Nexxis Marked as One of NDT Equipment Global Market’s Key Players
Nexxis has been listed as one of the eminent industry players profiled in the global non-destructive inspection equipment market report.
According to a comprehensive research report by Market Research Future (MRFR), “Non-Destructive Inspection Equipment Market: Information By Industry Vertical, and Region—Forecast till 2030, the reports further predict the market is expected to grow USD Significant Value at a CAGR 4.7% during the forecast period 2022-2030.
The report also covers but is not limited to;
- COVID-19 Impact vs Opportunities for Global NDT Equipment Market
- NDT Equipment Market Dynamics
- Regional Analysis
- Competitive Landscape
COVID-19 Impact vs Opportunities for Global Non-Destructive Inspection Equipment Market
Despite the COVID-19, the NDT Equipment Market has been adversely affected. It is expected that the growth of the NDT and inspection market will be hampered by the decline in new oil and exploration projects, temporary shutdowns of production facilities, and a decrease in crude oil prices. There will be short-term negative impacts to market growth due to supply chain disruptions caused by the pandemic. Several production facilities worldwide have been shut down as a result of COVID-19.
The increasing demand for energy across the globe is rising at a rapid pace. Regarding this, the number of oil & gas projects is on the rise, especially in the US.
NDT Equipment Market Dynamics
Frequent breakdown affects productivity and increases the maintenance cost of infrastructure or machinery on which owners/organizations are highly dependable. NDT offers several benefits, including accuracy and reliability in the results, detecting flaws, ensuring flexibility, maintaining asset integrity, and providing much faster speeds. Furthermore, the NDT methodology leaves the pieces being tested undamaged. This, in turn, helps the owners minimize the cost of maintenance by repairing instead of replacing those defective pieces and increasing the functionality as well as the life of the machine/infrastructure.
The increasing demand for energy across the globe is rising at a rapid pace. Additionally, with time, NDT technology has evolved, adapted, and innovated to provide cleaner, safer, and more efficient facilities or machinery.
Humans are surrounded by large and complex structures that rely on machines to operate smoothly and safely. To achieve this, NDT equipment and practices provide confidence to continue functioning without hindrance. Handling the NDT equipment is difficult and requires specialized technicians with years of experience and knowledge. For instance, despite being in the industry for decades, the Eddy current testing technology needs specialists and personnel with expertise and essential qualifications to handle it.
The increase in technological complexity is due to the advancements and interconnections with other technology solutions intended to automate repetitive and complex processes. On the other hand, even if the technology industry is transitioning to the fourth revolution to provide more information transparency, decentralized systems, technical know-how, and autonomy, the industry stakeholders have little or no awareness regarding the non-destructive inspection technology and related business opportunities it offers.
North America led the Global NDT Equipment Market in 2021, whereas the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The US is the major country in the oil & gas industry with the presence of prominent oil & gas manufacturers such as Exxon Mobil Corporation, Chevron Corporation, and others. The expansion of the oil & gas industry in the US has formed demand for NDT equipment as NDT equipment is widely used in the oil & gas industry to detect flaws and damages in the material. The NDT equipment is widely used in the oil & gas industry to evaluate the properties of pipelines, surface corrosion, mechanical damages, and cracks. The growing oil & gas and power & energy industries are anticipated to generate huge demand for NDT equipment in the years to come.
The NDT equipment market in Asia-Pacific is expected to grow at a notable rate during the forecast period.
The global NDT equipment market is distinguished by the presence of numerous global, regional, and local players catering to the growing demand for automation and rising demand for high-quality products. However, lack of skilled & qualified personnel may hamper the growth of the global Non-Destructive inspection equipment market.
At Nexxis, our commitment to bringing cutting-edge, proven NDT equipment to our customers. Driven by our innovations lab, we’re a global leader in the relentless pursuit of optimal solutions for even the most complex of NDT requirements.
Offering buy, lease and rental options, our clients benefit from custom solutions designed to specifically target requirements. In addition, our deep knowledge of the industry means that we understand that the best solutions are dynamic. At Nexxis, your flexible needs are covered, no matter when, how, or why they change.
Carry on reading How Robots Are Shaking up NDT Inspections to find out more.