In the market research report, “Non-Destructive Testing and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Geography – Global Forecast to 2023,” the non-destructive testing (NDT) market is expected to be worth $12.06 billion by 2023, growing at a compound annual growth rate (CAGR) of 7.83% between 2017 and 2023. Factors that are driving the market growth include continuous advancements in electronics, and automation and robotics, growing adoption of Internet of Things (IoT) solutions, and need to prolong the lifespan and increase the capability of aging assets.
The key players in this market are
- Ashtead Technology Ltd. (UK)
- Bosello High Tech SRL (Italy)
- Eddyfi NDT Inc. (Canada)
- Fischer Technology Inc. (US)
- General Electric Co. (US)
- Magnaflux Corp. (US)
- MISTRAS Group Inc. (US)
- Nikon Corp. (Japan)
- Olympus Corp. (Japan)
- Sonatest Ltd. (UK)
- Sonotron NDT (Israel)
- Yxlon International GmbH (Germany)
- Zetec Inc. (US)
Ultrasonic testing holds largest share of NDT market
Ultrasonic testing accounted for the largest market share in 2016. It is a fast, reliable, and versatile technique of inspection which has helped expand the boundaries of NDT inspection. It can detect internal and hidden discontinuities such as lack of fusion, cracks, and lack of bond. The rapid infrastructural development and aging infrastructure is fueling the growth of the ultrasonic testing technique in NDT market.
Market for manufacturing vertical to grow at the highest rate
The market for the manufacturing vertical is expected to grow rapidly between 2017-2023. This sector is expected to be driven by government policies and safety awareness for non-destructive testing. Also, the increasing demand for the manufacturing of aircraft, electronic equipment would raise the need for NDT inspection.
N. America expected to hold the largest market
North America has been a leading player in the NDT market. The oil and gas vertical accounted for the largest share of the market in North America. The reason behind this growth is the increasing demand for NDT services for subsea pipelines applications as they are used to inspect corrosion, cracking, manufacturing flaws, welds, and deposits. The U.S. held the largest share of the North American NDT market in 2016.
This research report categorizes the global non-destructive testing market on the basis of technique, method, service, vertical, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the NDT market.