Dublin, Nov. 24, 2021 (GLOBE NEWSWIRE) -- The "Non-Destructive Test (NDT) Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Non-Destructive Test (NDT) Services Market to Reach $12.6 Billion by 2026
Global market for Non-Destructive Test (NDT) Services estimated at US$8.6 Billion in the year 2020, is projected to reach a revised size of US$12.6 Billion by 2025, growing at a CAGR of 6.6% over the analysis period.
NDT methods are non-invasive techniques of measurement drawn from diverse fields such as engineering, medicine, radar, sonar, and geographical prospecting. NDT methods range from simple visual inspection techniques to advanced and specialized techniques such as positron annihilation and Barkhausen noise measurement. Other prominent methods include radiography, magnetic particle inspection, penetrant inspection, laser holography, eddy current testing, and ultrasonic testing.
Visual Inspection Testing (VT), one of the segments analyzed in the report, is projected to grow at a 6.7% CAGR to reach US$2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Magnetic Particle Testing (MPT) & Electromagnetic Testing segment is readjusted to a revised 6.7% CAGR for the next 7-year period. This segment currently accounts for a 16.6% share of the global Non-Destructive Test (NDT) Services market.
Stringent product usage specifications that industries have to adhere to, strong government safety regulations mandating safety of personnel and workplace where a range of physical assets are used, and tight quality control requirements that govern industries especially are expected to drive long term demand for NDT services.
Furthermore, growing complexity of processes and products that require continuous inspection and testing has a bearing on market growth. At the same time, issues and challenges associated with in-house NDT departments also favor the market. High up-front costs of equipment, shortage of trained personnel, lack of full-scale training facilities for advanced equipment, and pollution and operator safety concerns are some of the issues that encourage enterprises to prefer third party NDT services.
Technological advancements such as introduction of automated NDT equipment, emergence of user-friendly equipment, made possible by developments in software as well as introduction of a slew of novel non-destructive technologies have also been boosting market prospects for NDT services in recent years.
While ultrasonic, radiography and eddy-current testing have been the traditional NDT techniques that have achieved tremendous success over the years, new technologies such as X-Ray computed tomography, phased array ultrasonic and computed radiography are expected to grow in prominence in the upcoming years.
Remote visual inspection is also achieving considerable attention, with aerospace sector especially mandating use of the NDT service for range of applications. Advancements in sensors, automation and semiconductor technologies are also helping transform NDT as an integral part of integrity solution, asset management and decision making tools.
Developments in nanomaterials and advanced components and use of same for manufacturing a range of structure components will also help drive demand for NDT services to test these materials and structures developed using these materials.
The U.S. Market is Estimated at $3.3 Billion in 2021, While China is Forecast to Reach $1.6 Billion by 2026
The Non-Destructive Test (NDT) Services market in the U.S. is estimated at US$3.3 Billion in the year 2021. The country currently accounts for a 37.44% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 9.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the close of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- Impact of COVID-19 Pandemic: Key End-Use Industries of NDT Services Confronting Challenging Times
- Construction Industry
- Oil & Gas
- Automotive Industry
- Energy and Power
- An Introduction to Non-Destructive Testing (NDT) Services
- NDT Services: Current Market Scenario and Outlook
- Recent Market Activity
- Ultrasonic Technique (UT): Largest Category by Technique
- Magnetic Particle Inspection (MPI) Widens Business Prospects
- Radiographic Testing (RT) Accelerates Market Expansion
- Visual Inspection Testing (VT) Exhibits Faster Growth
- Eddy Current Testing Holds Immense Potential
- While Developed Regions Remain Primary Revenue Contributors, Developing Regions Exhibit Faster Growth
2. FOCUS ON SELECT PLAYERS (Total 141 Featured)
- ALS Limited
- Applus+
- Bureau Veritas SA
- Dekra SE
- Intertek Group Plc
- MISTRAS Group, Inc.
- NDT Global
- Nikon Metrology NV
- NVI, LLC
- SGS SA
- TEAM, Inc.
- TUV Rheinland AG
- YXLON International GmbH
- Zetec, Inc.
3. MARKET TRENDS & DRIVERS
- Manufacturing Sector: Dominant Consumer of NDT Services
- Oil & Gas Enterprises Leverage NDT to Deal with Challenging Environment and Stringent Standards
- A Snapshot of Select NDT Applications in Oil & Gas Upstream, Midstream & Downstream Facilities
- NDT Gains Traction in Detecting Imperfections in Aerospace Materials
- Select Applications of NDT in Aerospace Sector: A Snapshot
- Aging Aircraft Widen Addressable Market for Aerospace NDT Services
- COVID-19 Negatively Impacts NDT Demand in Aerospace Sector
- Defense Aerospace Presents Steady Growth Prospects
- NDT Comes to the Fore to Ensure Safety of Power Generation Facilities
- Non-Destructive Testing for Safety of Critical Nuclear Installations
- Inspection in Fossil Fuel Power Infrastructures
- Growing Focus on Renewable Energy Augurs Well
- Established Use Case in Automotive Sector to Augment Future Prospects
- Automotive OEMs Rely on NDT to Drive Manufacturing Quality & Uptime
- Railway Industry Remains a Niche Market
- NDT in the Era of Industry 4.0
- Machine Learning & AI Step In to Bring Broad-based Modifications to NDT
- Technological Advances and Automated NDT Tools Widen Scope & Span of NDT Services Market
- Issues & Challenges
- Need to Comply with Regulations & Standards Steers Adoption of NDT Services
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/k9jq4e
