Market Trends of Europe NDT Equipment Industry
This section covers the major market trends shaping the Europe NDT Equipment Market according to our research experts:
Increasing Investment in Aerospace and Defense
- The European aerospace and defense industry develops and manufactures civil and military aircraft, helicopters, drones, aero-engines, other defense systems, and equipment. The sector includes companies that provide support services, such as maintenance and training. It is also a world leader in the production of civil aircraft, including aircraft engines, helicopters, parts, and components. It has a trade surplus for aerospace products, which are exported all over the world. Investment in R&D and innovation is vital for the competitiveness of the EU aeronautics industry. RDI expenditures represent 10% of industry turnover, one-third of which was financed by the public sector.
- The European defense industry makes a significant contribution to the security and defense of its citizens. The defense industry is a major industrial sector that includes a variety of fields, such as aeronautics, land and naval systems, and electronics.
- Additionaly, the industry is highly innovative and centered on high-end engineering and technologies, and it invests heavily in innovation. The defense sector involves more than 2,500 SMEs critically important to the supply chain. These SMEs are mostly concentrated in six EU countries, namely, France, Germany, Italy, Spain, Sweden, and the United Kingdom. However, companies producing ancillary equipment and systems are found all over Europe.
- Furthermore, Increased complexity of equipment makes it even more essential for firms to conduct proper 'fit analysis' before determining the feasibility of assembling complex machines. NDT is also used in the selection and fabrication of materials that are used for manufacturing complex machinery in the application areas in the aerospace and defense industry.
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United Kingdom is Expected to Witness Significant Growth
- The United Kingdom is trying to adjust to the post-Brexit situation. It is yet to make stable plans on how to make a smooth exit from the European Union. The country has been quite selective and cautious in making various plans and amendments, so that both the parties have profitable trade agreements even after separation.
- Also, according to Office for National Statistics, the contribution to the UK economy by the energy industries for 2018 was 3.2% of GDP, and the oil and gas extraction accounted for 34%, electricity (including renewables) accounted for 37%, and gas accounted for 18%. Real-time monitoring and continuous maintenance are mandatory in this sector to avoid any interruptions in the import and export activities that govern the global oil equilibrium, thus, emphasizing the need for the growth of the market being studied.
- In addition, the presence of some of the largest NDT Equipment manufacturers, like NDT Equipment Supplies Limited and NDT Consultants Ltd, are also boosting the growth of the market in the region. For instance, NDT Equipment Supplies Limited is the largest European manufacturer of ultrasonic standard and special blocks and test pieces, including No.1 to EN ISO 2400:2012, No.2 to EN ISO 7963:2010 V1, V2, & IOW to BS2704, also DAC, ASME, Ladder Step Wedges, and Eddy Current Blocks.
- Moreover, the region is witnessing increased investment, owing to the huge potential, especially the aerospace sector, which is constantly growing. For instance, VisiConsult X-ray Systems & Solutions GmbH and Labquip NDT of Sussex have signed a distributor agreement for the VisiConsult digital radiography product line.
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