NEW YORK, June 26, 2017 /PRNewswire/ --
Highlights
· The global
market for Internet of Things (IoT) security solutions reached
nearly $3.7 billion in 2016, and it
is expected to grow at a compound annual growth rate (CAGR) of
25.6% over the next five years to reach a market size of more than
$11.4 billion by 2021.
· The era of the
Internet of Things (IoT) has arrived, and it brings with it
numerous opportunities and challenges for various IoT market
players.
· Security of
IoT systems has become one of the biggest challenges, and it is
even threatening a global slowdown in the adoption of IoT.
· With the
exponential growth in connected devices, security of these IoT
devices and their data has become an urgent and concerning issue
for the IoT industry.
· This report
provides an overview of the most recent developments in the IoT
industry, along with a basis for expectation of its growth over the
next five years.
- The global market for nondestructive testing (NDT) equipment
and services reached $15.8 billion in
2016. This market should reach more than $17.2 billion in 2017 and $26.4 billion by 2022, at a compound annual
growth rate (CAGR) of 8.9% through 2022.
- Nondestructive testing services market should reach $6.7 billion in 2017 and nearly $10.6 billion by 2022, at a CAGR of 9.5%.
- Ultrasonic and infrared hermography testing equipment should
reach $3.2 billion in 2017 and nearly
$4.9 billion by 2022, at a CAGR of
9.0%.
Overview
Nondestructive Testing (NDT) is a technique used to help assure
safety and reliability through detection of any flaws or defects in
product or industrial components such as pipelines, power stations,
refineries and oil platforms, without disrupting operations or
delaying processes or damaging the material.
Techniques such as radiography, ultrasonics and other advanced
imaging technologies can be used to monitor the condition of
industrial assets throughout the project life cycle: from
construction to operations, maintenance to decommissioning or life
extension.
Demand for such services has grown, driven by increasing regulation
and standardization, extending asset lifespans and the need to
protect reputation from product failure. There is a growing demand
for NDT services during the operational and decommissioning of
assets such as pipelines, structures, tanks, railcars and
pressure–containing equipment, where high-quality NDT services help
customers seeking to reduce risk and improve the integrity and
lifetime of their assets.
Study Goals and Objectives
This report will provide an overview of current technology
developments and an assessment of the global market for
Nondestructive Testing (NDT) equipment and services.
The goals of the report are as follows:
- Provide an overview of NDT technologies.
- Identify companies engaged in the manufacture of NDT equipment
and the global market for such equipment.
- Identify companies actively engaged in providing NDT services and
the global market for such NDT services.
- Assess new developments by analyzing recent patents granted for
NDT-related technologies.
- Identify technological and business issues that will impact the
NDT industry.
- Provide an understanding of the market and technology so
decision-makers will be able to evaluate and consider opportunities
within this market.
Reasons for Doing This Study
Nondestructive Testing is playing a leading role in a number of key
industries and applications for NDT are expanding rapidly. New NDT
technologies are evolving in important ways and are becoming
increasingly user-friendly. Many new industries have begun to use
NDT techniques and are becoming significant consumers of this
technology.
The potential market for nondestructive testing equipment continues
to expand with emphasis on product quality, lean manufacturing,
just-in-time inventory practices, advances in nanomaterials, and
related manufacturing, and testing. So, the market for NDT
equipment is increasing rapidly. Additionally, many industries who
cannot afford investment in NDT equipment or have properly trained
personnel for using sophisticated NDT equipment, use the services
of companies offering NDT services and the market for such services
is also increasing.
This report identifies the global market for various types of NDT
equipment, as well as the global market for different NDT services
being offered by various companies.
Intended Audience
This report is intended to help:
- Marketing managers to identify newer market opportunities and
develop targeted promotional plans for NDT equipment and NDT
services.
- Research and development professionals to stay on top of
competitor initiatives and explore demand for NDT equipment and to
develop new products suited for newer applications.
- Advertising agencies working with clients in the NDT equipment
industry to understand the products and to develop messages and
images that will influence consumers to purchase these
products.
- Business development executives to understand the dynamics of the
market and identify new markets for new NDT equipment as well as
NDT services.
- Information and research center librarians to provide market
researchers and brand and product managers with the information
they need to do their jobs more effectively.
Scope and Format
The report has been prepared in a clear, easily understandable
format with a number of tables and charts/figures. The scope of the
report includes a detailed study of global and regional markets for
various types of NDT technologies and necessary equipment suitable
for these technologies, as well as the market for NDT services
offered by different companies around the world. This study
provides an overview of NDT, developmental history of various NDT
technologies, profiles of market leaders in NDT business and their
new products as well as the consolidation trends within the
industry.
Methodology
Both primary and secondary research methodologies were used in
preparing this report. Initially, a comprehensive and exhaustive
search of the literature on NDT was conducted. These sources
include journals and related books, trade literature, marketing
literature, other product/promotional literature, annual reports,
security analyst reports and other publications.
The methodology used to estimate and forecast the NDT market starts
with capturing data on different vendor revenue through secondary
research from various sources. The bottom-up procedure has been
used to arrive at the global NDT equipment market from the revenues
of key players in the market.
After arriving at the overall market size, the total market has
been split into several segments and sub-segments which have been
verified through the primary research by conducting telephone
interviews and email correspondence was conducted with marketing
executives, product sales engineers, international sales managers,
application engineers and other personnel of companies
manufacturing as well as using NDT equipment.
Other sources included magazines devoted to NDT, academics,
technology suppliers, technical experts and consulting companies. A
patent search and analysis were also conducted.
The basic assumptions made while preparing the report are as
follows:
- The world economy will continue without any major upheaval.
- There will not be any major natural disasters, like the
earthquake and tsunami in Japan,
which affected Japan's
economy.
- No major war or armed uprisings.
- The industry and consumption will continue to prosper in the same
manner and the growth trend will be maintained in the period under
consideration.
All revenue estimates in this report are figures taken at the
manufacturer level.
Information Sources
The primary information sources include manufacturers and suppliers
of NDT equipment and associated products around the world, raw
material suppliers for the manufacture of these products, major
users of these products, research organizations, governmental
agencies, trade associations and various equipment suppliers.
Additional secondary research of sources, such as databases, trade
literature, specialized journals and government statistics, were
researched while compiling this report.
Geographic Breakdown
In this report, the geographic regions considered for market
analysis include:
North America
- United States
- Mexico
- Canada
Europe
- France
- Germany
- Italy
- United Kingdom
- Russia
- CEE Countries
- Other European Countries
Asia
- Japan
- China
- India
Other Asian Countries
- Australia and New Zealand
Rest of World
- Brazil
- Argentina
Rest of South America
- South Africa
Rest of Africa
- Middle Eastern Countries
Summary and Highlights
Nondestructive testing (NDT) is needed, whenever an assurance is
required of the integrity of the infrastructure. Aircraft, trains,
pipelines, oil rigs, bridges and pressure vessels are examples of
everyday things that are being regularly examined using various NDT
techniques.
In addition to the need to ensure safety, nondestructive testing
can be used to improve output and profitability. Furthermore, a
component or an entire structure or machine can be tested many
times using several types of tests through the complete life cycle
to ensure its continued integrity. Components can be tested before
they are finally shaped or while they are in service. This means
that the continuing quality of components can be assured, such as
checking railway lines, aero-engine turbine blades and the welds on
a high-speed theme park ride.
Additionally, nondestructive methods can be employed to monitor the
integrity of the structure through its useful life. These NDT
methods supplement other techniques, which can be applied without
interruption to normal operation of a structure or a machine. These
techniques are known as condition monitoring. There is continuous
progress in the development and application of NDT methods that are
often used in conjunction with CAD and computer-based modeling to
match the advances in new materials, component design and new
products.
In addition to the equipment for NDT, there is an expanding market
for various NDT services, which are being offered by numerous
companies. Some of these companies also offer training to
customers' engineers in various NDT techniques and also certify
these engineers. It can be seen that the NDT service market is
expanding very fast especially when there is a shortage of trained
and certified engineers.
The following summary table and figure illustrate the global market
for NDT equipment and various NDT services. The global market for
NDT equipment and NDT services put together amounted to more
than
$15.8 billion in 2016.
This market is expected to increase to nearly $17.3 billion in 2017 and further increase to
more than $26.4 billion in 2022. The
CAGR for the combined market for NDT equipment and NDT services is
expected to be 8.9%, over the five-year period from 2017 through
2022. The growth rate for the combined market for ultrasonic and
infrared thermography NDT equipment is expected to be 9.0% and the
growth rate of the combined market for radiography and liquid
penetrant NDT equipment is expected to be 8.3%, for the five-year
period from 2017 through 2022.
It can be seen that there is good growth in all the sectors of NDT
equipment, but there is additional growth in NDT services market,
with the CAGR of 9.5%, for the five-year period from 2017 through
2022. This total NDT services market consists of NDT training
services, calibration services of various NDT equipment, repairs
and calibration services to NDT equipment. Global market for these
services have been worked out separately and indicated in Chapter 4
of this report
Read the full report:
http://www.reportlinker.com/p04959558/Global-Markets-for-Nondestructive-Testing-Equipment-and-Services.html
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