Global Non-Destructive Testing (NDT) Market Size, Share, Opportunities, And Trends By Test Method (Magnetic Particle, Liquid Penetrant, Radiographic, Ultrasonic, Electromagnetic, Visual, Others), By Industry Vertical (Manufacturing, Oil And Gas, Aerospace, Automotive, Energy And Power, Others), And By Geography - Forecasts From 2025 To 2030
- Published : Nov 2024
- Report Code : KSI061610366
- Pages : 149
The global non-destructive testing (NDT) market is projected to grow at a CAGR of 6.34% during the forecast period.
Non-destructive testing is a wide group of techniques used for the analysis in science and technology while minimizing the damage caused to any component, material, or system.
Escalating costs of machine failures in several end-use industries is the key driver of this market. The rising complexity of machines and equipment, stringent government regulations regarding workers’ safety, tight quality control requirements, and strict product usage specifications are other important factors augmenting the demand for NDT equipment in various industries across the globe. By test method, visual inspection testing is the major contributor to this market as it is the most common process of detecting faults in different components of the machine or equipment. By end-user industry, power generation is expected to gain the fastest growth owing to a rising number of nuclear power plants and the subsequent increase in the demand for complex machines and equipment in those plants. Mushrooming demand for automation by various industry verticals is expected to drive the demand for NDT equipment in the near future. Furthermore, technological advancements leading to the miniaturization of test equipment will propel the market growth during the forecast period.
According to the British Institute of Non-Destructive Testing, every day, more than 25,000 inspections are carried out in factories and on-site in the UK to detect defects and damage in a huge range of products, plants, and structures; it is estimated that more than 120,000 inspectors are operating worldwide.
The COVID-19 had an adverse impact on the global Non-destructive testing (NDT) market. The immense downturn in several industries across the globe has been a significant reason for the decline in the demand for non-destructive testing (NDT). Moreover, the pandemic brought the activities in the refinery industry to a standstill globally which restricted the project construction, exploration, and production activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with a lesser capacity which will require less labor to come in contact, and social distancing was required to be maintained in the premises as well. Moreover, the sales in the industry dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially. Due to an adverse impact on the oil & gas industry, several countries across the globe witnessed an oil price war. For instance, Russia and Saudi Arabia went into an oil price war when Russia denied cutting down production to keep the prices moderate. With the industries recovering after the pandemic gradually, the oil & gas business is expected to operate at full capacity starting from the third and fourth quarters of 2020.
The segmentation of the global Non-destructive testing (NDT) market has been done into test method, industry vertical, and geography. By test method, the classification of the market has been done into Magnetic Particle, Liquid Penetrant, Radiographic, Ultrasonic, Electromagnetic, Visual, Others. By industry vertical, the classification of the market has been done into Manufacturing, Oil And Gas, Aerospace, Automotive, Energy And Power, Others. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Rising demands from the energy and power sector at a global level will drive the market during the forecast period
The growth of the Non-destructive testing (NDT) market is fuelled by its rising demand from the energy and power sector in recent years which is expected to continue during the forecast period as well. Furthermore, with the emergence of nuclear power at a global level and a rise in the number of its applications in various sectors, the demand for NDT is expected to increase in the coming years.
Increasing applications of reciprocating processors in the robotics and automation sector will be a tailwind to the growth of the market during the forecast period.
The Non-destructive testing (NDT) market growth will further be fuelled by its increasing applications in the automation and robotics sector at a global level. The applications involve the use of reciprocating air compressors for pneumatic robots controlled with compressed air and factories use pneumatic robots in automation applications to speed up the workflow. According to a report by the Robotics Business Review, there have been total transactions in terms of investments done into robotics of US$1.16 billion in January 2020.
Competitive Insights.
The players in the global Non-destructive testing (NDT) market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
Segmentation
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By Test method
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Magnetic Particle
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Liquid Penetrant
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Radiographic
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Ultrasonic
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Electromagnetic
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Visual
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Others
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By Industry vertical
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Manufacturing
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Oil And Gas
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Aerospace
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Automotive
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Energy And Power
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Others
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By Geography
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North America
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USA
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Canada
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Mexico
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South America
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Brazil
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Argentina
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Others
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Europe
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Germany
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France
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UK
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Others
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Middle East & Africa
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Saudi Arabia
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UAE
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Others
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Asia Pacific
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China
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India
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Japan
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South Korea
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Taiwan
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Thailand
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Indonesia
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Others
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1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Non-Destructive Testing (NDT) Market Analysis, by Test method 5.1. Introduction
5.2. Magnetic Particle
5.3. Liquid Penetrant
5.4. Radiographic
5.5. Ultrasonic
5.6. Electromagnetic
5.7. Visual
5.8. Others
6. Non-Destructive Testing (NDT) Market Analysis, by Industry vertical
6.1. Introduction
6.2. Manufacturing
6.3. Oil And Gas
6.4. Aerospace
6.5. Automotive
6.6. Energy And Power
6.7. Others
7. Non-Destructive Testing (NDT) Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. UK
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. India
7.6.3. Japan
7.6.4. South Korea
7.6.5. Taiwan
7.6.6. Thailand
7.6.7. Indonesia
7.6.8. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Olympus Corporation
9.2. GE Measurement & Control Solutions
9.3. Yxlon International Gmbh (Comet Holding Ag)
9.4. Team Inc
9.5. Applus Services
9.6. Mistras Group, Inc.
9.7. SGS Group
9.8. Fujifilm Corporation
9.9. Bureau Veritas S.A.
9.10. Nikon Metrology NV
Olympus Corporation
GE Measurement & Control Solutions
Yxlon International Gmbh (Comet Holding Ag)
Team Inc
Applus Services
Mistras Group, Inc.
SGS Group
Fujifilm Corporation
Bureau Veritas S.A.
Nikon Metrology NV
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