Non-destructive testing and inspection market – global forecast to 2024
21/05/2019
Non-destructive testing (NDT) techniques are primarily used in engineering industries for evaluating the different properties of structures, equipment, components and materials without causing any damage. NDT and inspection is an extremely valuable technique for timely evaluation and diagnosis of faults in products. It is an important quality control tool in the manufacturing process, as it allows for the early detection of surface and subsurface defects in finished and work-in-progress (WIP) goods.NDT is also used for detecting faults and monitoring structural integrity in industrial assets and public infrastructure such as factory buildings, platforms, bridges, railway lines, piping systems and industrial machinery. To accurately detect and quantitatively evaluate each defect, different types of technique using various principles are used to perform NDT inspection, depending on the application areas. A few techniques, namely visual testing (VT), magnetic testing (MT), liquid penetrant inspection (LPI), eddy current testing (ECT), ultrasonic testing (UT), radiographic testing (RT), acoustic emission (AE) testing and terahertz imaging are included in this study for the purpose of market size estimation.
According to the new report from Research and Markets, the NDT and inspection market was valued at US$7.56 billion (approximately £5.8 billion) in 2017 and is projected to reach US$12.6 billion (approximately £9.67 billion) by 2024. It is expected to grow at a compound annual growth rate (CAGR) of 7.24% during the forecast period. Stringent government regulations regarding public safety, product quality and continuous advances in electronics, automation and robotics are some of the key factors driving the growth of the NDT and inspection market.
The constant demand from the power generation, manufacturing and aerospace sectors has resulted in a high adoption of NDT and inspection equipment and services across the world. Stringent regulations relating to quality control and periodic inspections laid down by various governments, along with user-friendly software and continuous advancements in electronics and automation sectors, are key drivers for the growth of the NDT and inspection market. General Electric (USA), Olympus Corporation (Japan), Ashtead Technology (UK), MISTRAS Group (USA) and Nikon Metrology (Belgium) are a few of the major companies in the NDT and inspection market.
www.researchandmarkets.com/publication/mjkaxhw/4756741
