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Oil & Gas Market Recovery and Online Monitoring Technologies Drive Growth
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The non-destructive testing (NDT) inspection services market rebounded in 2017 after two years of negative growth. It is expected to transform over the next five years with the advent of new technologies, changing customer requirements regarding connectivity and analytics features, and novel business models. The market was worth $8.79 billion in 2017, and is expected to reach $10.71 billion by 2022 at a CAGR of 4.0%.The recovery of oil & gas prices, stricter government regulations for testing, and technology advancements such as data analytics have prompted service providers to alter their roadmaps. This study identifies key growth opportunities while detailing the challenges and possible threats. The forecast period is from 2018 to 2022, with 2017 as the base year.
The current market size for 2017 and forecasts till 2022 is provided for each of the following segments:
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