Frost and Sullivan has issued a new report analysing the global non-destructive test inspection services market.
The continued convergence of various technologies such as big data, predictive analytics, digital twin, cloud computing, and smart factories is enhancing growth opportunities in the market.
The convergence of innovative technologies is giving rise to several new business models.
For instance, the shifting of the market from traditional time-people business model to more proactive performance-based business models owing to vendors converting big data to smart data.
According to the report, the market has over the past two years experienced a slump.
Prem Shanmugam, a senior consultant for measurement & instrumentation at Frost & Sullivan, said: "Industrial Internet of Things (IIoT) and Artificial Intelligence (AI)-based NDT capabilities are altering market structures and driving the transformation of traditional business models.
"Automation companies are increasingly repositioning themselves as service providers, while sensorisation and predictive analytics have enabled vendors to develop innovative business models."
The use of technologies such as connectivity, cloud, and advanced analytics is helping mitigate the challenge of a shrinking pool of experienced and qualified NDT technicians.
Additional revenue opportunities are expected to be gained by leveraging cutting-edge technologies, such as:
- AI-powered industrial robots in inspection and material handling.
- Intelligent algorithms for processing huge amounts of data in real time.
- Drones to inspect components and repair damaged components in the wind energy sector. The results will be automatically analyzed using fuzzy logic and neural networks.
- Mechanical follow-up tools to ensure adherence to the structure of the actual part or new advanced technologies such as CT 3D X-rays.
- The combined synergies of NDT inspection services with online monitoring solutions similar to condition monitoring and other ICT and advanced analytics.
"This evolving market ecosystem will encourage numerous mergers and acquisitions as NDT inspection service companies look to broaden their capabilities in areas such as online monitoring, robotics, and predictive analytics.
"The convergence of dimensional metrology with NDT applications will help create a competitive advantage for NDT vendors by allowing them to expand beyond their core capabilities. For instance, technology synergies will enable vendors to use 3D portable laser scanners to scan pipeline corrosion," reiterates Shanmugam.
For more information about the report, visit Frost & Sullivan’s global Test & Measurement Growth Partnership Service program.