April 07, 2020
As per the report titled ‘Non-Destructive Testing (NDT) Service Market Size By Method, By Technology, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019- 2025’, available with Market Study Report LLC, the global non-destructive testing (NDT) service market is projected to cross USD 4.5 billion by the year 2025.
Escalating costs and challenges associated with the development of new infrastructure has encouraged organizations to find new ways to extend the lifespan of their existing infrastructure, which in turn is augmenting the demand for non-destructive testing (NDT) services. Heavy repair and maintenance requirements of old buildings has prompted public and private firms to invest in advanced asset protection solutions such as NDT. Growing need to comply with stringent policies and safety standards coupled with increasing incidences of industrial accidents such as explosions and fires is stimulating the market outlook.
Based on the method, volumetric inspection segment presently holds over 50% share of NDT service market. Increasing use of low-quality raw material and feed stock, especially in the oil & gas industry in conjunction with growing adoption of advanced manufacturing practices across various industry verticals are fueling the demand for volumetric inspection services.
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Elaborating on the technology, ultrasonic inspection segment accounted for over 30% revenue share of in 2018 and is expected to register modest growth during the forecast period. Integration of advanced technologies in tandem with infrastructural development in the manufacturing sector are the primary growth drivers of the segment.
Speaking of the application scope, aerospace segment is presumed to growth with a CAGR of 6% during the forecast timeline. NDT services can identify any surface as well as internal irregularities throughout the lifespan of the components. This factor coupled with high efficiency in large-scale production of aviation components is augmenting the segment growth.
Considering the geographical outlook, non-destructive testing service market in Europe held over 30% share in 2018 and is anticipated to witness considerable growth during 2019-2025. Increasing collaboration among major players, along with the presence of various regulatory norms and mandates are augmenting the regional market growth.
Parallelly, Asia Pacific non-destructive testing service market is projected to grow with 10% CAGR through 2025, owing to rapid industrialization and emergence of strict safety policies. Increasing preference for asset management services across emerging nations including India, China, and Japan will present new opportunities for growth in the coming future.
Major players of non-destructive testing service market include Bureau Veritas, ALS, Applus+, Dekra, SGS, MIstras Group, TUV Rheinland, NDT Global, Zetec, Nikon Metrology, Intertek, NVI, and TUV Nord among others.
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