The Worldwide Non-Destructive Testing (NDT) Industry is Expected to Reach $24+ Billion by 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Non-Destructive Testing (NDT) Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global non-destructive testing (NDT) market is evaluated at US$14.445 billion for the year 2019 and is estimated to grow at a CAGR of 7.93% reaching the market size of US$24.639 billion by the year 2026.

Companies Mentioned

• Olympus Corporation
• GE Measurement & Control Solutions
• Yxlon International Gmbh (Comet Holding Ag)
• Team Inc
• Applus Services
• Mistras Group, Inc.
• SGS Group
• Fujifilm Corporation
• Bureau Veritas S.A.
• Nikon Metrology NV

Non-destructive testing is a wide group of techniques used for the analysis in science and technology while minimizing the damage caused to any component, material, or system.

Escalating costs of machine failures in several end-use industries is the key driver of this market. The rising complexity of machines and equipment, stringent government regulations regarding workers' safety, tight quality control requirements, and strict product usage specifications are other important factors augmenting the demand for NDT equipment in various industries across the globe. By test method, visual inspection testing is the major contributor to this market as it is the most common process of detecting faults in different components of the machine or equipment. By end-user industry, power generation is expected to gain the fastest growth owing to a rising number of nuclear power plants and the subsequent increase in the demand for complex machines and equipment in those plants. Mushrooming demand for automation by various industry verticals is expected to drive the demand for NDT equipment in the near future. Furthermore, technological advancements leading to the miniaturization of test equipment will propel the market growth during the forecast period.

According to the British Institute of Non-Destructive Testing, every day, more than 25,000 inspections are carried out in factories and on-site in the UK to detect defects and damage in a huge range of products, plants, and structures; it is estimated that more than 120,000 inspectors are operating worldwide. Moreover, several governmental agencies and regional bodies, like the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), have been instituted across the world to take stringent measures for assuring the safety of instruments and overseeing engineering services testing. This is important for gaining clearances and certificates from concerned authorities. This creates a positive impact on the NDT market globally. However, the lack of skilled professionals and high equipment cost coupled with significant maintenance cost is restraining the market during the forecast period.

With the increase in automation in the industrial manufacturing and infrastructure sectors, there has been a substantial hike in the demand for flaw detection related to cracks, porosity, manufacturing disorders, and so on. Therefore, adherence to industrial safety norms is a significant factor behind the growth of the NDT market.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Non-destructive testing (NDT) market Analysis, by Test method

5.1. Introduction

5.2. Magnetic Particle

5.3. Liquid Penetrant

5.4. Radiographic

5.5. Ultrasonic

5.6. Electromagnetic

5.7. Visual

5.8. Others

6. Non-destructive testing (NDT) market Analysis, by Industry vertical

6.1. Introduction

6.2. Manufacturing

6.3. Oil And Gas

6.4. Aerospace

6.5. Automotive

6.6. Energy And Power

6.7. Others

7. Non-destructive testing (NDT) market Analysis, by Geography

7.1. Introduction

7.2. North America

7.2.1. USA

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Others

7.4. Europe

7.4.1. Germany

7.4.2. France

7.4.3. UK

7.4.4. Others

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. UAE

7.5.3. Others

7.6. Asia Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Others

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/5dymu9