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Non-destructive testing and inspection market to hit 7.83% CAGR and projected to reach US$ 12.06 billion by 2023 examined in new market research report

Industrial Market Research

The non-destructive testing (NDT) and inspection market is expected to be valued at USD 12.06 billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. A key influencing factor for the growth of the market is stringent government safety regulations for maintaining product quality and safety within an industrial environment. Large-scale infra projects in emerging countries are likely to create opportunities for the players in the market.

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Report provides a detailed analysis of non-destructive testing market based on technique, method, service, vertical, & geography. NDT process of inspecting, testing, or evaluating materials, components or assemblies for discontinuities, or differences in characteristics without altering original properties.

Demand for NDT is increasing all over world due to strong government regulations pertaining to safety & product quality and continuous advancements in electronics, & automation and robots.

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Key Target Audience

  • Analysts and strategic business planners
  • Government organizations, financial institutions, and investment communities
  • Original equipment manufacturers (OEMs) (end-users or electronic component manufacturers)
  • Product manufacturers
  • Raw material and manufacturing equipment suppliers
  • Research organizations
  • Technology investors
  • Technology standard organizations, forums, alliances, and associations

This report provides valuable insights regarding the NDT ecosystem that includes product manufacturers and suppliers, OEMs, suppliers and distributors, electronic device manufacturers, and semiconductor device manufacturers. Olympus Corporation (Japan), GE (US), MISTRAS Group Inc.

(US) design and manufacture the testing equipment. Vermon S.A. (France) and Innerspec Technologies (US) offer transducers that act as a raw material for NDT equipment.

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There are few restraints for this market such as the high cost of automated NDT equipment and the lack of skilled and qualified personnel. The setup cost is high for automated equipment; as a result of which, many small-scale organizations use simple inspection systems that might not be as reliable as the automated ones.

Also, the lack of awareness about new technologies and less number of training centers are hampering the NDT market.

Competitive Landscape

1 Introduction

2 Market Ranking Analysis, 2016

3 Competitive Scenario

4 New Product Developments

5 Investments & Expansions

6 Mergers & Acquisitions

7 Contracts & Agreements

General Electric Company (US), Olympus Corporation (Japan), Ashtead Technology Ltd. (UK), Mistras Group Inc. (US), Nikon Corporation (Japan), Magnaflux Corporation (US), Zetec Inc. (US), Sonatest Ltd. (UK),Sonotron NDT (Israel), Bosello High Tech SRL (Italy), Yxlon International GmbH (Germany), Fischer Technology Inc. (US), and Eddyfi NDT Inc. (Canada) are the key players in this market.

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The need for regular inspection and maintenance of the equipment in the oil and gas industry vertical leads to the growing demand for NDT inspection services. Also, the booming automotive and manufacturing verticals in the APAC region are the major drivers for the growing NDT market for inspection services.

The market for training services is expected to grow at highest CAGR between 2017 and 2023. The lack of skilled and qualified technicians and the need to upgrade the skills of existing technicians is one of the drivers for the growth of the NDT market for training services.

North America held the largest share of the NDT market in 2016, and it is expected to grow at a moderate CAGR between 2017 and 2023. The market in APAC is estimated to grow at the highest rate during the forecast period.

The demand for non-destructive testing in the APAC region is expected to be driven by increasing infrastructure projects and power plants.

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