June 05, 2020: The global non-destructive testing marketsize is expected to reach USD 24.3 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Radiant Insights, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.
The use of non-destructive testing helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. Use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the market is the technological advancements in the non-destructive testing methods. Improvements in the techniques has ensured deviation free fault detection and have reduced the complexity involved in the testing procedures considerably.
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The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.
Further key findings from the report suggest:
• The market is expected to reach USD 24.3 billion by 2027 and is expected to exhibit a CAGR of 6.5% over the next eight years owing to a rise in manufacturing-related activities, globally
• The non-destructive testing services market segment accounted for over 70% of the overall non-destructive testing market value in 2019.
• The ultrasonic testing segment is expected to witness a significant growth at a CAGR exceeding 6.5% over the forecast period owing to the benefits such as ease of handling
• Rapid industrialization, especially in the developing economies has significantly contributed to the growth of the non-destructive testing equipment market
• The manufacturing vertical segment was the dominant segment in 2019 and is expected to grow at a healthy CAGR of more than 7% owing to the increased manufacturing activities primarily in the Asia Pacific region
• The North America region dominated the market in 2019 with a revenue share of more than 35%, owing to the extensive adoption of NDT techniques in the region
• Key players such as General Electric, Nikon Metrology NV, Olympus Corp, Mistras Group, Yxlon International GmbH, and Sonatest Ltd dominated the market in 2019 owing to their emphasis on expanding their market presence through mergers and acquisitions.
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