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New Product Launch is the key Strategy Adopted by Industry Players to Strengthen Its Presence in the Non-Destructive Testing Market
The non-destructive testing market is expected to grow from USD 15.06 Billion in 2016 to USD 24.23 Billion by 2022, at a CAGR of 8.24% during the forecast period. The non-destructive testing market is a diversified and competitive market with a large number of players. Key players in the non-destructive testing market are identified by determining the annual market revenue generated by them from the delivery of non-destructive testing equipment and services. Leading players in the non-destructive testing market have their manufacturing bases in the North American and European regions
New product launch is the key strategy adopted by industry players to strengthen its presence in the non-destructive testing market. This strategy accounted for a share of 58% of the all growth strategies adopted by market players between 2014 and 2016. The strategy of acquisitions, partnerships, and agreements collaboratively accounted for a share of 28% of all growth strategies. Industry players focus on entering new markets by launching technologically advanced and cost-effective products, and acquiring new businesses.
GE Measurement & Control (U.S.) accounted for a share of -destructive 35% of the non testing market in 2015. The company operates through varied business segments, such as energy, technology, infrastructure, capital finance, consumer, and industrial. It has undergone strategic collaborations with key market players and introduced innovative products in the non-destructive testing market. For instance, in April 2016, GE Measurement & Control introduced Mentor UT, a new digital solution that improves asset reliability as well as reduces maintenance costs and downtime.
In November 2015, GE Inspection Technologies established a Technology Solutions Center (TSC) in the U.K. to provide non-destructive testing technologies to its customers. TSC showcases GE’s radiographic X-ray solutions that include advanced computed tomography (CT) equipment, advanced computed radiography scanner CRxVision, portable digital detector arrays, and the X-Cube compact 225, which is a highly versatile X-ray system used for the inspection of automotive or aerospace samples and radioscopic spot tests.
SGS S.A. (Switzerland) is one of the world’s largest companies and leading manufacturers of non-destructive testing equipment. The company accounted for the second-largest share of 15% of the non-destructive testing market in 2015. The company has entered into partnerships with leading stakeholders in this market to provide cost-effective NDT services to its potential customers. For instance, in February 2016, SGS acquired CyberMetrix, Inc. (U.S.), which provides test cells, equipment, and services, to meet the complex testing requirements of engine and power systems. This acquisition enabled SGS S.A. to diversify its portfolio of services in the powertrain and component testing sectors, which are key areas of growth for the company’s newly created transportation division. In 2015, SGS partnered with Meyeroil, a leading oilseed and biofuel processing management company, to increase production output, improve productivity, minimize wastes, and reduce costs in the oilseed and biofuels sectors.
Non-Destructive Testing (NDT) Market by Component (Equipment, Services) Method (Ultrasonic, Radiography, Liquid Penetrant, Magnetic) End-User (Oil & Gas, Aerospace & Defense, Automotive, Infra) Technique, Application & Region - Global Forecast to 2022
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