Frost & Sullivan: Infrastructure Development to be the Biggest Growth Driver for Indian Nondestructive Test Equipment Market
December 24, 2013 - Mumbai, Maharashtra, India
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.”
If you are interested in a virtual brochure, which provides a brief synopsis of the analysis and a table of contents, then send an e-mail to Priya George / Akshata Mhatre, Corporate Communications, at firstname.lastname@example.org / email@example.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.
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.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
-- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
-- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Us: Join our community
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Overview of the Indian Nondestructive Test Equipment Market
Source: Business Wire India