Non-Destructive Testing Market to Reach $20368.1 Million By 2023 | Business Growth Statistics and Key Players Insights: MISTRAS GROUP, SGS GROUP, OLYMPUS CORPORATION, BUREAU VERITAS S.A., and GE MEASUREMENT AND CONTROL

The non-destructive testing (NDT) market was valued at USD 13766.4 million in 2017 and is expected to reach a value of USD 20368.1 million by 2023, at a CAGR of 6.71% during the forecast period (2018 - 2023).

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The NDT solutions are techniques used to test objects for flaws and inadequacies in the materials, components or system, without causing damages to it. In the recent years, governments across the globe are focusing on the safety issues and needs, to prevent accidents. NDT assures the reliability by evading the jeopardy of over-sightedness and is expected to aid in elevating the efficiency of the manufacturing establishments. Major applications of the market are found in oil & gas, aerospace and defense, and power generation sectors. The market was recently exposed to the uncertainties in the oil prices and is recovering from gaining momentum in the upstream oil & gas sector. Advancements in technology are expanding the scope of the market towards the pharmaceutical and food & beverages also, which are expected to add up to the increasing global demand in the next four years.

Key Developments in the Market
• January 2018 - SGS Group Acquired Laboratoire De Contru00f4le Et D’analyse, a prominent chemical and microbiological testing and consultancy, based in Belgium. The acquisition will enable SGS to expand their Good Manufacturing Practice (GMP) testing portfolio in Belgium, with a prime focus on QC lab services
• December 2017 - Bureau Veritas has announced the acquisition of Ingenieru00eda, Control y Administraciu00f3n, S.A. de C.V. (INCA), a leader in technical supervision of building and infrastructure projects in Mexico. This acquisition positions Bureau Veritas as a top player for building and infrastructure related services in Mexico, a market that is driven by sustained investment both in the private and public sectors, especially in transportation, power, and utilities. It will also enable the company to diversify its local portfolio of services and build synergies with its activities in the energy sector
• August 2017 - Tu00dcV Rheinland has announced the partnership with Global Innovations Green Algorithms (GIGA), the international standards organization. The company’s global Certipedia certificate database, combined with GIGA’s extensive, collaborative material data hub would transform the ease and speed with which designers can come up with a superior, sustainable building design that is expected to continue to deliver results for years

The major players include –
MISTRAS GROUP, SGS GROUP, FUJIFILM HOLDINGS CORPORATION, OLYMPUS CORPORATION, BUREAU VERITAS S.A., and GE MEASUREMENT AND CONTROL, amongst others.

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Gaining Momentum in Upstream Oil & Gas Sector to Increase Demand for NDT
Since the drop in oil prices in early 2014, from USD 100 per barrel to USD 50 per barrel, the upstream sector of oil & gas industry suffered from the lack of investments to carry out exploration and production activities. However, in 2016, there was a modest increase in the up-stream activities lead by North America and the Middle East regions. Although most of the oil-producing countries in the Middle East are constrained by the norms of Oil Producing and Exporting Countries (OPEC), there has been a considerable up-stream activity in the region.
It is estimated that more than USD 337 billion is already being spent on the active upstream projects under execution in the Middle East, while an additional USD 622 billion worth infrastructure development is being planned. All of these investments made by the Middle East governments are said to be an effort to remain as the top oil & gas producer and exporter in the world. In case of North America, the newly found shale gas resources are strengthening their import and export activities especially into Latin America and Europe countries. One of the primary reasons for increased cross-border oil transactions in North America is that down-stream sector of North America is not equipped to process the local shale resources. Most of the refineries in the region are built to handle heavy foreign crude and cannot yield expected results with shale gas produced locally. This is one of the primary reasons why even under low crude oil prices the region exported considerable volumes of crude oil. This upbeat in the upstream sector is expected to improve with further strengthening oil prices in the near future, opening up opportunities to the NDT market.

Rising Construction Activity in the UK to Increase Demand in Europe
Post-Brexit, the growth prospects for the construction industry in the UK have been declining, as the nation left the European Union. The growth for 2018 is expected to increase by 0.7%, which has been slowest in the past six years. However, for now, the output is expected to rise by 1.6% in 2017, due to a steep rise from new construction contracts and activity in the GBP 6.9 billion public housing repair, and maintenance that is required after Grenfell Tower fire incident. The private non-residential Repair & Maintenance sector experienced a growth of around 3%, while the public non-residential Repair & Maintenance sector kept on declining.
In the UK, every day more than 25,000 inspections are carried out in factories and on-site to detect defects and damage in a vast range of products, plant, and structures. The primary driver behind the growth of NDT industry in the construction sector in the nation is the need for assessment of aging infrastructure driven by financial and environmental pressures for better long-term management. The sector also has high employment rate, both directly and indirectly, through associated supply chains. Besides, UK is a major exporter of knowledge and technical expertise and is a market leader in infrastructure asset management.

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