Press release
NDT Service Market 2019 - How will Technological Advancements Boost Industry Outlook?
NDT Service Market
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The aerospace industry is projected to grow at a CAGR of over 6% during the forecast timespan, as NDT services offer an economical & efficient solution for a high-volume production of aviation components. The services provide an effective way to identify any surface & internal irregularities throughout the operational lifecycle of the components. The oil & gas industry held over 25% of the NDT service market revenue in 2018. The services safeguard the mechanical & structural integrity of the infrastructure and equipment used in oil & gas platforms by continuous monitoring to avoid any catastrophic failures.
Ultrasonic inspection services accounted for over 30% revenue in the NDT service market in 2018. The implementation of advanced technologies and infrastructural advancements of numerous manufacturing facilities are promoting the use of ultrasonic inspection services. The phased array testing market is expected to grow exponentially as it eradicates the need to stop factory operations caused due to radioactivity exposure, enhancing productivity. The radiography market is anticipated to register a growth rate of over 5% over the forecast timeline. The increasing number of infrastructural developments and the influx of various safety guidelines have generated numerous opportunities for the expansion of the radiography NDT service market.
Speaking of the growth of the NDT service industry in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines – rolled out by European Union along with various local governments – mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.
Elaborating further on the leading position of Europe, it has also helped that the region’s aviation sector is on a roll with a clearance of a massive backlog of aircraft orders being concluded recently. To put things in perspective, prominent aircraft manufacturers such as Airbus and Boeing have a record backlog of more than 12,000 new aircraft that are to be manufactured by the year 2025, creating humongous growth opportunities for the Europe NDT service market in the forthcoming years.
Browse key industry insights spread across 300 pages with 420 market data tables & 31 figures & charts from the report, “NDT Service Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/non-destructive-testing-ndt-service-market
Considering the humble beginnings of the NDT service industry, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the NDT service market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.
Major Key Points from Table of Content:
Chapter 7. Global NDT Service Market, By Application
7.1. Key trends, by end-use
7.2. Oil & Gas
7.2.1. Market estimates and forecast, 2014 – 2025
7.3. Manufacturing
7.3.1. Market estimates and forecast, 2014 – 2025
7.4. Government
7.4.1. Market estimates and forecast, 2014 – 2025
7.5. Automotive
7.5.1. Market estimates and forecast, 2014 – 2025
7.6. Energy
7.6.1. Market estimates and forecast, 2014 – 2025
7.7. Aerospace
7.7.1. Market estimates and forecast, 2014 – 2025
7.8. Others
7.8.1. Market estimates and forecast, 2014 – 2025
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/non-destructive-testing-ndt-service-market
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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