By Daniel Webster, dWeb.News Publisher
DUBLIN–(BUSINESS WIRE)–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.
Non-invasive methods of measurement are drawn from many fields, including engineering, medicine and sonar. From simple visual inspection to more advanced techniques like Barkhausen noise measurement and positron destruction, NDT methods can be used. Radiography, magnetic particle inspection and penetrant inspection are all popular methods.
Visual Inspection Testing, (VT) is one of the segments that was analyzed. It is expected to grow at 6.7% CAGR and reach US$2 billion by the end. After an in-depth analysis of the economic consequences of the pandemic, the growth of the Magnetic Particle Testing and Electromagnetic Testing segments is adjusted to a 6.7% CAGR over the next seven years. This segment currently accounts for a 16.6% share of the global Non-Destructive Test (NDT) Services market.
Industries must adhere to stringent product usage guidelines, strict government safety regulations that mandate safety of employees and workplaces where a variety of physical assets are being used. These strict quality control requirements will drive long-term demand for NDT services.
Market growth is also affected by the increasing complexity of products and processes that need continuous inspection and testing. The market is also attracted by the challenges and issues that in-house NDT departments face. Enterprises are more likely to use third-party NDT services because of high up-front equipment costs, shortage of trained personnel, insufficient training facilities, operator safety concerns, pollution, and other issues.
Recent technological advances such as the introduction of automated NDT equipment and the emergence of user-friendly technology, which have been made possible by software developments as well as the introduction of a wide range of non-destructive technologies, have also helped to boost market prospects for NDT service providers.
Although radiography, ultrasonic, and eddy-current testing are the most popular NDT methods, they will continue to be very successful in the future. However, new technologies like X-Ray computedtomography, phased-array ultrasonic, and computed radiography will gain prominence.
Remote vision inspection is also getting a lot of attention. The aerospace industry in particular mandates the use of NDT services for a variety of applications. NDT is becoming an integral part in asset management, integrity solutions, and decision-making tools due to advances in sensors, automation, and semiconductor technology. The development of nanomaterials and advanced component manufacturing will drive NDT services for testing these materials and any structures made using them.
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.
Canada and Japan are two other notable geographic markets that are expected to grow at 4.3% & 5.9%, respectively, over the analysis period. Germany will grow at 5.1% CAGR in Europe while the Rest of Europe market (as defined by the study) will reach US$1.8 billion by the end of the analysis period.
II. EXECUTIVE 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
Oil & Gas
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)
Bureau Veritas SA
Intertek Group Plc
MISTRAS Group, Inc.
Nikon Metrology NV
TUV Rheinland AG
YXLON International GmbH
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
For more information about this report visit https://www.researchandmarkets.com/r/494sc
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