The global non-destructive testing market size is projected to reach USD 13.30 billion by the end of 2027. The presence of several large scale companies in this market will emerge in favour of the growth. According to a report published by Fortune Business Insights, titled “Non-Destructive Testing (NDT) Market Size, Share & COVID-19 Impact Analysis, By Technique (Ultrasonic Testing, Visual Inspection Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, and Acoustic Emission Testing) By Method (Visual Inspection, Surface Inspection, Volumetric Inspection, and Others), By Service (Ultrasonic Inspection, Equipment Rental Services, Calibration Services, and Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others)and Regional Forecast, 2020-2027,” the market was worth USD 8.42 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.
Non-destructive testing is an advanced method that is primarily used to detect and evaluate several defects in materials that are used in aerospace industry. This method is essentially used for design and development of several equipment that are used for several purposes in the aerospace industry. The rise of the aerospace industry in the past few years has created several growth opportunities for the companies operating in the global NDT market. The increasing investments in the research and development of efficient products will bode well for the growth of the market in the coming years. Subsequently, the presence of several large scale companies will provide impetus to the growth of the market in the coming years.
Restrictions on Air-travels will have a Slight Adverse Impact on NDT Manufacturers
The recent coronavirus outbreak has created a sense of panic across the world. Due to the rapid spread of the disease, governments across the world are taking strict measures to control the spread of the disease. These measures have subsequently affected several businesses across the world. Due to lockdown, manufacturers in this sector seem to have taken a huge hit in the past few months. Additionally, the risks associated with international travel have compelled governments to ban flights and other modes of travel overseas. Thus, the efforts taken to curb the spread of the disease will ultimately affect the growth of the overall NDT market in the immediate future.
North America to Emerge Dominant; Increasing Demand for Advanced Testing Material to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for advanced testing material in several countries across this region will create several growth opportunities for the companies operating in this region. Subsequently, the presence of several large scale companies in the United States will have a huge impact on the growth of the regional market. Companies such as Magnaflex Corporation and Acuren Inspection have invested huge capital in the development of technologically advanced non-destructive testing equipment. As of 2019, the market in North America was worth USD 3.09 billion and this value is projected to increase further in the coming years.
Increasing Number of Product Launches will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the rising demand for the product across the world and the degree of safety and security involved with it, technological intervention has been maximized in recent years. The presence of several large scale companies involved in the development of efficient products by investing more in the technological intervention will have a positive impact on the growth of the overall market in the coming years. In January 2020, Novosound announced the launch of a new ultrasound sensor tool that is used for inspecting curved surfaces. The Scotland-based company announced that the product is and advanced thin-fil that is flexible in nature. The company is said to have invested around $4.3 million in this product. Novosound’s latest product is an example of rapid technological advancement as well as integration in this sector in recent years.
Acuren Inspection Inc. (The U.S.)
Ashtead Technology (The U.K.)
Bosello High Technology Srl (Italy)
Cygnus Instruments Ltd (The U.K.)
Fischer Technology Inc. (The U.S.)
Fprimec Solutions Inc. (Canada)
General Electric (The U.S.)
Ipromar Pte Ltd (Singapore)
Labquip NDT Limited (The U.K.)
LynX Inspection (Canada)
Magnaflux Corporation (The U.S.)
Mistras Group (The U.S.)
NDT Global GmbH & Co. Kg (The U.S.)
Nikon Metrology (Japan)
Olympus Corporation (Japan)
Sonatest Ltd. (The U.K.)
TD Williamson, Inc. (The U.S.)
YXLON International GmbH (Denmark)
June 2019: Testia announced the launch of a latest version of its ultrasonic testing device named as a smart UE1 device. This wireless device is said to offer several types of indications such as delaminations, fatigue cracks, lack of cladding, and coating measurements.
Browse a detailed summary of this 160 pages research report:
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