Chicago, June 24, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ research report, the "NDT and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025", market size is projected to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025, growing at a CAGR of 7.0%. Increased demand for assessment of health of aging assets and high adoption of IoT devices are some of the major factors contributing to the growth of NDT and inspection market. Moreover, stringent government regulations regarding public safety and product quality and large-scale infrastructural developments in APAC, Europe and Latin America are also contributing to the market growth.
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Eddy-current testing technique to register higher CAGR during forecast period
The market for eddy-current testing technique is expected to witness high growth during the forecast period from 2020 to 2025. This technique is used to measure or identify the surface and alloy content, subsurface cracks, conductivity, heat treatment variations, crack depth, coating thickness, and permeability. This technique is mainly used in the aerospace and manufacturing verticals and service environments for safety inspection or identifying issues related to quality. The eddy-current testing technique is used to check surface-breaking cracks on metals and inspect discontinuities in metal tubes.
Volumetric inspection to hold the largest share of the NDT and inspection market in 2019
Volumetric inspection evaluates the stability of a component by identifying surface and embedded defects. Ultrasonic testing, radiographic testing, and acoustic emission testing techniques are some of the commonly used techniques in volumetric inspection to scrutinize a large range of components made from a wide variety of materials. Volumetric inspection can be instrumental in identifying defects that cannot be observed by visual inspection. For instance, welding processes can cause internal defects that cannot be observed by the visual inspection. Such defects can not only reduce the strength of the weld but also can lead to fatigue cracks or corrosion.
Browse in-depth TOC on “NDT and Inspection Market”
174 - Tables
60 - Figures
270 - Pages
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Major Key players of NDT and Inspection
- General Electric (US),
- MISTRAS Group (US),
- Olympus Corporation (Japan),
- Ashtead Technology (Scotland),
- Nikon Metrology (Belgium),
- SGS S.A. (Switzerland),
- Magnaflux Corporation (US),
- Zetec Inc. (US),
- Eddyfi (Canada), and
- YXLON International GmbH (Germany)
NDT and Inspection Market in APAC to grow at the highest CAGR during forecast period
Rapid infrastructural development and growing automation in manufacturing industries in countries such as India and China are some of the major factors driving the market in Asia Pacific. Countries in Asia Pacific are involved in the manufacturing of defense aircrafts, which is expected to increase the demand for NDT and inspection equipment and services in the defense & aerospace industry. Moreover, the growing number of infrastructural development projects in the region are also expected to drive the market growth.
General Electric (US), MISTRAS Group (US), Olympus Corporation (Japan), Ashtead Technology (Scotland), Nikon Metrology (Belgium), SGS S.A. (Switzerland), Magnaflux Corporation (US), Zetec Inc. (US), Eddyfi (Canada), and YXLON International GmbH (Germany) are the key players in the market.
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