Nondestructive testing (NDT) is the application of measurement techniques to identify defect and discontinuity in material, component, or structure. Nondestructive testing market is expected to witness considerable growth due to continuous evolution in robotics, automation, oil & gas, and electronics industry coupled with growth in need for quality-assured machines.
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Global nondestructive testing equipment market is expected to reach $3 billion by 2022, growing at a CAGR of 9% during 2016 - 2022.
Companies need to have quality accredit in accordance with standards such as ISO 9001 quality management system and other quality control assurance certifications. In addition, the number of companies using nondestructive inspection (NDI) to improve processes, reduce waste, and limit liability has increased considerably, resulting in growth in nondestructive testing market demand.
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The market growth is supplemented by the increase in stringent safety government regulations across different geographic regions due to rise in incidence of infrastructure failures, and rise in need for extending the life of obsolete infrastructure and maintenance optimization by various industries for efficient operations and quality/safety assurance. However, high cost of equipment and lack of skilled technicians may impede the market growth.
Increase in usage of advanced materials is expected to create numerous opportunities for growth.
The nondestructive testing equipment market is segmented on the basis of testing method, technique, industry vertical, and geography. Based on testing method, it is divided into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others.
Based on nondestructive examination (NDE) techniques, it is categorized into volumetric examination, surface examination, and others. It is classified on the basis of industry vertical into oil & gas, energy & power, aerospace & defense, automotive & transportation, infrastructure, and others.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the nondestructive testing equipment market include Olympus Corporation, Intertek Group plc, SGS SA, Ashtead Technology, Inc., Sonatest, General Electric, Mistras Group, Inc., Zetec, Inc., Magnaflux Corporation, and YXLON International GmbH among others.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an in-depth analysis of the global nondestructive testing equipment market, along with current trends and future estimations to identify lucrative investment opportunities
- Key drivers, opportunities, and restraints that impact the market are analyzed.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers to facilitate better business decisions for stakeholders and strengthen their supplier and buyer networks.
- Market estimation of geographical regions is based on the current market scenario and future trends.
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