The report presents an in-depth assessment of the Nondestructive Market For Infrastructure Industry including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Nondestructive Market For Infrastructure Industry investments from 2019 till 2024.
The nondestructive test (NDT) market for the infrastructure industry is anticipated to witness a CAGR of 8.0% over the forecast period 2019 – 2024
With the presence of many regional as well as a global player in the market, the global nondestructive market for infrastructure industry is expected to be fragmented in nature. Acuren Group, Inc., Applus Services, S.A., Bureau Veritas Group, FLIR Systems, Inc., Infrastructure Preservation Corporation, Intertek Group plc, MISTRAS Group, Inc., Olympus Corporation, ROSEN Group, and Tech4Imaging LLC are some of the major players present in the current market. All these players are involved in competitive strategic developments such as partnership, new product innovation and market expansion to gain leadership position in the global nondestructive market for infrastructure industry market.
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Scope of the Report
The nondestructive market for infrastructure industry includes various NDT equipment and services with various testing technologies including radiographic testing, ultrasonic testing, magnetic particle testing, liquid penetrant testing, visual testing, acoustic emission testing, thermography testing, and laser scanning testing.
Key Market Trends
Surging Infrastructure Maintenance Services in Developed Economies is Driving the Growth
– The NDT services market is driven by an aging infrastructure and the increasing need for its maintenance in developed regions like the US and Western Europe. The global recession and the European Sovereign Debt crisis have affected the economy, thereby making investments in new projects nearly downwards on the growth chart. However, the need for NDT testing is unaffected as the financial implications of failure are much greater than the cost of testing. This is a core driver of the services market.
– According to the European Investment Bank, 43% of the municipality in the Europe region with poor infrastructure states technical capability is one of the major obstacles for infrastructure development. This situation is expected to be a primary factor for the adoption of NDT services among the European government.
– With respect to the statement from the World Economic Forum, the world will see a USD 15 trillion infrastructure gap by 2040, which can be addressable through the timely maintenance of existing infrastructures. This massive gap will actually create potential space for the nondestructive test market for the infrastructure industry in the forecast period.
– While economies like China, India, Saudi Arabia, and others are able to maintain more than 4% of GDPs spending on infrastructure development, developed nations are falling behind and provide the opportunity to NDT vendors to augment their market share in the global infrastructure industry.
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Asia-Pacific Will Provide Significant Growth
– Asia-Pacific regions strong presence in the industrial sector and rapid advancements in infrastructure projects is anticipated to provide significant growth opportunity to nondestructive testing services in the market. Specifically, China, Japan, South Korea, India, Singapore, and Australia are expected to create huge potential for the nondestructive market for infrastructure industry solutions in the coming years.
– As a developed country, New Zealand had spent EUR 993 million for road infrastructure maintenance in 2017 and is expected to spend even more in the coming years. Also, with massive development plans, India is anticipated to reach new heights in infrastructure development and will become the third largest market for the construction industry by 2022.
– March 2019 – The International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) approved USD 62.46 billion to China for 424 projects related to transportation, energy, and urban development.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Nondestructive Market For Infrastructure Industry Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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