NDT market continues to grow
01/03/2016
The non-destructive testing market had an estimated value of USD 12.98 billion in 2015 and is projected to reach USD 18.88 billion by 2020, at a compound annual growth rate (CAGR) of 7.78% from 2015 to 2020, according to a new report by Research & Markets*.With the increase in automation in the industrial manufacturing and infrastructure sectors, there has been a substantial hike in the demand for flaw detection related to cracks, porosity, manufacturing disorders and so on. Adherence to industrial safety norms is also a significant factor behind the growth of the global NDT market.
The report states that the NDT market is evolving with the increased demand for error-free production and service delivery in industries such as infrastructure, automotive, aerospace & defence, industrial manufacturing, power generation and oil & gas, among others. Unlike earlier times, flaw detection has become an integral task during the manufacturing and maintenance process in almost every sector.
The visual inspection segment is expected to be the major contributor to the overall NDT market, with a share of 30.91% of the total market, while phased array ultrasonic technology and guided wave ultrasonic testing are expected to gain maximum progress to be the major stakeholders in the ultrasonic testing sector.
The report states that computed tomography (CT), computed radiography and X-ray testing have huge potential to develop the NDT market in the long run. Computed tomography is a powerful NDT technique for producing 2D and 3D cross-sectional images of an object from flat X-ray images and is recognised as a promising solution for quality control. This drives various OEMs and organisations to participate in the added development of CT systems and broaden their NDT offerings in the market.
The NDT market by region is led by the G7 nations segment, which includes the USA, the UK, Germany, Japan, France, Canada and Italy. The G7 nations held a share of 44.91% of the global NDT market in 2015. The NDT market size in G7 nations was estimated at USD 5.83 billion in 2015 and is projected to grow to USD 8.33 billion by 2020, at a CAGR of 7.40%. Extensive investments in shale oil & gas exploration, along with a focus towards generating nuclear energy, by the major developed countries are the prime reasons behind the growth of the NDT market.
This report provides qualitative and quantitative information about the global NDT market. It identifies the market application gaps, emerging technologies, the need for new product launches and high potential geographic regions and countries. It also provides a segmentation of the market, tracking the market size, market share, revenue projections and financial portfolio, covering a broad spectrum of the different methods, end-user applications and techniques of the NDT industry.
Several major players in the NDT equipment and service market are mentioned in the report, including Ashtead Technology Inc, Bosello High Technology SRL, Fujifilm Holding Corporation, GE Measurement & Control, Intertek Group plc, Mistras Group Inc, Nikon Metrology Inc, Olympus Corporation, SGS SA and Sonatest Ltd.
*’Non-Destructive Testing Market – Global Forecast to 2020’, ID: 3517277, December 2015, 184 pages, is available from Research & Markets at: http://www.researchandmarkets.com/reports/3517277/non-destructive-testing-ndt-market-by-method
