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San Antonio, TX, United States, 2006/03/22 - New analysis from Frost & Sullivan (testandmeasurement.frost.com), World Nondestructive Test Equipment Market, reveals that the market earned revenues of $843 million in 2005 and estimates to reach $1,248.8 million by 2012..
Quality control is a necessary evil and is a very important factor that accelerates the growth of the NDT equipment market. Tight industry specification of the products and stringent quality control standards set by the manufacturers spur the need to perform testing. This has created plenty of opportunities for NDT equipment manufacturers. The drive, quest and need to inspect components for quality purposes will continue to dictate the growth of the NDT equipment market.
New analysis from Frost & Sullivan World Nondestructive Test Equipment Market, reveals that the market earned revenues of $843 million in 2005 and estimates to reach $1,248.8 million by 2012.
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Inspection of various components in the manufacturing industries is the main function of the quality control department. NDT proves to be the most viable technique for inspection, as it does not alter the physical properties of the component under inspection. As industry specifications, standards become more stringent, and quality gets more pronounced, the need to perform NDT is expected to increase and will essentially drive growth.
“Outsourcing tends to be the boon and the bane of the NDT equipment market as small and medium companies outsource and contract their inspection requirements to small labs on account of cost cutting measures,” says Frost & Sullivan Research Analyst S. Vidyasankar. “While this may prove beneficial in the short term, it does impact the NDT equipment market significantly. The competition from used and refurbished equipment also limits the end-users from investing in new assets and this also considerably affects the demand for new NDT equipment.”
Cost cutting seems to be the most important strategy adopted by many companies and this primarily happens at the expense of quality. Difficult market conditions have forced these companies to look at cost as an issue and it gets more pronounced in the prevailing price competitive market scenario. This has shown the way toward outsourcing of the entire quality control activities to small inspection labs and this continues to restrain the growth of the market.
“The need to change the market perception regarding NDT as a cost becomes imperative,” says Vidyasankar. “Failure to perform quality control on aircrafts or rails on account of cost cutting measures could have a detrimental and catastrophic effect on human safety and life. Elevating the awareness levels and educating the end-users about the need and the potential of NDT techniques would lead to better and improved adoption of these techniques.”
The focus on meeting the stringent quality control standards provides plenty of opportunities for NDT equipment manufacturers; however on account of cost cutting measures end users outsource their quality control activities to small labs. The education of the end-users on the potential of various NDT methods will yield better results and open up lucrative market opportunities.
World Nondestructive Test Equipment Market is part of the General Purpose Test Equipment subscription, which also includes research in the following markets: General Purpose Test Equipment, Non-contact Measurement Equipment and Co-ordinate Measuring Machines Market among others. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews are available to the press.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.