Factors, such as stringent regulations mandating safety standards, and growth in infrastructure maintenance services are anticipated to fuel the market growth. The economies of China, India, South Korea, Indonesia, Brazil, and Mexico, among others, have had steady GDP growth over the years, attracting investors from around the world to invest in infrastructure development.
New York, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nondestructive Market for Infrastructure Industry - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05974115/?utm_source=GNW
The migration of the general population from rural areas to urban areas has increased in these countries, resulting in demand for housing and other facilities. With the construction sector booming in these countries, the non-destructive testing market has flourished because it is a necessity in getting clearances for buildings.
- As per future investment plans by China Investment Corporation, China is going to invest 13% of its total expenditure into industrial (excluding energy & utility) and real estate sectors in the coming years.
- As per the study by India Brand Equity Foundation, the real estate sector in India was valued at USD 120 billion in 2017 and is expected to reach USD 1 trillion by 2030. Additionally, the Government of India has allocated USD 63.2 billion for infrastructure development in the country.
- According to the International Transport Forum, the UK government spent approximately EUR 2.5 billion on road infrastructure maintenance in 2017.
Key Market Trends
Surging Infrastructure Maintenance Services in Developed Economies is Driving the Growth
- The NDT services market is driven by an aging infrastructure and the increasing need for its maintenance in developed regions like the US and Western Europe. The global recession and the European Sovereign Debt crisis have affected the economy, thereby making investments in new projects nearly downwards on the growth chart. However, the need for NDT testing is unaffected as the financial implications of failure are much greater than the cost of testing. This is a core driver of the services market.
- According to the European Investment Bank, 43% of the municipality in the Europe region with poor infrastructure states technical capability is one of the major obstacles for infrastructure development. This situation is expected to be a primary factor for the adoption of NDT services among the European government.
- With respect to the statement from the World Economic Forum, the world will see a USD 15 trillion infrastructure gap by 2040, which can be addressable through the timely maintenance of existing infrastructures. This massive gap will actually create potential space for the nondestructive test market for the infrastructure industry in the forecast period.
- While economies like China, India, Saudi Arabia, and others are able to maintain more than 4% of GDP’s spending on infrastructure development, developed nations are falling behind and provide the opportunity to NDT vendors to augment their market share in the global infrastructure industry.
Asia-Pacific Will Provide Significant Growth
- Asia-Pacific region’s strong presence in the industrial sector and rapid advancements in infrastructure projects is anticipated to provide significant growth opportunity 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.
- March 2019 - The International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) approved USD 62.46 billion to China for 424 projects related to transportation, energy, and urban development.
With the presence of many regional as well as a global player in the market, the global nondestructive market for infrastructure industry is expected to be fragmented in nature. Acuren Group, Inc., Applus Services, S.A., Bureau Veritas Group, FLIR Systems, Inc., Infrastructure Preservation Corporation, Intertek Group plc, MISTRAS Group, Inc., Olympus Corporation, ROSEN Group, and Tech4Imaging LLC are some of the major players present in the current market. All these players are involved in competitive strategic developments such as partnership, new product innovation and market expansion to gain leadership position in the global nondestructive market for infrastructure industry market.
- June 2019 – the energy & industry division of Applus Services, S.A. get accreditation to undertake electromagnetic compatibility (EMC) testing. This new accreditation will help Applus to advance its business in the field of industrial-sector testing.
- January 2018 - FLIR Systems, Inc. introduced a thermal-equipped concrete monitoring solution to enhance its product portfolio in nondestructive testing for the construction industry. This new device provides real-time data on concrete quality with thermal imaging technology.
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