NDT services market to reach US $8.55 billion by 2022
04/04/2017
The NDT services market is expected to reach US $8.55 billion by 2022, at a combined annual growth rate (CAGR) of 8.52% between 2016 and 2022, according to a new report from Research and Markets.The major factors driving this market include the outsourcing of NDT services to third-party service providers and the availability of different NDT methods to meet the requirements to ensure quality inspection.
The NDT training services market is expected to grow at the highest rate during the forecast period.
The demand for NDT services should increase in the near future owing to an ageing infrastructure and the increasing rate of new infrastructure development. Moreover, owing to a shift from traditional NDT techniques to advanced NDT techniques, such as phased array ultrasonic testing (PAUT), there is likely to be a need for skilled technicians. As a result, the NDT training services market is expected to grow because of the shortage of technicians trained to conduct NDT inspections in the NDT market.
The oil & gas sector is expected to hold the largest share during the forecast period, according to the report.
The demand for NDT technologies in the oil & gas sector is largely driven by government regulations for improving the safety of people and the environment, by avoiding oil spillage due to leaks, bursting of pipes or any other accidents. As the majority of the piping infrastructure and refineries are time-worn, it is imperative to conduct regular NDT inspections to ensure the integrity of these assets. The fall in oil prices since the end of 2014 is not expected to significantly impact the demand for NDT inspection on existing infrastructure. Thus, the oil & gas sector is expected to remain the largest market for NDT during the forecast period.
The Asia-Pacific (APAC) region is expected to be the fastest-growing market for NDT services during the forecast period, according to the report.
The market in the APAC region is expected to grow at the highest CAGR between 2016 and 2022. This growth is attributed to the large infrastructure projects and the growing manufacturing sector in this region. The NDT services market in India is expected to grow at the highest CAGR between 2016 and 2022. Power plants are expected to be the key factor for the growth of the NDT services market in the APAC region. North America is expected to hold the largest share during the forecast period, owing to the growth of transportation, power transmission and supply, oil & gas and aerospace and defence verticals.
Companies featured in the report include Ashtead Technology (UK), MISTRAS Group Inc (USA), Zetec Inc (USA), Intertek Group (UK), Team, Inc (USA), Yxlon International GmbH (Germany) and TÜV Rheinland AG (Germany), among others.
The report, which includes the market statistics pertaining to technique, type, vertical and region, is available from the Research and Markets website.
www.researchandmarkets.com/publication/m16acfi/3819415
