New Jersey, NJ, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Technological improvements in non-destructive testing and the rising rate of industrialization and urbanization are two factors which may boost market growth. The global non-destructive testing and inspection market is expected to grow from USD 9.1 Billion in 2018 to USD 19.4 Billion by 2026 at a CAGR of 9.9% during the forecast period 2019-2026, according to the new report published by Fior Markets.
Non-destructive testing equipment is defined as the equipment which is used for evaluation and inspection of various properties of materials, components, and assemblies. This equipment does not change or cause any damage to the materials that are subjected to evaluation. They are used to determine the properties of materials and constructions in terms of ductility, ultimate tensile strength, impact resistance, fracture toughness, and fatigue strength. Non-destructive testing equipment sustains a uniform quality level and lowers the cost of production.
Technological improvements in non-destructive testing is a major factor driving the market. Also, the rising rate of industrialization and urbanization and high implementation of IoT devices stimulates the demand. However, the growing complexity of NDT processes may obstruct the growth of the market. Nevertheless, forward integration with latest technologies may boost the market in forthcoming years.
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Key players in the non-destructive testing and inspection market are GE Inspection Technologies, YXLON International, Mistras, Nikon Metrology, Olympus Corporation, Eddyfi, Sonatest Ltd., Magnaflux Corporation, Zetec Inc., Ashtead Technology, T.D. Williamson Inc., Bosello High Technology srl, Fischer Technology Inc., Cygnus Instruments Ltd., NDT Global GmbH, Acuren, LynX Inspection, and among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance, in December 2017, MISTRAS Group acquired West Penn Non-Destruction Testing LLC, a provider of non-destructive testing services at its in-house facilities, for USD 74 million in cash. The acquisition enhanced MISTRAS Group capability of in-house NDT Market services, especially for the customers from the aerospace industry.
The Ultrasonic Testing (UT) segment is dominating the market with the highest market share of 29.50% in 2018
Technique segment is divided into Ultrasonic Testing (UT), Visual Inspection Testing (VT), Magnetic Particle Testing (MPT), Liquid Penetrant Testing (LPT), Eddy-Current Testing (ECT), Radiographic Testing (RT), Acoustic Emission Testing (AET) and others. The Ultrasonic Testing (UT) segment is dominating the market and valued around USD 2.68 Billion in 2018 owing to its increased use as NDT technique for testing defects and determine severity.
The volumetric inspection segment valued around USD 3.84 Billion in 2018
The method segment includes visual inspection, surface inspection, volumetric inspection and other methods. The volumetric inspection segment is dominating the market with the highest share of 42.30% in 2018 as it offers various benefits. Volumetric inspection is used to inspect the internal or volumetric integrity of welds or materials.
The inspection services segment held the market share of 40.90% in 2018
The service segment is classified into inspection services, equipment rental services, calibration services and training services. The inspection services segment is dominating the market and valued around USD 3.72 Billion in 2018. The main aim of NDT techniques is to inspect objects, materials, machinery, and structures for defects so that they can be rectified in a timely and cost-effective manner.
The manufacturing segment is dominating the market with the highest share of 28.90% in 2018
The vertical segment includes manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation and others. The manufacturing segment is dominating the market with the highest share of 28.90% in 2018. The NDT and inspection technique is broadly used in manufacturing to maintain the integrity of components produced.
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Regional Segment Analysis of the Non-Destructive Testing and Inspection Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global non-destructive testing and inspection market with USD 4.14 Billion in 2018 whereas the Asia Pacific region is growing rapidly in the market. The North America region is dominating the market due to increasing implementation of NDT techniques across numerous end-use sectors. Also, the availability of a skilled workforce and the presence of numerous NDT training institutes in the region is affecting the market share. Power generation using shale oil in the U.S. and Canada is also likely to positively impact the growth of the regional market. Asia Pacific is growing rapidly region due to the increasing infrastructural development and adoption of automation in manufacturing industries in countries such as India and China.
About the report:
The global non-destructive testing and inspection market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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