Dublin, Dec. 18, 2018 (GLOBE NEWSWIRE) -- The "Global Non-Destructive Testing (NDT) Market - Segmented by Type (Service and Equipment), Technology (Radiography Testing, Ultrasonic Testing, Magnetic Particle Testing, etc.), End-user and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The non-destructive testing (NDT) market was valued at USD 13.72 billion in 2017 and is expected to reach a value of USD 20.25 billion by 2023, at a CAGR of 6.7% during the forecast period (2018-2023).
In the recent years, governments across the globe are focusing on the safety issues and needs, to prevent accidents. Major applications of the market are found in oil & gas, aerospace and defense, and power generation sectors.
The market was recently exposed to the uncertainties in the oil prices and is recovering from gaining momentum in the upstream oil & gas sector.
Advancements in technology are expanding the scope of the market towards the pharmaceutical and food & beverages also, which are expected to add up to the increasing global demand in the next four years.
Gaining Momentum in Upstream Oil & Gas Sector to Increase Demand for NDT
Since the drop in oil prices in early 2014, from USD 100 per barrel to USD 50 per barrel, the upstream sector of oil & gas industry suffered from the lack of investments to carry out exploration and production activities. However, in 2016, there was a modest increase in the up-stream activities lead by North America and the Middle East regions.
Although most of the oil-producing countries in the Middle East are constrained by the norms of Oil Producing and Exporting Countries (OPEC), there has been a considerable up-stream activity in the region.
It is estimated that more than USD 337 billion is already being spent on the active upstream projects under execution in the Middle East, while an additional USD 622 billion worth infrastructure development is being planned. All of these investments made by the Middle East governments are said to be an effort to remain as the top oil & gas producer and exporter in the world.
In case of North America, the newly found shale gas resources are strengthening their import and export activities especially into Latin America and Europe countries. One of the primary reasons for increased cross-border oil transactions in North America is that down-stream sector of North America is not equipped to process the local shale resources.
Most of the refineries in the region are built to handle heavy foreign crude and cannot yield expected results with shale gas produced locally. This is one of the primary reasons why even under low crude oil prices the region exported considerable volumes of crude oil.
This upbeat in the upstream sector is expected to improve with further strengthening oil prices in the near future, opening up opportunities to the NDT market.
Rising Construction Activity in the UK to Increase Demand in Europe
Post-Brexit, the growth prospects for the construction industry in the UK have been declining, as the nation left the European Union. The growth for 2018 is expected to increase by 0.7%, which has been slowest in the past six years.
However, for now, the output is expected to rise by 1.6% in 2017, due to a steep rise from new construction contracts and activity in the GBP 6.9 billion public housing repair, and maintenance that is required after Grenfell Tower fire incident.
The private non-residential Repair & Maintenance sector experienced a growth of around 3%, while the public non-residential Repair & Maintenance sector kept on declining.
In the UK, every day more than 25,000 inspections are carried out in factories and on-site to detect defects and damage in a vast range of products, plant, and structures.
The primary driver behind the growth of NDT industry in the construction sector in the nation is the need for assessment of aging infrastructure driven by financial and environmental pressures for better long-term management.
The sector also has high employment rate, both directly and indirectly, through associated supply chains. Besides, UK is a major exporter of knowledge and technical expertise and is a market leader in infrastructure asset management.
Developments in the Market
- January 2018 - SGS Group Acquired Laboratoire De Contrle Et D'analyse, a prominent chemical and microbiological testing and consultancy, based in Belgium. The acquisition will enable SGS to expand their Good Manufacturing Practice (GMP) testing portfolio in Belgium, with a prime focus on QC lab services
- Dec 2017 - Bureau Veritas has announced the acquisition of Ingeniera, Control y Administracin, S.A. de C.V. (INCA), a leader in technical supervision of building and infrastructure projects in Mexico. This acquisition positions Bureau Veritas as a top player for building and infrastructure related services in Mexico, a market that is driven by sustained investment both in the private and public sectors, especially in transportation, power, and utilities. It will also enable the company to diversify its local portfolio of services and build synergies with its activities in the energy sector
- August 2017 - TV Rheinland has announced the partnership with Global Innovations Green Algorithms (GIGA), the international standards organization. The company's global Certipedia certificate database, combined with GIGA's extensive, collaborative material data hub would transform the ease and speed with which designers can come up with a superior, sustainable building design that is expected to continue to deliver results for years
Key Topics Covered
1. Introduction
1.1 Key Study Deliverables
1.2 Market Definition
1.3 Study Assumptions
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
5. Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Regulations Mandating Safety Standards
5.1.2 Growing Investment in Aerospace and Defense
5.2 Market Challenges
5.2.1 Lack of Skilled Personnel and Training Facilities
6. Global Non-destructive Testing Market Segmentation - By Type
6.1 Equipment
6.2 Services
7. Global Non-destructive Testing Market Segmentation - By Testing Technology
7.1 Radiography
7.2 Ultrasonic
7.3 Magnetic Particle
7.4 Liquid Penetrant
7.5 Visual Inspection
7.6 Eddy Current
7.7 Other Testing Technologies
8. Global Non-destructive Testing Market Segmentation - By End User
8.1 Oil and Gas
8.2 Aerospace and Defense
8.3 Automotive and Transportation
8.4 Power and Energy
8.5 Construction'
8.6 Other End Users
9. Global Non-destructive Testing Market Segmentation - By Region
9.1 North America
9.1.1 United States
9.1.2 Canada
9.2 Europe
9.2.1 United Kingdom
9.2.2 Germany
9.2.3 France
3.2.4 Spain
9.2.5 Rest of Europe
9.3 Asia-Pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 South Korea
9.3.5 Rest of Asia-Pacific
9.4 Latin America
9.4.1 Brazil
9.4.2 Mexico
9.4.3 Colombia
9.4.4 Argentina
9.5 Middle East & Africa
9.5.2 United Arab Emirates
9.5.3 South Africa
10. Competitive Intelligence
10.1 MISTRAS Group
10.2 SGS Group
10.3 Fujifilm Corporation
10.4 Olympus Corporation
10.5 Bureau Veritas S.A.
10.6 GE Measurement and Control
10.7 Nikon Metrology N.V.
10.8 Intertek Group PLC
10.9 Applus Services, S.A.
10.10 Acuren Inspection Inc.
10.11 TEAM Inc.
10.12 YXLON International GmbH (COMET Group)
10.13 TV Rheinland AG
10.14 Magnaflux Corp.
11. Investment Analysis
12. Future of the Market
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