DUBLIN, July 8, 2021 /PRNewswire/ — The “Non-Destructive Testing (NDT) Testing Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global non-destructive testing (NDT) market is evaluated at US$14.445 billion for the year 2019 and is estimated to grow at a CAGR of 7.93% reaching the market size of US$24.639 billion by the year 2026.
Non-destructive testing is a wide group of techniques used for the analysis in science and technology while minimizing the damage caused to any component, material, or system.
Escalating costs of machine failures in several end-use industries is the key driver of this market. The rising complexity of machines and equipment, stringent government regulations regarding workers’ safety, tight quality control requirements, and strict product usage specifications are other important factors augmenting the demand for NDT equipment in various industries across the globe. By test method, visual inspection testing is the major contributor to this market as it is the most common process of detecting faults in different components of the machine or equipment. By end-user industry, power generation is expected to gain the fastest growth owing to a rising number of nuclear power plants and the subsequent increase in the demand for complex machines and equipment in those plants. Mushrooming demand for automation by various industry verticals is expected to drive the demand for NDT equipment in the near future. Furthermore, technological advancements leading to the miniaturization of test equipment will propel the market growth during the forecast period.
According to the British Institute of Non-Destructive Testing, every day, more than 25,000 inspections are carried out in factories and on-site in the UK to detect defects and damage in a huge range of products, plants, and structures; it is estimated that more than 120,000 inspectors are operating worldwide. Moreover, several governmental agencies and regional bodies, like the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), have been instituted across the world to take stringent measures for assuring the safety of instruments and overseeing engineering services testing. This is important for gaining clearances and certificates from concerned authorities. This creates a positive impact on the NDT market globally. However, the lack of skilled professionals and high equipment cost coupled with significant maintenance cost is restraining the market during the forecast period.
With the increase in automation in the industrial manufacturing and infrastructure sectors, there has been a substantial hike in the demand for flaw detection related to cracks, porosity, manufacturing disorders, and so on. Therefore, adherence to industrial safety norms is a significant factor behind the growth of the NDT market.
The COVID-19 had an adverse impact on the global Non-destructive testing (NDT) market. The immense downturn in several industries across the globe has been a significant reason for the decline in the demand for non-destructive testing (NDT). Moreover, the pandemic brought the activities in the refinery industry to a standstill globally which restricted the project construction, exploration, and production activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with a lesser capacity which will require less labor to come in contact, and social distancing was required to be maintained in the premises as well. Moreover, the sales in the industry dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially. Due to an adverse impact on the oil & gas industry, several countries across the globe witnessed an oil price war. For instance, Russia and Saudi Arabia went into an oil price war when Russia denied cutting down production to keep the prices moderate. With the industries recovering after the pandemic gradually, the oil & gas business is expected to operate at full capacity starting from the third and fourth quarters of 2020.
The segmentation of the global Non-destructive testing (NDT) market has been done into test method, industry vertical, and geography. By test method, the classification of the market has been done into Magnetic Particle, Liquid Penetrant, Radiographic, Ultrasonic, Electromagnetic, Visual, Others. By industry vertical, the classification of the market has been done into Manufacturing, Oil And Gas, Aerospace, Automotive, Energy And Power, Others. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Rising demands from the energy and power sector at a global level will drive the market during the forecast period
The growth of the Non-destructive testing (NDT) market is fuelled by its rising demand from the energy and power sector in recent years which is expected to continue during the forecast period as well. Furthermore, with the emergence of nuclear power at a global level and a rise in the number of its applications in various sectors, the demand for NDT is expected to increase in the coming years. Nuclear power is playing an essential role in generating electricity in many countries of the world. In a number of countries, generating electricity at nuclear power plants makes more than 50 percent (Lithuania – 81,5%, France – 78,2 %, Belgium – 60,1%). Ensuring a reliable and safe operation of nuclear power plants is the central problem of nuclear power engineering. In particular, it depends on the quality of nuclear fuel and process equipment for fuel manufacture.
Solving this problem is directly connected to the application of non-destructive testing and diagnostics.
Nondestructive methods are very widespread in many applications such as fuel inspection. In this field, many techniques are used, like ultrasonics, eddy current, radiographic testing, and acoustic techniques. According to the IAEA studies, the fuel failure rate in the world is around 10-5, which means 1-3 failed fuel rods from 100 000 fuel rods in operation. With the implementation of NDT, the failure rate is decreasing. Moreover, in the next four years, more than 67 nuclear reactors in the world are estimated to reach an age of over 40 years of the operational period. As nuclear power plants age, the importance of maintenance increases, and there is a need to apply inspection technologies. This creates huge market opportunities for the NDT market.
Increasing applications of reciprocating processors in the robotics and automation sector will be a tailwind to the growth of the market during the forecast period.
The Non-destructive testing (NDT) market growth will further be fuelled by its increasing applications in the automation and robotics sector at a global level. The applications involve the use of reciprocating air compressors for pneumatic robots controlled with compressed air and factories use pneumatic robots in automation applications to speed up the workflow. According to a report by the Robotics Business Review, there have been total transactions in terms of investments done into robotics of US$1.16 billion in January 2020.
The players in the global Non-destructive testing (NDT) market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Non-destructive testing (NDT) market Analysis, by Test method
5.2. Magnetic Particle
5.3. Liquid Penetrant
6. Non-destructive testing (NDT) market Analysis, by Industry vertical
6.3. Oil And Gas
6.6. Energy And Power
7. Non-destructive testing (NDT) market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Olympus Corporation
9.2. GE Measurement & Control Solutions
9.3. Yxlon International Gmbh (Comet Holding Ag)
9.4. Team Inc
9.5. Applus Services
9.6. Mistras Group, Inc.
9.7. SGS Group
9.8. Fujifilm Corporation
9.9. Bureau Veritas S.A.
9.10. Nikon Metrology NV
For more information about this report visit https://www.researchandmarkets.com/r/6zb0qg
Research and Markets
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