MRO Magazine

TechNavio Says the Need to Extend the Life of Aging Assets Will Boost the Nondestructive Testing Equipment Market


March 13, 2015
By Business Wire News

LONDON

TechNavio has published a new report on the Global Nondestructive Testing (NDT) Equipment Market 2015-2019, which is expected to grow at a CAGR of 6.24 percent from 2014-2019.

According to the latest report by TechNavio, the need to improve the quality and lifespan of aging assets has become a crucial factor that is expected to propel market growth during the forecast period. System failures can be avoided by regularly examining assets, thus enabling early remedial measures.

“A regular inspection and quality check of aging assets via nondestructive testing equipment helps in extending the life of an asset as well as improving overall profitability,” says Faisal Ghaus, Vice President of TechNavio.

Furthermore, the report emphasizes the growing need to manufacture customized NDT equipment. Many production lines like tube manufacturing, bar manufacturing and rolling processes for plate manufacturing require NDT equipment like test machines with integrated solutions, which are customized according to specific client needs.

“The trend of customized test machines will act as a positive growth factor and enable vendors to efficiently meet customers’ specific requirements,” says Ghaus.

TechNavio currently has more than 3000 market research reports on a huge range of topics, including:

About TechNavio

TechNavio is a leading global technology research and advisory company.

Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

TechNavio Research
Jes Ellacott
US: +1-630-333-9501
UK: +44-208-123-1770
Media & Marketing Executive
media@technavio.com
www.technavio.com