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3. New Product Launch and Inorganic Strategies Such As Partnerships and Contracts/Agreements to Boost the Revenue of the Company in NDT Services Market

The global NDT services market size was valued at USD 4.77 Billion in 2015 and is expected to increase to USD 8.55 Billion by 2022, growing at a CAGR of 8.52% between 2016 and 2022. The key opportunity areas this market are the increasing infrastructural development in the growing economies such as China, India, South Africa, and Brazil. Also, some key factors driving this market are ageing infrastructure and increasing need for maintenance and outsourcing of NDT services to third party service providers.

The key players in the market include GE Oil & Gas Digital Solutions (U.S.), Ashtead Technology (U.K.), Mistras Group Inc. (U.S.), Zetec Inc. (U.S.), Intertek Group (U.K.), Yxlon international GMBH (Germany), and TUV Rheinland AG (Germany) among others. Most of the leading companies have followed the organic strategy of new product launch and inorganic strategies such as partnerships and contracts/agreements to boost the revenue of the company.

G.E. Oil & Gas digital solutions (U.S.) is expected to play a significant role in the NDT services market. It is one of the renowned brands in the inspection and measurement industry. It majorly focuses on organic growth strategies such as new product launches and expansions. It has made technological breakthroughs in the NDT inspection. For instance, in September 2015, it launched a new Wheel Star-UFPE. It is a purpose-built, automated ultrasonic inspection system which allows comprehensive non-destructive examination of rail wheels during train maintenance without the need to remove the wheelset from the rail car. The industrial IoT (IIoT) ecosystem is expected to benefit the company. The company launched the new remote collaboration software platform for NDT services. This new platform enables real-time monitoring and inspection of industrial equipment through cloud infrastructure and wireless connectivity.

Mistras Group Inc. (U.S.) provides asset protection solutions primarily in North America with the largest concentration in the U.S., consisting primarily of non-destructive testing and inspection services that are used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. The company primarily focuses on inorganic strategies such as acquisitions, partnerships, contracts, and agreements for its growth. For example, in January 2015, it signed a five-year contract with PSEG Nuclear (U.S.) to provide non-destructive examination (NDE) inspection services in refuelling outages and online activities at PSEG nuclear stations. In August 2014, it acquired Nacher Corporation (U.S.) which offers turnkey maintenance and inspection services to the oil, gas and petrochemical industry mainly on offshore platforms.

Related Reports:

NDT Services Market by Testing Technique (Ultrasonic, Radiographic, Eddy Current, Magnetic particle, Acoustic Emission, Terahertz Imaging), Type (Inspection, Renting, Training, Calibration), Vertical, & Geography - Global Forecast to 2022