Non-Destructive Testing (NDT) Market Is Expected To Reach A Value Of USD 15.2 Billion By 2031, At A CAGR Of 6% - Study By Fact.MR

·7 min read
FACT.MR
FACT.MR

“The growing adoption of non-destructive testing methods is aligned with the developments in nanotechnology, displays, and processing capabilities are set to transform the competitive landscape. Market players stand to gain by investing in improving the quality of services by adding support services and streamlining reporting procedures,” says a Fact.MR analyst.

Dublin, Ireland, Aug. 17, 2022 (GLOBE NEWSWIRE) -- A recently published report by Fact.MR reveals that the global non-destructive testing market is projected to grow at a CAGR of 6% during the forecast period (2021-2031), expected to surpass US$ 15 Bn by the end of the said timeframe. Surging demand for enhanced accuracy, cost efficiency, and non-intrusive testing to evaluate the properties of materials or components across industries will drive the demand for non-destructive testing

Leading market players are hence keen on global footprint expansion by forging strategic partnerships with local players and mergers & acquisitions in developing economies.

Historical data reveals that the market experienced steady growth, registering a CAGR of 4% between 2016 and 2020. Prospects took a backseat amidst the COVID-19 pandemic, given major contractions experienced in the global manufacturing sector. By the 2nd quarter of FY 2020-21, global manufacturing output declined by over 10%, limiting uptake of NDT to a major extent. However, with an anticipated recovery rate of over 7% in 2021, prospects will eventually rebound.

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Economies across the globe are investing in cost-effective and energy-efficient testing of public infrastructure and aerospace & defense instruments. There is a lack of technical expertise among non-destructive testing inspectors in the market. Leading market players are hence keen on global footprint expansion by forging strategic partnerships with local players and mergers & acquisitions in developing economies.

Key Takeaways from the Market Study

  • Manufacturing to be the primary end user of NDT, accounting for 20% of global revenues

  • Aerospace & defense and power generation to register CAGRs of 8% and 7.5% respectively

  • Non-destructive ultrasonic testing to account for 1/4th of global revenue share

  • North America to account for 32% of the global non-destructive testing demand

  • Asia to emerge as the fastest growing market, clocking a CAGR of 9.5% until 2031

Competitive Landscape

Some of the key players in the market include General Electric, Nikon Metrology NV, Olympus Corp., Zetec Inc., Eddyfi, Fisher Technologies Inc., Ashtead Technology Ltd., Mistras Group Inc., Yxlon International GmbH, and Sonatest Ltd.

  • In May 2021, Nikon Metrology’s industrial micro focus X-ray CT inspection solutions announced a new offset CT reconstruction algorithm to deliver unrivaled scan speed and image resolution. When using X-ray CT (computed tomography) for non-destructive quality control of larger components like aluminum castings or battery modules for electrical vehicles, the challenge is to shorten inspection cycle times without compromising resolution.

  • In August 2021, Eddyfi Technologies/NDT announced the initiation of a definitive agreement to acquire Zetec, a subsidiary of Roper Technologies Inc. Expected to close by the year-end, the acquisition will permit Eddyfi to extend their market coverage through innovation and a customer-focused approach

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Recent Developments

  • In September 2019, MISTRAS Group acquired New Century Software (US), a leading provider of pipeline integrity management software and services to energy transportation companies.

  • In June 2019, Olympus Corporation launched the DSX1000 digital microscope, which significantly improves the inspection workflow of users and enables the analysis of a wide variety of samples with a single tool.

  • In January 2018, Avitas Systems, a GE Venture, collaborated with Limelight Networks, Inc. for using its private network and distributed cloud infrastructure to deploy its next-generation, automated inspection platform. Avitas Systems Platform also utilizes GE’s Predix Edge solution, allowing users to continue to benefit from GE’s Predix application services suite's use and functionality.

  • In May 2018, Olympus introduced the IPLEX G Lite ultra-portable industrial videoscope, which is useful for inspecting hard-to-reach areas of aircraft and piping. The device is highly efficient and easy to control.

Key Segments Covered

  • Application

    • Non Destructive Testing Services

    • Non Destructive Testing Equipment

  • Test Method

    • Non Destructive Visual Testing

    • Non Destructive Magnetic Particle Testing

    • Non Destructive Liquid Penetrant Testing

    • Non Destructive Eddy Current Testing

    • Non Destructive Ultrasonic Testing

    • Non Destructive Radiographic Testing

  • End Use

    • NDT for Oil & Gas

    • NDT for Manufacturing

    • NDT for Aerospace & Defence

    • NDT for Construction

    • NDT for Automotive

    • NDT for Power Generation

    • NDT for Other End Uses

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More Valuable Insights

In its latest report, Fact.MR offers an unbiased analysis of the non-destructive testing market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.

The study divulges essential insights on the non-destructive testing market on the basis of offering (non-destructive testing services and non-destructive testing equipment), test method (visual testing, magnetic particle testing, liquid penetrant testing, eddy current testing, ultrasonic testing and radiographic testing), end use (oil & gas, manufacturing, aerospace & defense, construction, automotive, power generation and others), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).

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