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Stringent government regulations regarding public safety and product quality to drive the overall NDT and inspection market growth
The non-destructive testing and inspection market is estimated to grow from USD 8.3 billion in 2018 to USD 12.6 billion by 2024; it is expected to grow at a CAGR of 7.24% from 2018 to 2024. Stringent government regulations regarding public safety and product quality, and continuous advances in electronics, automation, and robotics are a few major factors driving the growth of the NDT and inspection market. The high adoption of IoT devices and rising need to assess the health of aging assets are the other factors that propel the growth of the NDT and inspection market.
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Based on techniques, the market for the eddy-current testing (ECT) technique to witness a high CAGR during the forecast period
The eddy-current testing technique is expected to grow rapidly during the forecast period from 2018 to 2024. This technique is used to measure or identify the surface and alloy content, subsurface cracks and seams, conductivity, heat treatment variations, crack depth, coating thickness, and permeability. It is widely used in the aerospace and manufacturing verticals, as well as in service environments that inspect safety or quality-related issues. The eddy-current testing approach is used to check surface-breaking cracks on metals and inspect discontinuities in metal tubes.
Training services to grow at the highest CAGR during the forecast period
Training services are likely to continue to gain the second-largest market share in the coming years since training NDT technicians to keep them updated with new technological trends and make them aware of changing demands of the customers is equally essential. The market for training services is expected to grow at the highest CAGR during the forecast period.
APAC to be the fastest-growing market for non-destructive testing and inspection activities
Asia Pacific is likely to be the fastest-growing region in the NDT and inspection market owing to the rapid infrastructural development and adoption of automation in manufacturing industries in countries such as India and China. The Make in India campaign promotion by the government, along with the development in the Smart Cities project, provides lucrative opportunities for the players in the NDT and inspection market in India. The market in India is expected to grow at the highest CAGR during the forecast period.
In-depth interviews have been conducted with C-level executives, managers, and other executives from various key organizations operating in the NDT and inspection market.
Break-up of profiles of primary participants for the report is given below:
- By Company Type: Tier 1 – 26%, Tier 2 – 32%, and Tier 3 – 42%
- By Designation: C-Level Executives –52%, Directors – 23%, and Managers – 25%
- By Region: North America - 44%, Europe – 29%, APAC – 23%, and RoW – 4%
Major players in the NDT and inspection market include General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmbH (Germany), Acuren
(US), and LynX Inspection (Canada).
The study includes an in-depth competitive analysis of these key players in the NDT and inspection market, with their company profiles, recent developments, and key market strategies.
- The report defines, describes, and forecasts the NDT and inspection market based on technique, method, service, vertical, and geography.
- It also analyzes competitive developments such as product launches and developments, agreements, partnerships, collaborations, merger and acquisitions, and expansions carried out by key players to grow in the market.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall NDT and inspection market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.