Nondestructive testing (NDT) market is expected to foresee significant growth opportunities during the forecast period, i.e., 2020 to 2026. The NDT market is expected to witness the compound annual growth rate (CAGR) of 9.8% from 2020 to 2026. NDT refers to the method of examining materials/components to detect the defects/discontinuities in the component or material to avoid equipment failure. Increase in stringent government regulations across different geographical regions due to an increase in the incidence of infrastructure failures need for extending the life of obsolete infrastructure, and maintenance optimization by several industry verticals for effective operations & quality/safety assurance are some of the supporting aspects boosting the market growth of NDT.
The demands in the Nondestructive Testing (NDT) market are driven by factors like strict product usage specifications, quality control requirements, and government safety regulations. The governments of different countries have taken initiatives to avoid untoward incidents that have occurred in the past, such as leakages in nuclear reactors, pipeline explosions, and refinery blasts. The U.S. government has made it mandatory for manufacturers of non-destructive testing equipment to regularly engage in inspection activities. The European Committee for Standardization (CEN) is the recognized European organization for the planning, drafting, and adoption of European Standards in all areas of economic activity, except for electro-technology and telecommunication.
The lack of skilled technicians is the major restraint for the NDT equipment market. Most technicians required for the inspection process are only certified and do not possess the essential skills to perform the inspection at satisfactory levels of quality. In addition, most training institutes are not updated with the latest equipment, and technicians are trained on outdated equipment that has been phased out of the market. This is a major hindrance to the growth of NDT since it restricts the adoption of advanced products and technologies.
The Nondestructive Testing (NDT) market is classified on the basis of the NDT testing method into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Based on nondestructive examination (NDE) techniques, it is categorized into the volumetric examination, surface examination, and others. It is classified on the basis of industry vertical into oil & gas, energy & power, aerospace & defense, automotive & transportation, infrastructure, and others. Among the industry verticals, energy & power was the foremost industry in 2018, owing to the growth in the number of power plants and equipment involved in the same. In the same year, the oil and gas industry contributed a significant revenue share in the overall market. However, the market in Asia-Pacific is anticipated to exhibit the highest growth. Geographically, the Nondestructive Testing (NDT) market is analyzed across North America, Europe, Asia-Pacific and Rest of the World (RoW). The country-wise analysis has been also covered under the scope of the report. North America is bifurcated into the U.S., Canada, and Mexico, while Europe covers the UK, Germany, France, Spain, Russia, Italy, and the Rest of Europe. China, Japan, Singapore, Australia, India, South Korea, and Rest of Asia-Pacific have been analyzed under the Asia-Pacific market. The rest of the world (RoW) includes Central & South America, the Middle East, and Africa.
The scope of the global Nondestructive Testing (NDT) market report covers an in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. The market has been analyzed both from demand as well as supply-side to come to an accurate scenario. Products across application and application across geographies have been mapped to provide you a precise competitive scenario to have a leading edge in the market.
The Nondestructive Testing (NDT) market displays a fair degree of consolidation, with the top five industry participants occupying a significant market share. General Electric was the leading industry player, accounting for over a major share of the overall industry. Other key players in the industry include Olympus Corporation, Zetec Inc., Sonatest, and others.