Press release
Non-Destructive Testing (NDT) Services Market to Witness 8% CAGR From 2018 to 2023 | Leaders by Olympus, Fujifilm Holdings, Nikon Metrology, Bosello High Technology, Olympus, GE Inspection, Intertek Group
According to Market Research Future Analysis, the global non-destructive testing services market is estimated to generate revenue of approximately USD 26 billion by 2023 growing at a CAGR of 8% during the forecast period.
Key Players
Eminent players in the global non-destructive testing services market include Olympus Corporation, Fujifilm Holdings Corporation, Nikon Metrology, Inc., Bosello High Technology S.R.L., Olympus Corporation, Sonatest Ltd., Ashtead Technology, Inc., SGS S.A., MISTRAS Group Inc., GE Inspection Technologies, and Intertek Group PLC
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Market Insights
Non-destructive testing (NDT) services are gaining traction as the need for high-quality machinery grows. As a result and due to several other factors, the global non-destructive testing services market is expected to grow at a healthy CAGR of 8% during the forecast period of 2017 to 2023. The global market is projected to reach an estimated value of USD 26 billion by the end of 2023. These projections have been made by Market Research Future in their latest report on the global non-destructive testing services market.
Non-Destructive Testing Services Market services are often employed to test systems without causing damage in an effort to focus on safety concerns for accident prevention. These services have wide applications in various industry verticals such as aerospace & defense, energy, and oil & gas. Another significant factor driving the NDT services market is the emergence of the industrial internet of things (IoT). Additionally, standardization of these services and the stringent regulations implemented by government bodies have made NDT services necessary for several applications thus increasing market growth.
The recent plunge in oil prices has caused the oil & gas industry to suffer losses; however, with the tide turning and prices increasing again, the industry is gaining momentum which has increased the demand for NDT services in the oil & gas industry. Rapid advancements in technology are improving the techniques employed in non-destructive testing and are likely to assist market expansion into testing for other industries such as the pharmaceutical and food & beverage industries.
Market Segmentation
The global non-destructive testing services market has been segmented on the basis of type, technique, application, verticals, and region. By type, the market has been segmented into traditional non-destructive testing services and advanced non-destructive testing services
By technique, the market has been segmented into ultrasonic testing services, radiography testing services, liquid penetrant testing services, magnetic particle testing services, eddy-current testing services and visual inspection services.
By application, the market has been segmented into flaw detection, leak detection, dimensional measurement, estimation of physical properties, chemical composition determination and stress & structure analysis.
By vertical, the market has been segmented into aerospace & defense, automotive, oil & gas, infrastructure, and power.
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Regional Analysis
North America, accounts for the largest market across the globe and is closely followed by the European market. The US leads the growth for the region due to the strong adoption of the latest in technology and has a growing adoption of industrial IoT. Additionally, the region possesses a well-developed infrastructure which allows for the swift implementation of advanced technology. Another driving factor of growth for the region is the increasing demand to ensure safe working conditions and maintain efficiency in the production process. The expansion of the market in correspondence with the advancement of NDT services is expected to contribute toward the future growth of the NDT services market in North America.
Latest Industry News
Element Materials Technology is set to acquire Vohtec Qualitätssicherung, thus adding four materials testing laboratories to their company portfolio. Vohtec, which started as a small company, is a leading material testing provider for the automotive sector in Germany and delivers more than 30 different tests for both destructive and non-destructive testing.
Yxlon has opened a non-destructive testing facility in Hudson, Ohio which offers customers the ability to send samples for NDT contract services.
Intended Audience:
• Technology Investors
• Research/Consultancy firms
• Government Bodies
• Service Providers
• Information Technology (IT) developers
• Consulting service providers
• Technology Providers
• System integrators
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