Global non-destructive testing and inspection market is to register a substantial CAGR of 7.70% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. The rise in the market value can be attributed to continuous technological advancement in automation, robotics and electronics.
Non-destructive testing (NDT) methods are used primarily in engineering industries to assess the various properties of equipment, structures, materials, and components without causing damage. NDT and inspection is a highly useful method for timely product fault assessment and diagnosis. It is a significant quality control instrument in the production process as it enables prevention of surface and subsurface defects in finished and WIP products.
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Segmentation: Global Non-Destructive Testing and Inspection Market
- By Technique (Ultrasonic Testing, Visual Inspection Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, Others)
- By Method (Visual Inspection, Surface Inspection, Volumetric Inspection, Other Methods),
- By Service (Inspection Services, Equipment Rental Services, Calibration Services, Training Services)
- By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Others)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Global 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.
Major Market Competitors/Players
Few of the major competitors currently working in the global non-destructive testing and inspection market are GENERAL ELECTRIC, MISTRAS Group, Inc., Olympus Corporation, Ashtead Technology Ltd, Nikon Metrology NV, Magnaflux, Zetec, Inc., Eddyfi, YXLON International, Sonatest, Fischer Measurement Technologies India Private Limited, NDT Global, FTH, LLC., Bosello High Technology srl, Labquip NDT, FPrimeC Solutions Inc., LynX Inspection, Cygnus Instruments and Acuren among others.
- Continuous technological advancement in automation, robotics, and electronics is driving the growth of the market
- Surging preference of IoT devices is helping the market to grow
- Strict regulations of government regarding the safety of instruments are flourishing the market growth
- Surging awareness regarding benefits of NDT drives the growth of the market
- High cost of equipment and its maintenance hinders the market growth
- Lack of qualified and skilled personnel is restraining the growth of the market
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
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