Frost & Sullivan
Tuesday, December 24, 2013 01:00 PM IST (07:30 AM GMT)
Editors: General: Economy; Business: Automotives, Business services, Transport engineering; Technology
Frost & Sullivan: Infrastructure Development to be the Biggest Growth Driver for Indian Nondestructive Test Equipment Market
Growing awareness and governmental regulations will bolster long-term growth for NDT equipment
Mumbai, Maharashtra, India, Tuesday, December 24, 2013 — (Business Wire India) — The nondestructive test (NDT) equipment market in India is poised for steady growth. Demand from end-user industries, such as automotive, transportation, aerospace, military and defense, will be the biggest driver of market revenues as rapid industrialization in the country makes NDT equipments indispensable. Further, improvements in road and air infrastructure and the building of oil reservoirs, pipelines, refineries and nuclear power plants, offers immense opportunities for NDT equipment vendors.
New analysis from Frost & Sullivan (http://www.testandmeasurement.frost.com), Overview of the Indian Nondestructive Test Equipment Market, finds that the market earned revenues of INR 359.2 crore in 2012 and estimates this to reach INR 501.9 crore 2016.
The introduction of safety norms, precautionary measures, quality assurance, and regulations by the government boosts the NDT market segment as it is critical for establishments to provide safety assurance and procure trouble-free license approvals. NDT equipment for inspection in the nuclear industry, in particular, is expected to gain a strong foothold during the forecast period.
Further, periodical assessment strategies enforced to preserve ageing infrastructure and improve cost-effectiveness by optimizing its useful life supports the use of NDT equipment. For instance, NDT is used to help reduce investment in new resource procurements by testing old, high-pressure vessels, navy ships, aircraft and railway coaches for refurbished use.
“India has become a hub for third-party inspection services over the last decade. More than 500 companies are offering inspection services across product segments spurring demand for new equipment as the inspection services market grows”, said Frost & Sullivan analyst.
However, price remains a concern. The volatility of the Indian currency and its drastic devaluation has lead to significant price differences between currency value at the time of placing raw material import purchase orders and final delivery, thereby shrinking manufacturers’ margins. New procurements are being postponed till the situation stabilizes, and this is adding to NDT equipment suppliers’ woes. In addition to price consciousness, customer reluctance to use new technologies too curtails sales volumes.
Raising awareness on the benefits of NDT equipment among end-user industries, government organizations, and training institutes can bridge the gap between vendors and customers in the Indian market. Mitigating redundant technological features in NDT equipment through customized value addition, as well as improving automation and ease of use will widen market potential. Concerted efforts are also required to deliver comprehensive turnkey testing solutions with benefits spread across the value chain.
“Reduction in size, with the possession of maximum features and working ability, is the order of the day for many instruments, and NDT equipment follow suit,” added the analyst. “Achieving maximum reliability and accuracy, and deriving ideal levels of flaw detection with such instruments at affordable prices, have become key areas of focus in NDT equipment instrumentation and measurement research.”
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Overview of the Indian Nondestructive Test Equipment Market is part of the Test & Measurement Growth Partnership Service program. Frost & Sullivan’s related studies include: Emerging Growth Markets for Nondestructive Test (NDT) Inspection Services, Analysis of the Global Non-destructive Testing (NDT) Equipment Market and Analysis of the Global Ultrasonic Inspection Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Overview of the Indian Nondestructive Test Equipment Market
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