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Beyond BRIC: Exploring the Next Game Changers for the NDT Industry
 

Beyond BRIC: Exploring the Next Game Changers for the NDT Industry

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1. Identify growth markets for NDT inspection services
2. Learn about challenges these markets pose for penetration
3. Understand potential for growth in these markets

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    Beyond BRIC: Exploring the Next Game Changers for the NDT Industry Beyond BRIC: Exploring the Next Game Changers for the NDT Industry Presentation Transcript

    • Beyond BRIC:Beyond BRIC: Exploring the Next Game Changers for the NDT Industry The new North American oil boom and the unending Middle Eastern oil supply present significant growth opportunities Nikhil Jain, Senior Research Analyst Measurement and Instrumentation © 2012 Frost & Sullivan. All rights reserved. This document contains highly confidential information and is the sole property of Frost & Sullivan. No part of it may be circulated, quoted, copied or otherwise reproduced without the written approval of Frost & Sullivan.
    • Today’s Presenter Nikhil Jain, Senior Research Analyst Frost & Sullivan Follow me on: @njain109 2 • Over 3 years of expertise in strategy consulting and market research in the mechanical test market with a specific focus on the nondestructive testing (NDT) industry. • Worked on market expansion, market penetration, growth opportunity assessment and acquisition consulting projects in the NDT industry. • Some of the recent market research covers various facets of the NDT industry such as emerging growth markets for NDT inspection services, analysis of the global ultrasonic NDT equipment market, analysis of the global NDT equipment market and analysis of the global NDT training services market. http://www.linkedin.com/pub/nikhil-jain/2a/58/577
    • Agenda • NDT Industry Overview • NDT Inspection Services Market • Market Opportunity—Growth Regions • Market Opportunity—Oil and Gas Industry • Market Opportunity—Canadian Oil Sands 3 • Market Opportunity—Canadian Oil Sands • Market Opportunity—US Shale Oil and Gas • Market Opportunity—Middle East Oil and Gas • Key Strategic Conclusions
    • NDT Industry Overview NDT Equipment Manufacturers Revenue (2013) - $1,500 M Distributors and Local Representatives NDT Training Institutes Revenue (2013) - $250 M Develop products and provide after-sales support Sell products and in a few cases after-sales support $9,6500M $7,900M $1,500M $250M 4 Source: Frost & Sullivan analysis. NDT Inspection Service Providers Revenue (2013) - $7,900 M End-user Industries Provide third-party inspection services Perform in-house inspection or outsource inspection needs to the NDT inspection service providers Note: Revenue estimates are approximations $7,900M The NDT inspection services market is approximately 5 times larger than the NDT equipment market
    • NDT Inspection Services Market Snapshot $ 7,900 million $ 11,700 million NDT Inspection Services Market OPEX (Operational Expenditure) CAPEX (Capital Expenditure) Recurring Revenue for Service Providers Not impacted by economic downturn or crisis High risk high revenue market Dependent on the investment from end user industries in new projects 5 Corrosion Issues with Aging Infrastructure Need to Run Assets at Higher Capacities Training Technicians Lack of Skilled Technicians Drivers Restraints Government Safety Regulations High Oil and Gas Prices European economic crisis and civil unrest in MENA 2013 2018 crisis Revenue growth relatively lower when compared with CAPEX Barriers to entry high as there are rolling contracts and growth opportunities limited user industries in new projects Severely affected by an economic uncertainty Barriers to entry low with a new company able to penetrate this segment relatively easily Source: Frost & Sullivan
    • Market Opportunity—Growth Regions Oil and Gas industry the biggest driver for NDT inspection services with emerging producers such as Canada, Indonesia, and Australia offering growth opportunities North America Asia Pacific Europe 2013 2018 CAGR (2010-2020): 4.5% 6 Source: Frost & Sullivan 2013 2018 CAGR (2013-2018): 8% Latin America 2013 2018 CAGR (2013-2018): 5.5% 2013 Revenue Growth Rate– 15-20% 2013 Revenue Growth Rate– 10-15% Middle East & Africa 20182013 CAGR (2013-2018): 13% 2013 2018 CAGR (2013-2018): 8.5%
    • Market Opportunity—Oil and Gas Industry This industry accounting for more than 60% of the total market is the biggest driver for the NDT inspection services market Exploration and production Processing and transportation (Gas) Refining Downstream pipeline and International Oil Company National Oil Company Independent Operators Chemicals/ fertilizers/gas to 7 production (Gas) Transportation (Oil) Refining pipeline and storage OFSE/ E&P Providers Rig Providers Pipeline Operators Refineries fertilizers/gas to liquids Chemical Producers Gas processing NDT Inspection Services Pipeline Operators Pipeline Owners Source: Frost & Sullivan analysis. Upstream Midstream Downstream Midstream Downstream
    • Market Opportunity—Oil and Gas Industry This industry accounting for more than 60% of the total market is the biggest driver for the NDT inspection services market The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Shale Oil and Gas—The New American Petroleum Boom • Focus Regions—Alberta and Saskatchewan • Focus Industry Segments— • Focus Regions—Bakken Shale in North Dakota, Eagle Ford Shale in South Texas, Permian • Focus Regions—Saudi Arabia, United Arab Emirates, Oman and Kuwait Growth Industry—Oil and Gas 8 • Focus Industry Segments— upstream and midstream • Market Size—$800 M in 2013 • Competition—Acuren, IRISNDT, Applus RTD and Mistras Basin in West Texas • Focus Industry Segments— upstream and midstream • Market Size—$2,200 M in 2013 • Competition—Acuren, Mistras, TEAM, Tuboscope and Inspection Oilfield Services • Focus Industry Segments— upstream and midstream • Market Size—$500 M in 2013 • Competition—NDTCCS, AMSYCO, SGS, Oceaneering, INSPEC (Intertek), Emirates Industrial Laboratory, Sievert (Bureau Veritas) Source: Frost & Sullivan analysis.
    • Poll Question #1 Which on of these emerging growth markets are you, as a company, looking to enter or further invest in? • North America • Middle East 9 • Africa • South East Asia • Australia
    • Market Opportunity—Canadian Oil Sands Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Athabasca Peace River Fort McMurray 10 Cold Lake 168.7thousand million barrels Proven Oil Reserves (2012) Source: BP Statistical Review of World Energy 2013, Frost & Sullivan analysis.
    • Market Opportunity—Canadian Oil Sands Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Oil Production: Conventional Vs. Oil Sands, Canada, 2005-2030 Actuals Forecast 11 Approximately 45% increase in production from oil sands deposits between 2012 and 2017. And, 80% increase from 2012 to 2020. Source: Canadian Association of Petroleum Producers (CAPP), Frost & Sullivan Analysis
    • Market Opportunity—Canadian Oil and Gas NDT Inspection Services Market Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Revenue $800 M Potential Revenue $1,300 M $33.5 Billion$32.0 Billion Oil Sands E&P CAPEX, Canada $4.5 Billion $2.0 Billion Pipeline CAPEX, Canada $27.2 Billion $1.9 Billion 12 CAGR Note: All figures are rounded. The base year is 2013. Source: Frost & Sullivan analysis. Stable IncreasingDecreasing Number of Competitors 150-170 (2018) 10.2 % (2013) (2013) (2013-2018) 2013 2014 Source: Oil and Gas Journal, Frost & Sullivan Analysis 2013 2014 Revenue greater than $40 M 3-5 participants Revenue between $15 M and $40 M Revenue in the range $1 M - $15 M 7-10 participants 120-140 participants 2012 2012
    • Market Opportunity—Shale Oil and Gas Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Key Shale Plays Accounting for Oil and Gas Production Growth, USA 13 Oil Rich shale plays Gas Rich shale plays Bakken and Eagle Ford plays account for about two-thirds of oil production growth Marcellus play accounts for about three-quarters of natural gas production growth Source: EIA, Frost & Sullivan Analysis
    • Market Opportunity—Shale Oil and Gas Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect 14 Source: EIA, Frost & Sullivan Analysis
    • Market Opportunity—Shale Oil and Gas Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect rynaturalgasproduction(trillioncubicfeet) ProjectionsHistory 2012 rynaturalgasproduction(billioncubicfeetperday) Dry natural gas production, US, 1990-2040 15 Source: EIA, Frost & Sullivan Analysis Drynaturalgasproduction(trillioncubicfeet) Associated with oil Coalbed methane Tight gas Shale gas Alaska Non-associated offshore Non-associated onshore Drynaturalgasproduction(billioncubicfeetperday)
    • Market Opportunity—Shale Oil and Gas Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Crude oil production, USA, 1990-2040 Tight oil ProjectionsHistory 2012 U.S. maximum production level of 9.6 million barrels per day in 1970 Tight oil 16 Source: EIA, Frost & Sullivan Analysis Tight oil Alaska Other lower 48 onshore Lower 48 offshore Tight oil Alaska Other lower 48 onshore Lower 48 offshore
    • Market Opportunity—Shale Oil and Gas Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Increasing Shale Oil and Gas Production Driving Mergers and Acquisitions in the NDT Inspection Services Market Date Buyer Seller February 2012 Pine Tree Equity Central NDT 17 Source: Frost & Sullivan Analysis March 2012 Inspection Oilfield Services (IOS) Castronics, LLC September 2012 Desert NDT Midwest Inspection Services L.P October 2012 Professional Services Industries Inc (PSI) Hi-Tech Testing October 2012 Inspection Oilfield Services (IOS) Permian NDT, Inc February 2013 Desert NDT T&K Inspection Inc
    • Market Opportunity—US Oil and Gas NDT Inspection Services Market Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Revenue $2,200 M Potential Revenue $3,500 M $299.4 Billion$273.8 Billion E&P CAPEX, USA $25.0 Billion $12.9 Billion Pipeline CAPEX, USA $286.5 Billion $6.6 Billion 18 Source: Frost & Sullivan Analysis CAGR Note: All figures are rounded. The base year is 2013. Source: Frost & Sullivan analysis. Stable IncreasingDecreasing Number of Competitors 450-500 (2018) 9.7 % (2013) (2013) (2013-2018) Source: Oil and Gas Journal, Frost & Sullivan Analysis Revenue greater than $40 M 30-40 participants Revenue between $15 M and $40 M Revenue in the range $1 M - $15 M 100-120 participants 270-300 participants 2013 2014 2013 20142012 2012
    • Market Opportunity—Middle East Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Iraq Significant number of new projects announced which are expected to provide immense growth opportunities. Kuwait High growth potential market with high investments but corruption a major 19 investments but corruption a major hurdle to growth Oman Oil and gas reserves depleting with the power generation industry expected to drive growth in the NDT inspection services market Saudi Arabia The country is witnessing significant investment in new oil and gas infrastructure projects but there are a number of challenges for overseas companies to establish UAE The country was a late entrant in oil and gas industry but is already leading some other Middle Eastern countries in terms of investment. Source: Frost & Sullivan Analysis
    • Market Opportunity—Middle East Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Oil Country Proven Reserves (Thousand million barrels) Production (Thousand barrels/day) R/P ratio (Years) Saudi Arabia 265.4 11,160.60 65.2 Iraq 143.1 2,798.10 140.1 Gas Country Proven Reserves (Billion Cubic Meters) Production (Billion Cubic Meters) R/P Ratio Qatar 25,047.1 146.8 170.6 Saudi Arabia 8,150.2 99.2 82.2 20 Iraq 143.1 2,798.10 140.1 Kuwait 101.5 2,865.40 97 UAE 97.8 3,322.10 80.7 Libya 47.1 479 269.4 Qatar 24.7 1,722.60 39.3 Oman 5.5 891 16.9 Yemen 2.7 228.4 32 Bahrain 0.11 47.4 6.2 Jordan 0.001 20 0.1 Note: Reserves-to-production (R/P) ratio - the reserves remaining at the end of any year divided by the production in that year Saudi Arabia 8,150.2 99.2 82.2 UAE 6,089.9 51.7 117.8 Iraq 3,587.7 1.9 1,939.30 Kuwait 1,784.0 13 137.8 Libya 1,495.0 4.1 364.6 Oman 950.0 26.5 35.8 Yemen 479.0 9.4 51 Bahrain 347.7 13 26.8 Jordan 6.0 0.2 27.4
    • Market Opportunity—Middle East Oil and Gas NDT Inspection Services Market Shale Oil and Gas—The New American Petroleum Boom The “Royal” Middle Eastern Oil and Gas Supply Canadian Oil Sands—The “Harper” Effect Revenue $500 M Potential Revenue $985 M $39.8 Billion $34.8 Billion E&P CAPEX, Middle East 959 miles Pipeline Construction, Middle East $27.9 Billion 0 miles 21 CAGR Note: All figures are rounded. The base year is 2013. Source: Frost & Sullivan analysis. Stable IncreasingDecreasing Number of Competitors 160-190 (2018) 14.5 % (2013) (2013) (2013-2018) Revenue greater than $15 M 5-8 participants Revenue between $5 M and $15 M Revenue in the range $1 M - $5 M 15-20 participants 80-100 participants 2013 2014 2013 2012 2012 miles Source: Barclays Research, Frost & Sullivan Analysis Note: Pipelines planned to be completed
    • 1 North America, the Middle East Africa and South East Asia are driving growth in the NDT industry Strategic Conclusions 2 The Canadian oil sands and the US shale oil and gas boom has provided significant growth opportunities for the NDT industry in North America 22 2 growth opportunities for the NDT industry in North America 3 Significant challenges for overseas companies wanting to invest in the Middle East NDT market
    • Frost & Sullivan’s NDT Market Coverage The list of recently published deliverables in the NDT market are provided below. • World Nondestructive Test Inspection Services Market • Analysis of the Global Nondestructive Test Equipment Market • The Nondestructive Testing (NDT) Industry Survey • Analysis of the Industrial Digital X-ray Inspection Systems Market • Industrial X-ray Film Market • Emerging Growth Markets for NDT Inspection Services • Analysis of the NDT Software Market 23 • Analysis of the NDT Software Market The list of upcoming deliverables that are to be published in 2014 is provided below. • Beyond BRIC: Strategic Analysis of the MENA NDT Inspection Services Market • Analysis of the Global NDT Training Services Market • Alternative Energy and NDT: Impact of Shale Gas and Oil Sands on the NDT Inspection Services Market • Corrosion Inspection and Monitoring Equipment Market • European NDT Industry: A Review of the Offshore Inspection Market • Emerging Geographic Growth Markets for NDT Equipment
    • Next Steps Develop Your Visionary and Innovative Skills Growth Partnership Service Share your growth thought leadership and ideas or join our GIL Global Community 24 Join our GIL Community Newsletter Keep abreast of innovative growth opportunities Phone: 1-877-GOFROST (463-7678) Email: myfrost@frost.com
    • Your Feedback is Important to Us Growth Forecasts? Competitive Structure? What would you like to see from Frost & Sullivan? 25 Emerging Trends? Strategic Recommendations? Other? Please inform us by “Rating” this presentation.
    • Follow Frost & Sullivan on Facebook, LinkedIn, SlideShare, and Twitter http://www.facebook.com/FrostandSullivan http://www.linkedin.com/companies/4506 26 http://twitter.com/frost_sullivan http://www.linkedin.com/companies/4506 http://www.slideshare.net/FrostandSullivan
    • For Additional Information Jeannette Garcia Corporate Communications Measurement and Instrumentation +1 (210) 477-8427 Jeannette.garcia@frost.com Nikhil Jain Senior Research Analyst Measurement and Instrumentation +91 (44) 6681 4013 NikhilJ@frost.com 27 Vijay Mathew Program Manager Measurement and Instrumentation +91 (44) 6681 4014 Vijay.mathew@frost.com Derek Seckinger Director Strategic Accounts Measurement and Instrumentation +1 (210) 348-1000 Derek.seckinger@frost.com