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Global Markets for Nondestructive Testing Equipment and Services expected to reach $26.4 billion by 2022NEW 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. 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 About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. http://www.reportlinker.com __________________________ Contact Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-markets-for-nondestructive-testing-equipment-and-services-expected-to-reach-264-billion-by-2022-300479738.html SOURCE Reportlinker |