Market Trends of NDT Inspection Services Industry
This section covers the major market trends shaping the NDT Inspection Services Market according to our research experts:
Aerospace Industry is Expected to Account for a Major Share of the Market
- Inspection services have been projected to occupy the largest market share , followed by material testing and training services. Inspection services can be further segmented into visual inspection, radiography, ultrasonic inspection, and surface inspection techniques.
- Stringent government regulations promoting the use of NDT techniques for obtaining clearances and ensuring safety have led to a surge in demand for NDT services. Over the last few years, this demand has outweighed supply.
- Furthermore, increasing equipment costs have prompted companies to outsource inspection activities to third-party service providers, that have the required skillset and expertise to perform the tasks, in turn, driving the market for NDT services.
- The NDT service segment is expected to record robust growth in the Asia-Pacific and Latin American regions, buoyed by an increased emphasis on infrastructural development. There are more than 120,000 service inspectors expected to be working, worldwide.
- NDT training services are governed by ISO and ASNT standards that prescribe the requisite skill set to be accrued by the NDT inspectors. However, the lack of educators has been a significant concern for training institutes.
- The aerospace industry is also demanding a shift toward computed radiography and increasing investment by market players in equipment and training will help in expanding the studied market scope further. In July 2019, Sintavia acquired a US-based NDT services company, QC Laboratories. Sintavia increased its metal 3D printer install base to 20, having recently moved into a new advanced manufacturing facility, mainly to deliver metal components to the aerospace and defense industries.
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North America is Expected to Occupy Substantial Market Share During the Forecast Period
- United States has a mature non-destructive testing (NDT) market. The country’s highly active oil and gas and aerospace industries are one of the major sources of demand for the non-destructive testing equipment and services in the country. The recent improvements in the oil extraction techniques, such as fracking etc., and newfound shale resources in the country are expected to drive the demand for NDT equipment and services over the forecast period.
- With the United States Department of the Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the country is expected to open up new opportunities to the market. This program is expected to allow approximately 98% of the undiscovered technically recoverable oil and gas resources in federal offshore areas of the United States to be available for exploration and development, involving several public private partnerships.
- Presently, the United States is the largest market for Aviation, with four of the significant airlines ranking in the top four when it comes to fleet size and control about 85% of the market, according to GAMA. As a result, the maintenance cost is not a significant factor, unlike other regions due to which the prospect of NDT testing in the region is quite bright in the future.
- Further, experts believe that rising labor costs in the emerging countries where the MRO services are outsourced could bring back the MRO service back to North America. However, it is also expected that this region have newer aircraft, which require fewer inspection and maintenance could also be a factor in the future.
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