NDT Inspection Services - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global NDT Inspection Services Market is accounted for $7.43 billion in 2018 and is expected to reach $16.41 billion by 2027 growing at a CAGR of 9.2% during the forecast period. High adoption of IoT devices, and rising need to assess health of aging assets are the major factors propelling the market growth. However, factors such dearth of skilled and qualified personnel for inspection services, high costs of automated NDT equipment are hampering the market growth.
Non-destructive testing (NDT) inspection services are primarily used in engineering industries for evaluating different properties of structures, equipment, components, and materials without causing any damage. NDT Market and inspection is an extremely valuable technique for timely evaluation and diagnosis of faults in products. It is an important quality control tool in the manufacturing process as it allows for early detection of surface and subsurface defects in finished and work-in-progress (WIP) goods. NDT is also used for detecting faults and structural integrity in industrial assets and public infrastructures such as factory buildings, platforms, bridges, railway lines, piping systems, and industrial machinery.
Based on the technique, the ultrasonic testing (UT) segment is going to have a lucrative growth during the forecast period owing to its ability to accurately identify defects and determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can be used for critical applications in the oil & gas and aerospace industries, among many others.
By geography, North America is going to have a lucrative growth during the forecast period increasing implementation of NDT techniques across numerous end-use sectors. Also, the availability of a skilled workforce and the presence of numerous NDT training institutes in the region is affecting the market share. Power generation using shale oil in the U.S. and Canada is also likely to positively impact the growth of the regional market.
Some of the key players profiled in the NDT Inspection Services Market include the General Electric, Mistras Group, Olympus Corporation, Ashtead Technology., Nikon Metrology, Magnaflux Corporation, Zetec Inc., Eddyfi, YXLON International GmbH, Sonatest Ltd, Acuren Inspection Inc, and Cygnus Instruments Ltd.
• Ultrasonic Testing (UT)
• Visual Inspection Testing (VT)
• Magnetic Particle Testing (MPT)
• Liquid Penetrant Testing (LPT)
• Eddy-Current Testing (ECT)
• Radiographic Testing (RT)
• Acoustic Emission Testing (AET)
• Terahertz Imaging
• Near-Infrared Spectroscopy
• Inspection Services
• Equipment Rental Services
• Calibration Services
• Training Services
• Visual Inspection Method
• Surface Inspection Method
• Volumetric Inspection Method
End Users Covered:
• Oil & Gas
• Public Infrastructure
• Power Generation
• Medical and Health
• Plastics & Polymers
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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