Non Destructive Testing (NDT) Equipment Market Analysis, Size, Share, Growth and Forecast To 2022: Hexa Research

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Non-Destructive Testing Equipment Market Analysis – Global Industry
Size, Share, Growth and Forecast to 2022: Hexa Research
Global Non Destructive Testing (NDT) equipment market size is expected to attain USD 5.70
billion by 2022, growing at a CAGR of over 5% from 2014 to 2022. Application of this equipment
for quality control as well as inspection is likely to witness significant growth. Stringent
government regulations for safety and quality control are projected to fuel industry demand.
Government is taking counter measures in order to prevent accidents such as pipeline
explosions and nuclear reactor leakages.
The aim of NDT is to ensure safety as well as reliability, it aids in detecting errors as well as
troubleshoot the defects in any equipment, to avoid unpleasant incidents. It also acts as a
method of prevention in high-pressure manufacturing units. This equipment is projected to be
reliable as it helps in eliminating factual errors. Thus; the aforementioned properties are
estimated to boost the non destructive testing equipment market demand.
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Increasing cost and efforts involved in construction of infrastructure is expected to elevate the
industry demand. It helps in improving longetivity of the facility as well as machinery, thus
increases operational life. For instance, oil refineries in Middle East region are now enhancing
their capacities in order to tackle global demand. Operating refineries at optimum capacity may
cause any breakdown. Thus, in order to preserve these machines it is mandatory to inspect
them for any defects and ensure smooth functioning.
Lack of skilled workforce for testing equipment is likely to hamper the industry growth. Training
institutes are not equipped with updated equipment, which might pose as a challenge to the
industry growth. However, innovation paired with advancements in NDT technologies such as
phased array ultrasound and eddy current array are likely to act as potential avenues for
tremendous industry opportunities. These technologies offer more precise and reliable data and
thus help in generating accurately assessed reports.
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Technology Overview
Ultrasonic testing was the leading non destructive testing equipment market technology in 2014
and was valued over USD 1.1 billion. It is estimated to exceed USD 1.5 billion by 2022 growing
at a CAGR of over 5% from 2014 to 2022. The surge in the industry can be attributed to
prominent usage in numerous industries such as aerospace and defence, steel and aluminium
construction, manufacturing and automotive sector.
Electromagnetic testing was valued over USD 0.60 billion in 2014. It is expected to exceed USD
1 billion by 2022 growing at CAGR of over 5.5% from 2014 to 2022. The growth can be
attributed to its growing usage in oil and gas industries.
End-Use Overview
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Power generation was the leading segment. It was valued over USD 1 billion in 2014. It is
estimated to reach USD 1.50 billion by 2022 growing at a CAGR of over 5% from 2014 to 2022.
The growth can be accredited to rising number of power plants accompanied by equipments
used in power plant.
Oil and gas was the second largest market owing to large scale use of this equipment in
industry assets such as vessels, tanks, piping, heat exchangers & condensers and rotating. It
was valued over USD 0.90 billion in 2014. It is anticipated to exceed USD 1.40 billion by 2022
growing at CAGR of over 4.5% from 2014 to 2022.
Regional Overview
North America non destructive testing equipment market was valued over USD 1.3 billion in
2014, with CAGR expectation of over 5% from 2014 to 2020. It can exceed over USD 2 billion
by 2022. The spur in the segment can be addressed to increasing investments in oil and gas
industry.
Asia Pacific is projected to exceed USD 1.25 billion by 2022, growing at CAGR of 6% over the
forecast period. Rising purchasing power along with improvising economic condition of the
countries namely India, China, Malaysia, Japan and Indonesia is projected to drive the growth in
the region.
Competitive Market Share
The global non destructive testing equipment market share is highly consolidated by top five
industry players accounting for more than 70% of the overall share. GE Measurement & Control
Solutions was the leading industry player accounting for more than 28% of the overall share. It
has achieved the market leadership position through the expansion of the non-destructive test
equipment product line through state-of-the-art technology integration. Key industry participants
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include GE Measurement & Control Solutions, Olympus Corporation, Zetec Inc. and Eddyfi NDT
Inc. among others.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
Chapter 3 Non-Destructive Testing Equipment Industry Overview
3.1 Market segmentation
3.2 Market size and growth prospects, 2012 - 2020
3.3 Non-destructive testing equipment value chain analysis
3.4 Non-destructive testing equipment market dynamics
3.4.1 Market driver analysis
3.4.1.1 Government norms for quality control
3.4.1.2 need to extend life of againg equipment
3.4.1.3 Growing demand from end use industries
3.4.2 Market Restraints
3.4.2.1 Lack of skilled and qulaified technicians
3.4.2.1 High infrastructure cost
3.4.3 Market opportunities
3.4.3.1 Rapid infrastucture development
3.5 Key opportunities - Prioritized
3.6 Industry Analysis – Porter’s
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3.7 Non-destructive testing equipment – Key company analysis, 2013
3.8 Non-destructive testing equipment PESTEL analysis
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The aim of NDT is to ensure safety as well as reliability, it aids in detecting errors as well as troubleshoot the defects in any equipment, to avoid unpleasant incidents. It also acts as a method of prevention in high-pressure manufacturing units. This equipment is projected to be reliable as it helps in eliminating factual errors. Thus; the aforementioned properties are estimated to boost the non destructive testing equipment market demand.