Report forecasts non-destructive testing and inspection market to 2022
14/11/2016
The non-destructive testing (NDT) market is expected to reach $11.39 billion by 2022 at a compound annual growth rate (CAGR) of 8.30% between 2016 and 2022, according to a new report by Research & Markets. Non-destructive testing assures safety and reliability by identifying flaws and defects in products without disrupting operations or delaying processes. NDT is used in various industries, such as aerospace and defence, automotive, oil & gas, infrastructure and power generation.The report provides a description of each of the application areas of the non-destructive inspection market. The market within this study has been classified on the basis of NDT technique into visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy current testing, ultrasonic testing, radiography testing, acoustic emission testing and terahertz imaging.
Ultrasonic testing (UT) is expected to hold the largest market share between 2016 and 2022. UT is a fast, reliable and versatile method of inspection that detects internal and hidden discontinuities. Ultrasonic rays have high penetrating power, sensitivity and accuracy; they are also non-hazardous.
The application in the oil & gas vertical is expected to hold the largest market share between 2016 and 2022. The demand for testing in this sector is largely driven by mandates from various governments for ensuring the safety of the environment by avoiding pipeline leakages, oil spills and other accidents.
The market for the manufacturing vertical is expected to grow at the highest rate between 2016 and 2022. Various projects, such as ‘Make in India’ by the Indian Government and a high-tech strategy of the German Government called ‘Industrie 40’, are anticipated to uplift the manufacturing sector during the forecast period.
North America held the largest share of the NDT market in 2015 and it is expected to grow at a moderate CAGR between 2016 and 2022. The market in the Asia-Pacific region is estimated to grow at the highest rate during the forecast period. The demand for NDT in this region is expected to be driven by increasing infrastructure projects and power plants.
There are a few restraints for this market, such as the high cost of automated NDT equipment and the lack of skilled and qualified personnel. The set-up cost is high for automated equipment, a result of which means many small-scale organisations use simple inspection systems that might not be as reliable as the automated ones. Also, a lack of awareness about new technologies and fewer training centres are hampering the NDT market.
General Electric Company (USA) (GE) is the world’s largest clustered organisation that offers a diversified product portfolio. The company has developed innovative products catering to the non-destructive inspection market. GE offers radiographic, ultrasonic and eddy current testing equipment. Also, it provides remote visual inspection instruments and NDT software in the market.
Companies mentioned in the report include General Electric Company (GE), Olympus Corporation, Ashtead Technology Inc, Mistras Group Inc, Nikon Metrology NV, Eddyfi NDT Inc, Magnaflux Corporation, Zetec Inc, Sonatest Ltd, Bosello High Technology SRL, Sonotron NDT, Yxlon International GmbH and Fischer Technology Inc.
For more information, visit: www.researchandmarkets.com/publication/mtplatf/3750332
