New market size, share and trends analysis report
12/02/2019
The global non-destructive testing (NDT) market size is projected to reach US$21.2 billion (approximately £16.27 billion) by 2025, progressing at a compound annual growth rate (CAGR) of 6% during the forecast period, according to a new report from Research and Markets, titled: ‘Non-Destructive Testing (NDT) Market Size, Share & Trends Analysis Report 2018-2025’. Increasing manufacturing activities in developing as well as developed nations are poised to bolster market growth over the forecast period.The use of NDT helps to precisely detect faults, reducing the probability of product/component failure and cutting down costs incurred in repairing components. Use of NDT also speeds up the process of manufacturing, as possible faults are eliminated beforehand.
Technological advancements in the field are leading to the introduction of methods with improved efficiency, which is working in favour of the market. Improvements in techniques used to perform NDT tests are ensuring less complicated execution, thereby boosting the deployment of NDT techniques in numerous vertical segments.
The ultrasonic testing segment is likely to witness significant growth, owing to the ease of handling equipment, the abundant availability of skilled technicians and precise fault detection. Based on vertical, the manufacturing segment is expected to deploy NDT techniques extensively over the forecast period, owing to increasing awareness regarding their use and benefits.
Further key findings from the report suggest that:
- The radiographic testing segment is estimated to expand at a CAGR of over 6% during the forecast period. The method offers benefits such as precise fault detection and the provision of detailed analytic reports that highlight detected faults
- Rapid urbanisation and industrialisation in both developing and developed nations are leading to an increase in activities pertaining to construction, manufacturing and power generation. This is one of the key trends driving the overall market
- The manufacturing segment led the market in 2017. It is anticipated it will register a CAGR greater than 7% over the forecast period on account of the immense potential for manufacturing activities in the Asia-Pacific region
- The Asia-Pacific region commanded approximately a 21% share in the global arena. The region is expected to post the highest CAGR during the same period, owing to growing manufacturing, power generation and construction projects
- Key players such as General Electric (GE), Nikon Metrology NV, Olympus Corporation, Mistras Group Inc, Yxlon International GmbH and Sonatest Ltd dominated the market in 2017. Mergers and acquisitions are among the key strategies adopted by these players to consolidate their position in the market.
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