Digitized, automated solutions boost nondestructive test equipment market
Consolidation will challenge and benefit the nondestructive test (NDT) equipment industry, recent analysis of the market by Frost & Sullivan shows.
Consolidation will challenge and benefit the nondestructive test (NDT) equipment industry, recent analysis of the market by Frost & Sullivan shows. Revenues worldwide are expected to reach $1.03 billion by 2010, the study shows, rising from total revenues of $724.3 million in 2003.
According to the report, consolidated companies must cope with balancing business integration and managing stakeholder concerns, while smaller companies are pressured by their larger-sized competitors. Conglomerates have the financial might to invest in new technologies and products, meet global requirements, and influence product prices; their smaller-sized competitors are focusing on niche markets and customized solutions, says the survey.
“With the continued drive toward enhancing quality, improving production efficiency, and increasing residual life of assets, the demand for digitized and automated NDT equipment is expected to grow,” says Frost & Sullivan (F&S) Industry Analyst Jaidev Ram Mohan.
Severe economic conditions have forced customers to take a cautious stand toward acquiring new NDT equipment, the study reports, noting that some have overlooked the benefits of NDT technology because of limited capital availability. F&S says end-users need to be made aware of the benefits of using NDT technologies because compromise in these areas can lead to adverse results that can endanger safety of human life and the environment. Effective marketing is needed to communicate the range of emerging and enhanced NDT techniques and illustrate their potential benefits.
“Presenting an economic approach with demonstrated results on reduced risk, increased throughput, and resultant improvement in profitability could help convince key decision makers,” observes Ram Mohan. “Uptake of this equipment is bound to increase once NDT is accepted as a value-enabler and not an impediment that slows down production. Vendors can look to profit by establishing a presence in these rapidly developing markets through self-initiated forays or by partnering with local distributors and dealers,” he concludes.
—Jeanine Katzel, senior editor, Control Engineering, firstname.lastname@example.org