Non-Destructive Testing and Inspection Market Expected to reach $12.6 billion by 2024 | Key players include General Electric, Olympus Corporation, Nikon Metrology and Sonatest

According to the new market research report on the "Non-Destructive Testing and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Geography - Global Forecast to 2024", The non-destructive testing and inspection market is estimated to grow from USD 8.3 billion in 2018 to USD 12.6 billion by 2024; it is expected to grow at a CAGR of 7.24% from 2018 to 2024. Stringent government regulations regarding public safety and product quality, and continuous advances in electronics, automation, and robotics are among a few major factors driving the growth of the NDT and inspection market. The high adoption of IoT devices and rising need to assess the health of aging assets also propel the growth of the NDT and inspection market.

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The ultrasonic testing (UT) technique to hold the largest share of the non-destructive testing and inspection market in 2018

Ultrasonic testing is expected to account for the largest market share in 2018. It is presently the most popular NDT technique 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 also be used for critical applications in the oil & gas and aerospace industries. Ultrasonic testing has evolved considerably over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic NDT inspection can be conducted by using a wide range of methods; a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications. This technique can also be deployed to inspect objects that are not easily accessible through direct contact; for example, for inspecting the piping system buried under the earth surface.

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The market for the manufacturing vertical expected to grow at the highest CAGR during the forecast period

The manufacturing sector is expected to be the fastest-growing vertical in the NDT and inspection market from 2018 to 2024. This sector is receiving a boost from emerging markets such as China, India, and South Africa due to their growing manufacturing and industrial base. The NDT and inspection technique is widely used in manufacturing to ensure the integrity of components produced. This technique is primarily employed for preventive maintenance and failure analysis, as well as for the post care of the damages.

North America expected to hold the largest market share during the forecast period

North America is expected to hold the largest share of the overall NDT and inspection market by 2024. The rapid growth of automotive, power generation, oil & gas, and aerospace & defense industries in the region is the major reason for the growing adoption of NDT equipment and rising demand for related services in North America.

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General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the market.

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