Insights on the Non-Destructive Testing Global Market for the Infrastructure Industry to 2026 – Growth in Infrastructure Maintenance Services is Driving Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Non-Destructive Testing Market for the Infrastructure Industry – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global non-destructive testing market for the infrastructure industry was valued at USD 35.3 billion in 2020, and it is projected to be worth USD 51.46 billion by 2026, registering a CAGR of 6.2% during the period 2021-2026.
Companies Mentioned
- SGS SA
- Acuren Group Inc.
- Mistras Group Inc.
- Applus Services SA
- Bureau Veritas SA
- FLIR Systems Inc.
- Infrastructure Preservation Corporation
- Intertek Group PLC
- Olympus Corporation
- ROSEN Group
- Tech4Imaging LLC
Key Market Trends
Railway Sector to Witness Significant Market Growth
- The regular and sound diagnostics, coupled with the timely detection of rail defects at early stages, are key elements of the railway transport management system. NDT methods such as ultrasonic testing and eddy-current testing, are gaining widespread prevalence in railway infrastructure for the detection of rail defects, such as transverse cracks, head checks, squats, and other internal defects.
- In March 2020, Bhilai Steel Plant (BSP) in India ramped up its production facilities to meet the Indian Railways’ requirement of running high-speed trains, metro trains, doubling and gauge conversion of railway tracks, as well as for track renewals and laying of new lines. The plant produced 11.65 lakh metric tons of rails in the financial year 2019-2020. The plant is equipped with online NDT (non-destructive testing) equipment, ultrasonic, and eddy-current testing, among other technologies for inspection and testing of the produced rails.
- Further, the EU is planning to invest approximately EUR 117 million in 39 key transport projects, majorly focusing on sustainable transport modes. The projects aim to reduce the noise generated by freight trains, develop and improve cross-border railway links, and upgrade crucial infrastructure in ports. They will be supported through the Connecting Europe Facility (CEF), the EU’s financial mechanism supporting transport infrastructure. Such initiatives by the government are expected to increase the demand for NDT services in the region.
- According to the data provided by Eurostat, in 2018, there were approximately 1,666 significant railway accidents, out of which half of the accidents involved unauthorized persons on the tracks (56%), and more than a quarter occurred at level crossings (27%). Such trends are expected to increase the adoption of NDT in the railway’s infrastructure as it helps in maintaining their integrity and operational safety.
Asia-Pacific Accounts for Significant Market Share
- The Asia-Pacific region’s strong presence in the industrial sector and rapid advancements in infrastructure projects is anticipated to provide significant growth opportunities to nondestructive testing services in the market. Specifically, China, Japan, South Korea, India, Singapore, and Australia are expected to create huge potential for the nondestructive market for infrastructure industry solutions in the coming years.
- As a developed country, New Zealand had spent EUR 993 million for road infrastructure maintenance in 2017 and is expected to spend even more in the coming years. Also, with massive development plans, India is anticipated to reach new heights in infrastructure development and will become the third-largest market for the construction industry by 2022.
- Further, the IBEF report states that India requires an investment of up to USD 777.73 billion in infrastructure development by 2022 to foster sustainable development in the country. Hence, such growing trends and increasing investments in these countries is expected to create several opportunities for the adoption of NDT services in the region over the forecast period.
- Moreover, over the past few years, the construction industry in China witnessed a huge growth rate due to sustainable construction policies and a shift toward a service-led economy. Moreover, according to the International Trade Administration, the value of the construction industry in China is likely to increase by 45.2%, by 2021, from what it was in 2016. The growth of the construction industry is expected to create potential opportunities for the growth of the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Force Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of the COVID-19 Impact on the Industry
4.5 Introduction to Market Drivers and Restraints
4.6 Market Drivers
4.6.1 Stringent Regulations Mandating Safety Standard in the Infrastructure Industry
4.6.2 Growth in Infrastructure Maintenance Services
4.7 Market Restraints
4.7.1 NDT Services In Other Industries Restraining the Growth of the Market
5 MARKET SEGMENTATION
5.1 Type
5.2 Technology
5.3 End-user Industry
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/gact95
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