NDT refers to the method of examining materials/components to detect the defects/discontinuity in component or material to avoid equipment failure. In addition, it is used to ensure the safe utilization of engineering structures, product quality, and performance upon production.
Nondestructive Testing Equipment Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3 billion by 2022, registering a CAGR of 9% during the period 2016 - 2022. In the year 2015, North America contributed major share in the market, and is projected to continue its dominance throughout the forecast period.
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Increase in stringent government regulations across different geographical regions due to rise in incidence of infrastructure failures, need for extending the life of obsolete infrastructure, and maintenance optimization by various industries for efficient operations & quality/safety assurance are the factors that drive the growth of NDT market.
The market is classified on the basis of NDT testing method into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Ultrasonic testing is expected to hold the largest market share owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy.
However, liquid penetrant testing is anticipated to show significant growth in the coming years, owing to its low cost and user-friendly approach.
Among the industry verticals, energy & power was the foremost industry in 2015, owing to growth in number of power plants and equipment involved in the same. In the same year, oil and gas industry contributed a significant revenue share of over 20% in the overall market.
However, automotive & transportation is expected to witness the fastest growth during the forecast period.
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