Meticulous Research® – leading global market research company published a research report titled “Non-Destructive Testing (NDT) Market by Solution (Instruments, Software, Testing Services), Method (Volumetric, Surface Examination), End-User (Oil & Gas, Automotive & Heavy Engineering, Aerospace & Defense, Power Generation)– Global Forecast to 2028”.
According to this latest publication from Meticulous Research, the global Non-Destructive Testing (NDT) Market is projected to reach a value of $15.07 billion by 2028, growing at a CAGR of 7.4% during the forecast period. Factors such as stringent government regulations regarding the safety of assets, rising need to assess the structural integrity of aging infrastructure, and application of advanced materials in manufacturing processes are driving the growth of the NDT market. However, the lack of proper training for NDT personnel and high cost of equipment, maintenance, and inventory are the factors hindering the growth of the NDT market to a certain extent.
The global non-destructive testing market is segmented based on solution (instruments, software, testing services, and ancillary services), method (volumetric examination, surface examination, visual examination, and others), and end user (oil & gas, automotive & heavy engineering, aerospace & defense, power generation, manufacturing, public infrastructure, medical & healthcare, and others). The study also evaluates industry competitors.
Based on solution, the non-destructive testing market is segmented into instruments, software, testing services, and ancillary services. In 2021, the testing services segment is estimated to command the largest share of the non-destructive testing market. This segment is also projected to grow at the highest CAGR during the forecast period. Factors driving the growth of this segment include the increasing demand for safety standards in industries, growing number of aging public infrastructure, and growing need to increase the efficiency of assets in various industries.
Based on end user, the non-destructive testing market is segmented into automotive & heavy engineering, aerospace & defense, power generation, manufacturing, public infrastructure, medical & healthcare, and other end users. In 2021, the oil & gas segment is estimated to command the largest share of the overall non-destructive testing market. The large share of this segment can be attributed to the increasing demand for energy; growing importance of safety, integrity, & reliability of plant & machineries; and stringent environmental protection laws. For instance, NDT in the oil & gas industry is used for the inspection of equipment, pipework, and pipelines, which carry the fuel without altering the actual structure. It is a prerequisite process for drilling, reservoir engineering, well servicing, production services, and refining & transportation of petroleum products, among others.
Based on method, the non-destructive testing market is segmented into volumetric examination, surface examination, visual examination, and others. In 2021, the volumetric examination segment is estimated to command the largest share of the NDT market. However, the visual examination segment is projected to grow at the highest CAGR during the forecast period. Factors such as the inexpensive nature of visual inspection; rising implementation of remote visual examination using drones for the inspection of inaccessible surfaces, such radioactive environment; and increasing work-in-progress inspection of products to reduce wastage are driving the growth of this segment.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (France, Germany, Spain, Italy, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Latin America, and the Middle East & Africa. In 2020, North America is projected to command the largest share of the global non-destructive testing market, followed by Asia-Pacific and Europe. Stringent government safety regulations and rapidly growing in power generation, oil & gas, and defense industries are the major drivers for the growth of this regional segment.
The key players operating in the global non-destructive testing market are Mistras Group Inc. (U.S.), Olympus Corporation (Japan), Nikon Metrology Inc. (U.S.), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Eddfyi Technologies (Canada), YXLON International GmbH (Germany), Sonatest Ltd. (U.K.), Carestream Health (U.S.), Intertek Group Plc (U.K.), and SGS SA (U.S.).
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