The non-destructive testing (NDT) market is estimated to be USD 15.06 Billion in 2016 and is projected to reach USD 24.23 Billion by 2022, at a CAGR of 8.24% from 2016 to 2022.
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With increasing automation in industrial manufacturing and infrastructure sectors, there has been a substantial increase in the demand for flaw detection related to cracks, porosity, and manufacturing disorders. The inspection of industrial components is mainly carried out with the help of non-destructive testing methods.
Thus, increased demand for error-free production and service delivery from industries has contributed to the growth of the non-destructive testing market.
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Among all methods, the visual inspection segment is expected to lead the NDT market during the forecast period
Visual inspection is considered as the primary NDT technique used for examination and evaluation of systems and components by utilizing human sensory systems, assisted by mechanical tools. Visual inspection technique is applicable in the aerospace & defense, automotive, oil & gas, petrochemical, power generation, industrial manufacturing, infrastructure, marine, offshore, and various other industries.
It is the most common process of detecting faults that might lead to equipment failure. The simplicity as well as the economic benefits of visual inspection makes it a major contributor to the non-destructive testing market.
The oil & gas and power generation sectors registered the highest growth in G7 nations
Huge shale oil & gas reserves in countries such as the U.S., the U.K., Germany, France, and Italy have propelled the demand for non-destructive testing methods. This is due to the fact that NDT inspection deters equipment failure and prevents the probability of devastating accidents in case of technical and/or structural errors.
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BRICS to witness highest growth in the non-destructive testing market during the forecast period
The recently discovered shale gas reserves in China have offered growth opportunities to industry players operating in the non-destructive testing market. Russia, China, and India have enhanced their defense spending to develop inspection facilities, thereby contributing to the growth of the NDT market in BRICS countries.
Key manufacturers of NDT equipment include MISTRAS Group, Inc. (U.S.), Olympus Corporation (Japan), GE Inspection Technologies (U.S.), Intertek Group PLC (U.K.), and SGS S.A. (Switzerland).
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