Non-Destructive Testing (NDT) Equipment Market 2021 Coronavirus (COVID-19) Updated Analysis By Key Players - GE Measurement & Control, Olympus Corporation, Nikon Metrology NV, Zetec

Market Insights Reports delivers key insights on the Non-Destructive Testing (NDT) Equipment market in its latest report titled, “Non-Destructive Testing (NDT) Equipment Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The global non-destructive testing equipment market was valued at USD 4,779 million in 2020, and it is projected to be worth USD 7,635.7 million by 2026, registering a CAGR of 7.2 % during the forecast period (2021 - 2026).

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Top Key Players in the Global Non-Destructive Testing (NDT) Equipment Market: GE Measurement & Control, Olympus Corporation, Magnaflux, YXLON, Nikon Metrology NV, Zetec, Mistras, karl deutsch, Proceq, Sonatest, Union, Dndt, Huari, Aolong, Zhongke Innovation, Quanrui, Hongxu, Siui, IDEA, Runqi and Others.

Industry News:

- October 2019 - Intertek announced the expansion of its corrosion testing at its Sharjah Laboratory Complex, which assists clients in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain, and Egypt. The upgrade and expansion of the Sharjah facility allow Intertek to offer enhanced local services in a laboratory devoted to the testing of corrosion inhibitors under highly sour conditions; for example, fluids containing high levels of corrosive hydrogen sulfide (H2S).

- July 2019- Applus+ RTD in Germany was planning to deliver non-destructive testing (NDT) for the construction of a new chemical plant for Covestro. Applus+ RTD is expected to provide services, including NDT on piping, new construction, and work during the assembly phase of the project. In view of the tight schedule, Applus+ is partnering with the UK company, SafeRad Ltd, whose qualified system allows for radiographic techniques to be used with a minimum of radiographic exposure. Radiographic Testing (RT) can be performed during day and night shifts, in parallel with the work of the piping companies.

Market Overview:

The introduction of stringent government safety regulations across different regions, due to an increase in failure incidents and the need for extending the life of aging infrastructure, is compelling the industries to employ testing across their manufacturing cycles.

- The need for maintenance optimization for efficient operations and quality/safety assurance is further helping the adoption of NDT testing equipment. Moreover, factors, such as safety, increased service intervals, reducing tolerance to disruption, small emission targets, and innovative materials have further contributed to the rising demand for NDT techniques in the aerospace and defense sectors.

- The Non-destructive testing equipment emerged as an essential part of every industrial toolbox. Building welded structures or industrial plants without NDT would be synonymous to building without cleaning or measuring or welding. Maintaining aircraft, refineries, or rotating equipment without NDT would be like maintaining without lubrication or checking for corrosion or tightness.

- Approximately 70-80% sales of NDT equipment manufacturers, like Olympus, among others, cater to NDT service providers, such as Acuren, Applus RTD, among others, through a wide variety of distributors and local representatives, including Inspection Technologies Inc., Detek, etc. In the end users segment, the global recovery from the slump in crude oil prices has been among the promary factors that have significantly driven investments in the oil and gas vertical.

- With the outbreak of Covid-19, the NDT equipment market is witnessing a decline in growth as end-user industries such as automotive, oil and gas, construction, among others, have been impacted due to lockdown and other social distancing norms. According to the Ministry of Statistic and Program Institute (MOSPI) India, the impact of Covid-19 on Gross value-added on construction, Manufacturing, and Mining sector has accounted for -13.3%, -6.3%, and -14.7%. Thus, the decline in the growth of these industries has reduced the demand for the NDT activities that, in turn, are impacting the market growth.

Top Line Market Forecast:

Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.

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Asia- Pacific is Expected to Witness Significant Growth

- Currently, China is the world’s largest producer of electricity. The energy demand of the country is expected to increase, thereby provoking the growth of energy production. NDT application in the fossil fuel segment dominates the market but is slowly expected to shift toward the nuclear and renewable segments. China is the largest consumer and importer of oil and gas in the world, after the United States.

- The country's rising demand for cleaner sources of energy is a major contributor to the weakening oil demand, in the country. China is also the world's top market for electric vehicles. The Chinese government is said to be working on a plan to implement a ban on vehicles powered by fossil fuels, similar to France and the United Kingdom, which announced that they would ban the sale of vehicles powered by fossil fuels, by 2040.

- India has the fifth largest power generation capacity in the world. The country ranks third globally in terms of electricity production. In May 2018, India ranked 4th in the Asia Pacific region out of 25 nations on an index that measures their overall power. Electricity production in India reached 108.90 Billion Units (BU) in April 2019. This implies that the current demand for NDT is dominated by the fossil fuel sector, with nuclear energy-based NDT equipment slowly gaining momentum.

- With the Indian aviation sector witnessing a surge in consumption, supported by growing incomes and increasing affordability, the industrial consumption of the NDT equipment is expected to witness substantial growth, over the forecast period.

- Singapore accounts for more than 25% of the Asia-Pacific MRO (maintenance, repair, and overhaul) market, with more than 100 aerospace companies catering the demand for aviation-related services. Leading companies, such as Singapore Technologies and SIA Engineering Company carry, out the nose to tail MRO services, thereby contributing to large-scale adoption of NDT equipment, in this segment.

- Indonesia offers opportunities for NDT equipment in the fossil fuel segment, as it is the dominant contributor to electricity production in the country. NDT is suitable for the inspection of pressurized pipelines, boilers, and exhaust systems. There are more than 133 CPP and 7 GPP operational, in the country which is further bolstering the growth of the Indonesian segment, over the forecast period.

This Non-Destructive Testing (NDT) Equipment Market report addresses:

- The Market size from 2016-2021

- Expected market growth until 2026

- Forecast of how market drivers, restraints, and future opportunities will affect

- Segment and regions that will drive or lead the market growth and why

- Comprehensive mapping of the competitive landscape

- In-depth analysis of key sustainability strategies adopted by market place

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Post Covid-19 Analysis:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.

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