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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 is recovering well after a phase of decline caused by the oil price crash. It is currently worth $9381.9 million, and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2018 to 2023.The NDT oil & gas inspection market expected to reach $5291.9 million by 2023 with a 3.9% CAGR during the forecast period.
Technology improvements have played an important role in increasing the value, effectiveness, and capabilities of NDT inspection services. The convergence of technologies across a number of different industries including wireless communication, sensors, cloud computing, data analytics, smart factories, and smart mobility are expected to give rise to new growth opportunities and innovative business models.
Due to the lack of skilled personnel and an aging workforce, customers are turning to
third-party NDT inspection services providers to increase the life and utilization of aging assets. Opportunities in design, installation, maintenance, data collection, data analytics, and diagnostic services have created alternate revenue streams for NDT inspection service companies.
The scope of this research is limited to third-party NDT inspection services. The market revenues do
not take into account the cost of in-house NDT inspection or revenues from inspection services other than NDT.
Technology Segments: Ultrasonic Testing, Radiography Testing, Electromagnetic and Magnetic Testing, Visual Testing, Magnetic Particle (MP) Testing and Penetrant Testing Inspection market.
In most regions, conventional NDT techniques such as film X-ray radiography are being increasingly replaced with higher-priced phased array ultrasonic or eddy current testing, augmenting the overall market revenue. Government safety regulations restricting the use of radiations have accelerated this process.Most countries are investing heavily in renewable energy and energy-efficient car and aircraft designs that use composites and complex profiles that cannot be accurately inspected using traditional NDT techniques. Many NDT inspection service providers are exploring the use of drones for the inspection of windmills and similar structures to assess the application scope of phased array ultrasonic testing. Drone inspection is a high-cost service and generates greater revenues for the inspection service provider.This trend is expected to have a low impact in the short term because of reduced oil prices but in the long term, its impact is highly likely to increase. Industry 4.0, which operates on the principles of interoperability, information transparency, technical assistance, and decentralized decisions is helping NDT companies in improving their real time decision making capabilities with the help of condition based monitoring of the oil and gas pipelines. This helps in predicting and analyzing large amounts of data and speeding up the inspection and production process.
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