Global Non-Destructive Testing and Inspection Market is expected to grow at a CAGR of 3.81% during the forecast period from 2019-2025

As per the report published by Fior Markets, the global non-destructive testing and inspection market is expected to grow from USD 9.1 Billion in 2018 to USD 19.4 Billion by 2026 at a CAGR of 9.9% during the forecast period from 2019-2026.The North America region is dominating the market due to 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 also 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.

Non-Destructive Testing and Inspection Market by Technique (Projector, Mirror, Motor & Position Sensor, Others), Method, Service, Vertical, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.

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Prominent companies in the industry include are GE Inspection Technologies, YXLON International, Mistras, Nikon Metrology, Olympus Corporation, Eddyfi, Sonatest Ltd., Magnaflux Corporation, Zetec Inc., Nikon Metrology, Ashtead Technologyamong others. Leaders are providingbetter opportunities and continuously focused on new product developments and venture capital investments to capture market share.For instance, in December 2017, MISTRAS Group acquired West Penn Non-Destruction Testing LLC, a provider of non-destructive testing services at its in-house facilities, for USD 74 million in cash. The acquisition enhanced MISTRAS Group capability of in-house NDT Market services, especially for the customers from the aerospace industry.

Technique segment is divided into segments such as 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) and others. The Ultrasonic Testing (UT) segment is dominating the market and valued around USD 2.68 Billion in 2018. It is presently the most popular NDT technique owing to its ability to accurately identify defects and determine their severity. The method segment includes visual inspection, surface inspection, volumetric inspection and other methods. The volumetric inspection segment is dominating the market with the highest share of 42.30% in 2018 as it offers various benefits. Volumetric testing or ultrasonic testing are both used to examine the internal or volumetric integrity of welds or materials where the joint quality is usually critical. The service segment is classified into inspection services, equipment rental services, calibration services and training services. The inspection services segment is dominating the market and valued around USD 3.72 Billion in 2018. The main aim of NDT techniques is to inspect objects, materials, machinery, and structures for defects so that they can be rectified in a timely and cost-effective manner.The vertical segment includes manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation and others. The manufacturing segment is dominating the market with the highest share of 28.90% in 2018. The NDT and inspection technique is broadly used in manufacturing so as to maintain the integrity of components produced.

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Technological improvements in non-destructive testing is a major factor driving the market. In addition, the rising rate of industrialization and urbanization and high implementation of IoT devices further stimulates the demand. However, the growing complexity of NDT processes may obstruct the growth of the market. Nevertheless, forward integration with latest technologies may boost the market in forthcoming years

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