The global Non-Destructive Testing Market size is anticipated to account for USD 24.3 billion by 2027, according to a new report by Million insights. Further, it is projected that the market would witness 6.5% CAGR over the forecast period. The market growth is attributed to the increasing manufacturing activities across the globe. Emerging countries, in particular, witnessing considerable rise in construction and manufacturing activities.
By detecting the fault in the components, NDT reduces the chances of failure to the end-product. By eliminating the faults beforehand, this method helps in speeding up the project’s completion. Introduction of technically advanced testing methods is further anticipated to supplement market growth.
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Ultrasonic equipment is projected to register significant growth over the forecast duration owing to their easy handling capacity and ability to detect the fault with precision. This technique is projected to be deployed in the manufacturing industry on a large scale.
North America accounted for the highest share in the market in 2019, primarily because of the presence of the NDT training centers, easy availability of skilled workforce and rapidly growing manufacturing and oil & gas industries. Besides, Asia Pacific, owing to the increasing demand from China and India, would register the maximum growth over the next seven years.
Non-destructive testing (NDT) market key players are Sonatest Ltd, Nikon Metrology NV, Yxlon International, Bureau Veritas, Olympus Corp, Zetec Inc., Fischer Technologies Inc., Duemme SpA and Ashtead Technology, among others.
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Further key findings from the report suggest:
• NDT service division held more than 70% share in the market in 2019.
• In 2019, North America accounted for the highest share in the market with over 35%.
• By vertical, the manufacturing segment was the leading shareholder in 2019 and the segment is anticipated to witness over 7% CAGR from 2020 to 2027.
• Ultrasonic testing, owing to its ease in handling and precision, is likely to witness more than 6.5% CAGR over the next seven years.
Million Insights segmented the global non-destructive testing market on the basis of offering, test method, vertical and region:
Non-destructive Offering Outlook (Revenue, USD Million, 2016 – 2027)
• Non-destructive Testing Services
• Non-destructive Testing Equipment
Non-destructive Testing Method Outlook (Revenue, USD Million, 2016 – 2027)
• Visual Testing
• Magnetic Particle Testing
• Liquid Penetrant Testing
• Eddy Current Testing
• Ultrasonic Testing
• Radiographic Testing
Non-destructive Testing Vertical Outlook (Revenue, USD Million, 2016 – 2027)
• Oil & Gas
• Aerospace and Defense
• Power Generation
Non-destructive Testing Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
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