Maintenance Requirements and Government Regulations Drive Growth
This research deliverable provides an analysis of the future global Nondestructive Testing (NDT) market in the transportation industry, particularly the impact and implications of Industry 4.0. An in-depth analysis of the two major market segments, the NDT inspection services market and the NDT equipment market, in the transportation industry is provided with a focus on the trends influencing the automotive, aerospace, and railway end-user verticals. The competitive landscape of the overall NDT market for the transportation industry has been clearly outlined. Global regions are segmented as Americas, Europe, Asia-Pacific, and the Middle East and Africa. The base year used for analysis is 2014, and the study period is 2011 to 2019.
– The Nondestructive Testing (NDT) market for the transportation industry is growing and is expected to hit $ Billion by 2019 growing at a compound annual growth rate (CAGR) of % between 2014 and 2019.
– The impact of the global economic downturn of 2009 affected the transportation industry until 2012, and recovery has been slow. But since 2012, the transportation industry has been showcasing high growth potential and there have been significant investments in new production facilities for the automotive industry as well as demand for more aircraft from airlines.
– The NDT inspection services market is expected to grow as the transportation industry
original equipment manufacturers (OEMs) outsource more NDT service requirements to NDT inspection services companies to leverage their expertise and to save time and costs.
– The maintenance, repair, and overhaul (MRO) requirements are especially high in the aerospace and railway industries compared to the automotive industry, which drives the
overall NDT market.
– The equipment manufacturers will push for adoption of advanced NDT technology, driven by transportation OEMs’ increasing focus on advanced materials because of compliance-driven regulations like CO2 emission regulations.
– China and India will gain focus from NDT market participants owing to their high growth potential.
1. The NDT market for the transportation industry is driven by the stringent regulations and changing requirements for inspection during manufacturing and maintenance.
2. Penetration of advanced materials used in lightweighting* during manufacturing will propel the overall NDT market, especially in the automotive industry.
3. In the automotive industry, cost considerations will be the key criterion to select NDT equipment manufacturers and also to outsource inspection to service providers.
4. Macroeconomic factors like rising global GDP, falling oil prices, and low interest rates will ensure that the NDT market grows in the aerospace industry because inspection is critical.
5. Maintenance of rail bogies, wheels axles, welds, and track will be the major areas of focus for the railway industry as automated inspection for
quicker maintenance is the need of the hour.
NEW YORK, Nov. 9, 2015 /PRNewswire