Now that we’re well into 2016, it’s time to take a look forward at what the NDT industry will look like years into the future… in infographic form.
At the same time, we wanted to tip our hat at Frost & Sullivan for the excellent quality of its data and analysis. Over the years, F&S has emerged as the most credible source of data on NDT, which is why we collaborated with the people at F&S on this infographic. Hopefully not the last time.
(Click to enlarge)
NDT As a Whole
The NDT industry, as of 2015, overall, is an approximately $10 billion industry performing very well, its main drivers in the oil & gas segment being:
- Stringent safety regulations
- Aging infrastructures having issues with corrosion
- The ever growing need to run assets at higher capacities
- All of this being almost unaffected by the economic downturn
The inspection service industry, in the oil & gas segment (the most profitable) is expected to have an annual compound growth rate (CAGR) of 4.6% over the 2015–2020 period. It will grow from an $8.1 billion to a $10.2 billion industry. Within this, the Middle East and Africa, as well as Asia Pacific are set to have the highest CAGR over the same period.
Things are looking great!