality of materials and manufacturing processes during the fabrication. The NDT equipment market is driven by a number of factors, such as industry standards, increasing safety regulations, and increasing complex geometries in products. However, this market faces certain drawbacks, such testing equipment being very expensive, and lack of qualified/skilled workforce, the requirement of customization of NDT equipment. These factors may act as a roadblock to the growth of the market, but plunge in aerospace industry and oil & gas sector can be seen as an opportunity where the industry has scope for growth in the next four years.

Key Developments in the Market
• October 2017 u2013 Comet Group opened Lab One, its first technology and application center in Silicon Valley in a bid to stimulate new applications, facilitate innovations, and make more active collaborations with customers. The facility boasts of bringing direct access to all of three of the group’s core technologies under one roof
• October 2017 u2013 MISTRAS acquired Condenser & Chiller Services, Inc. (CCS), a leading NDT inspection and complete heat exchange service provider, based out of Los Angeles, California. The acquisition is expected to help MISTRAS bolster its heat exchanger services while CCS gets access to MISTRAS’ resource network
• March 2017 u2013 GE Measurement and Controls introduced TransPort PT900 Portable Ultrasonic Flow Meter, a clamp-on meter for liquid flow measurement. Significant customer research and input informed the design of the TransPort, leading to an all-new transmitter and clamping fixture and app-driven user interface on an Android tablet

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Oil & Gas Industry in the US to Create New Opportunities
The upstream oil & gas sector has been on the downside of the demand due to recent low crude oil price situation. However, the current production cuts in OPEC, which have already held back 1.8 million barrels of oil per day, which equals to almost 2% of global production, in the first half of 2017 is expected to stabilize the crude oil price situation. This is encouraging many oil-dependent countries to resume their investments into exploratory activities. This lead to a considerable increase in the number of oil & gas wells drilled in North America and increasing investment in upstream activities of Middle East region.
The United States Department of the Interior (DoI) intends to green light the National Outer Continental Shelf Oil & gas Leasing Program (National OCS Program) for 2019-2024 which allow offshore exploratory drilling in about 90% of the OCS acreage, so that 98% of the undiscovered technically recoverable oil & gas resources in federal offshore areas would be available for exploration and development. This program is expected to massively increase the upstream sector activity in North America leading to critical demand for NDT equipment in the near future. The 2019-2024 National OCS Program is scheduled to be initiated by the US Bureau of Ocean Energy Management (BOEM), and after initiation, the program is expected to supersede the current 2017u20132022 OCS program.

Lack of Skilled Workforce Persists to be a Drawback
Lack of skilled workforce for the non-destructive testing sector has always been a significant drawback to the market. Although NDT has been in the market for quite a few years now, it could not attract enough crowd to pursue NDT as a career, especially in the fastest growing market for NDT equipment and services, the Asia Pacific. This creates a severe scarcity of labor in the market. Major companies that have in-house capabilities are also outsourcing the NDT activities to third-party companies due to lack of skilled labor. Although, the number of NDT certification communities and institutions has doubled over the time, they could not supply enough workforce to meet the current requirements.
This factor is posing a huge challenge to NDT equipment sales. Although, third-party players key customers for NDT equipment market are hindering the growth of NDT equipment sales in the global market due to the lack of skilled work force scenario. Training professional towards NDT services is beneficial for the third-party companies, as they handle multiple clients. However, in case of in-house testing training a batch of freshers might not be as fruitful as the third-party player’s scenario. A certain degree of automation in the NDT sector is managing the scarcity of skilled labor but cannot eliminate the problem. Growing number of training institutes and certification boards in the developing countries are expected to reduce this problem in the near future.

Power Generation Industry to Witness Strong Growth
The power generation sector is one of the largest end-user segment for non-destructive testing equipment. The requirements of high accuracy and precision in the day-to-day operations of a power plant create a high need for regular maintenance activities. The power plants often deal with highly inflammable and explosive products, such as fossil fuels and nuclear elements to generate power. Proper containment and storage of these materials is the top priority safety issue to operators.
The recent trend of clean energy is creating a shift in power plant operation styles. Previously, most of the power plants in the world used to operate on fossil fuels. However, with increasing environmental concerns theses are being replaced with power plants running on natural gas resources. In the past six years, the electricity consumption all the over the globe increased by 2.1% every year. In the year 2016, the global coal consumption fell by 1.5%, while solar and wind consumption increased by 30% and 60% respectively. This indicates continues and high growth in the use of alternative and renewable sources for power generation, which are leading to increased construction and expansion activity in the sector to accommodate this shift. This scenario is providing new opportunities for the non-destructive testing equipment market in the power generation sector.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMark Pvt Ltd,
Thane - 421501
Contact No: +1 973 241 5193

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