By Technique( Visual Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Ultrasonic Testing, Radiographic Testing, Acoustic Emission Testing, Other), By Method ( Visual Inspection, Surface Inspection, Volumetric Inspection, Other), By Service ( Inspection Services, Equipment Rental Services, Training Services, Calibration Services), By Vertical ( Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Non-destructive testing and inspection market is expected to reach USD 20.26 billion by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 8.45%. The high adoption of IoT devices and rising need to assess the health of aging assets also propel the growth of the NDT Market and inspection market.
The key factor which driving the market in the forecasted period is a technological improvement in non-destructive testing. In addition, the growing industrialization and urbanization trend and the fast IoT deployment fuel demand. The increasing complexity of NDT systems, however, will impede market growth. Nonetheless, potential convergence of new technologies will expand the demand in the coming years.
Non-destructive testing equipment are equipment used to analyze, measure and track various materials, components and assemblies ' properties The products under review are not modified or harmed by this unit. The properties of materials and buildings are determined based on ductility, tensile strength, impact resistance, tightness of the fracture and fatigue strength. They are used. Non- destructive test equipment maintains a consistent level of quality and reduces production costs.
Non-destructive testing and inspection market Scope and Market Size
Non-destructive testing and inspection market has been segmented on the basis of technique, method, service, and vertical.
- On the basis of technique, the Non-destructive testing and inspection market is segmented into Visual Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Ultrasonic Testing, Radiographic Testing, Acoustic Emission Testing, Other. Ultrasonic testing technique is expected to grow at the largest share in the forecasted period. To critical applications in the aerospace and oil & gas industry, certain specialized strategies such as ultrasonic immersion testing and guided-wave ultrasonic testing, are advance technique.
- Based on method, Non-destructive testing and inspection market is segmented into Visual Inspection, Surface Inspection, Volumetric Inspection, Other.
- Basis of service, the Non-destructive testing and inspection market is segmented into inspection services, equipment rental services, training services, and calibration services. In the forecast period, inspection services are expected to signify the largest market share. The main aim of NDT techniques is to examine defects throughout objects, products, equipment and frameworks in a timely and cost-efficient manner.
- On the basis of vertical the non-destructive testing and inspection market is segmented into manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, others.
Country Level Analysis of Non-destructive testing and inspection market
- On the basis of region, the Non-destructive testing and inspection market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- Asia Pacific, as a consequence of its rapid infrastructural growth and its integration of manufacturing industries, is expected drive Non-destructive testing and inspection market in countries such as India and China. Asia Pacific countries are involved in the manufacture of military aircraft, which are expected to increase the market for NDT and security & aerospace equipment and services. Many projects are under construction in the region and are scheduled to be built during the forecast period.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In January 2020, Scottish-startup Novosound is ready for the launch of its first lightweight thin-film ultrasound sensor for the inspection of curved surfaces after securing an investment for its development. The flexible, 0.25mm-thick and adaptable phase array with different lengths and forms is connected to standard non-destroying hardware scanners and imaging devices. With this launch the company trying to explore an opportunities in the non-destructive testing and inspection market.
- In June 2019, Testia has launched latest version of its ultrasonic, resonant and eddy current control (RUT) non-destructive Smart UE1. This wireless device of 2 kg performs all features and enables NDT investigators to switch into one device with all their devices. The Smart UE1 provides three broad tests of five modules to identify different types of indications such as delamina.
Competitive Analysis and Non-destructive testing and inspection market Share Analysis:
Non-destructive testing and inspection market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of non-destructive testing and inspection market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Non-destructive testing and inspection market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Non-destructive testing and inspection market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the non-destructive testing and inspection market are GENERAL ELECTRIC, MISTRAS Group, Inc., Olympus Corporation, Ashtead Technology Ltd, Nikon Corporation, Magnaflux, Zetec, Inc, Eddyfi, YXLON International, Sonatest, Bosello High Technology srl, Labquip NDT, Zoom Information, Inc., FPrimeC Solutions Inc.., LynX Inspection, DEFELSKO CORPORATION., and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved