03 September 2020
Visiongain has published a new report on Non-Destructive Testing (NDT) Market Report: Forecasts by Offering (NDT Services, NDT Equipment), Technique (Ultrasonic Testing, Visual Inspection Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy Current Testing, Radiographic Testing, Acoustic Emission Testing, Others), End-users (Oil and Gas, Power Generation, Aerospace and Defence, Automotive, Infrastructure, Manufacturing, Others), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) PLUS COVID-19 Recovery Scenarios and Profiles of Leading NDT Companies.
Global non-destructive testing market size is anticipated to reach US$ xx million in 2020 which is further projected to reach US$ xx million in 2025 while growing at a CAGR of xx% during the first half of the forecast period i.e. 2020 to 2025. The global market size is further projected to reach US$ xx million by 2030 at a CAGR of xx% from 2025 to 2030. The overall CAGR for the global non-destructive testing market is expected to be xx% from 2020 to 2030.
COVID-19 Impact on Non-Destructive Testing Industry
The global NDT market is projected to take face challenges owing to COVID-19. It will take at least a couple of years to get back to the previous levels and witness notable growth. Oil & gas, power generation, and aerospace & defence are the largest end-users of the non-destructive testing industry which captures over 60% of the market. All these three sectors have been hit hard by the pandemic. The policymakers are responding with bold measures against this bleak backdrop. Governments initiated comprehensive fiscal emergency programs to assist employees and businesses. Central banks are embarking on major monetary stimulus initiatives. Visiongain anticipates that over the forecast period the recovery of oil & gas prices, aerospace & defence sector, power generation, more stringent government monitoring requirements, and developments in technology such as data analytics will force service providers to change their roadmaps.
Increasing Use of Monitoring Testing
Smart infrastructure and production lines require sensors for continuous monitoring. With the use of NDT sensors in operation, continuous monitoring becomes a reality. Autonomous maintenance practice can be achieved with the help of an NDP census. For instance, Toyota has achieved savings of USD 2.5 billion by reducing overall lead-time with the help of continuous monitoring sensors. This helps to achieve kaizen, the practice of continuous improvement. Pipes and tubes carrying viscous fluid (in the oil and gas industry) cause enormous erosion and corrosion. The use of smart sensors to gauge the thickness of pipes ultimately helps to protect the life cycle of pipes. This helps in the prevention of oil grid failure. For instance, righteax, a system manufactured by GE Measurement and Control Solutions, is used to continuously monitor corrosion levels.
Continuous Advances in Electronics, Automation, and Robotics
The delivery of NDT technology to a much wider range of industrial applications will be enabled by advances in robotic and autonomous systems. Examples include inspection of deep-water structures & pipelines, inspection in hazardous areas such as radioactive or remote locations. More advanced robotic systems will also enable more accurate, faster, and cost-effective inspection of complex components in high-value manufacturing.
Some of the companies that are profiled in this report are Ashtead Technology, Inc., Bosello High Technology S.R.L., Fujifilm Holding Corporation, GE Measurement, Intertek Group PLC, Magnaflux Corporation, MISTRAS Group, Nikon Metrology, Olympus Corporation, SSG SA, Sonatest Ltd., Zetec Inc., EDDYFI NDT, YXLON International, T.D. Williamson, Inc., Labquip NDT, and FPrimeC Solutions Inc. The global non-destructive testing market is oligarchic which is majorly dominated by GE Measurement, and Olympus Corporation. These companies along with few companies such as Sonatest Ltd., EDDYFI NDT, and Zetec Inc. among others have been gaining market share in the global NDT market owing to strategic acquisitions of the NDT equipment manufacturers and robust product launches.
Notes for Editors
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This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics.
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