According to the new market research report on the "Non-Destructive Testing and Inspection Market
by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant,
Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method,
Service, Vertical, and Geography - Global Forecast to 2024",
The non-destructive testing and inspection market is estimated to grow
from USD 8.3 billion in 2018 to USD 12.6 billion by 2024; it is expected
to grow at a CAGR of 7.24% from 2018 to 2024. Stringent government
regulations regarding public safety and product quality, and continuous
advances in electronics, automation, and robotics are among a few major
factors driving the growth of the NDT and inspection market. The high
adoption of IoT devices and rising need to assess the health of aging
assets also propel the growth of the NDT and inspection market.
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Browse 85 market data Tables and 47 Figures spread through 214 Pages and in-depth TOC on "Non-Destructive Testing and Inspection Market"
General
Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon
Metrology (Belgium), and Ashtead Technology (Scotland), YXLON
International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D.
Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi
(Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus
Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX
Inspection (Canada) are the key players in the market.
The ultrasonic testing (UT) technique to hold the largest share of the non-destructive testing and inspection market in 2018
Ultrasonic
testing is expected to account for the largest market share in 2018. It
is presently the most popular NDT technique owing to its ability to
accurately identify defects and determine their severity. Some advanced
techniques such as ultrasonic immersion testing and guided-wave
ultrasonic testing can also be used for critical applications in the oil
& gas and aerospace industries. Ultrasonic testing has evolved
considerably over the last few decades and is the most important NDT
technique for identifying and quantifying surface and subsurface
defects. Ultrasonic NDT inspection can be conducted by using a wide
range of methods; a few of which are manual and cost-effective, while
others need advanced automated equipment for determining faults in
critical applications. This technique can also be deployed to inspect
objects that are not easily accessible through direct contact; for
example, for inspecting the piping system buried under the earth
surface.
The market for the manufacturing vertical expected to grow at the highest CAGR during the forecast period
The
manufacturing sector is expected to be the fastest-growing vertical in
the NDT and inspection market from 2018 to 2024. This sector is
receiving a boost from emerging markets such as China, India, and South
Africa due to their growing manufacturing and industrial base. The NDT
and inspection technique is widely used in manufacturing to ensure the
integrity of components produced. This technique is primarily employed
for preventive maintenance and failure analysis, as well as for the post
care of the damages.
North America expected to hold the largest market share during the forecast period
North
America is expected to hold the largest share of the overall NDT and
inspection market by 2024. The rapid growth of automotive, power
generation, oil & gas, and aerospace & defense industries in the
region is the major reason for the growing adoption of NDT equipment
and rising demand for related services in North America.
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