Market Trends of NDT Industry
This section covers the major market trends shaping the NDT Market according to our research experts:
Power and Energy Sector Offers Potential Growth
- Nuclear power is playing an essential role in generating electricity in many countries of the world. In a number of countries, generating electricity at nuclear power plants makes more than 50 percent (Lithuania - 81,5%, France - 78,2 %, Belgium - 60,1%).
- Ensuring a reliable and safe operation of nuclear power plants is the central problem of nuclear power engineering. In particular, it depends on the quality of nuclear fuel and process equipment for fuel manufacture. Solving this problem is directly connected to the application of non-destructive testing and diagnostics.
- Nondestructive methods are very widespread in many applications such as fuel inspection. In this field, many techniques are used, like ultrasonics, eddy current, radiographic testing, and acoustic techniques. According to the IAEA studies, the fuel failure rate in the world is around 10-5, which means 1-3 failed fuel rods from 100 000 fuel rods in operation. With the implementation of NDT, the failure rate is decreasing.
- Moreover, in the next four years, more than 67 nuclear reactors in the world are estimated to reach an age of over 40 years of the operational period. As nuclear power plants age, the importance of maintenance increases and there is a need to apply inspection technologies. This creates huge market opportunities for NDT market.
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Asia- Pacific to Witness Fastest Growth
- According to the World Nuclear Association, China and India have planned 43 and 14 nuclear reactors respectively by May 2019. Thus, the need for maintenance of those power plants will also increase which in return will create a market for nondestructive testing.
- Further, the APAC region offers opportunities for the non-destructive testing market owing to the increase in infrastructure spending by the governments. For instance, the largest infrastructure effort in the region is China’s “Belt and Road Initiative,” aiming to boost productivity and efficiency gains by improving trade links between Asia and Europe. Such infrastructure initiatives create a market for NDT because NDT helps in detecting corrosion, cracking and other damage which can affect load carrying capacity.
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