Non-Destructive Testing (NDT) Market 2021 Global Outlook - Olympus Corporation, GE Measurement & Control Solutions, YXLON International

The Non-Destructive Testing (NDT) Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data. The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

Non-destructive Testing (NDT) market was valued at USD 16.72 billion in 2019 and is expected to reach a value of USD 24.65 billion by 2025, at a CAGR of 6.7% during the forecast period 2020-2025.

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Top Leading Companies of Global Non-Destructive Testing (NDT) Market are Olympus Corporation, GE Measurement & Control Solutions, YXLON International, Team Inc., Applus+, MISTRAS Group, SGS Group, Fujifilm Corporation, Bureau Veritas S.A., Nikon Metrology NV, Intertek Group Plc., Intertek Group Plc., T†V Rheinland AG, Magnaflux Corp., and others.

Industry News and Updates:

- June 2018 - Comet's Lab One and Yxlon's Non-Destructive Testing facility offered samples to customers for Non-Destructive Test (NDT) contract services. This was designed to bring customer engineers closer to metrology and measurement testing and NDT innovation practices, using the offerings available in the technologies i.e. RF Power, X-ray/CT, and electron beam materials testing.

Key Market Trends:

Power and Energy Sector Offers Potential Growth

- Nuclear power is playing an essential role in generating electricity in many countries of the world. In a number of countries, generating electricity at nuclear power plants makes more than 50 percent (Lithuania - 81,5%, France - 78,2 %, Belgium - 60,1%).
- Ensuring a reliable and safe operation of nuclear power plants is the central problem of nuclear power engineering. In particular, it depends on the quality of nuclear fuel and process equipment for fuel manufacture. Solving this problem is directly connected to the application of non-destructive testing and diagnostics.
- Nondestructive methods are very widespread in many applications such as fuel inspection. In this field, many techniques are used, like ultrasonics, eddy current, radiographic testing, and acoustic techniques. According to the IAEA studies, the fuel failure rate in the world is around 10-5, which means 1-3 failed fuel rods from 100 000 fuel rods in operation. With the implementation of NDT, the failure rate is decreasing.
- Moreover, in the next four years, more than 67 nuclear reactors in the world are estimated to reach an age of over 40 years of the operational period. As nuclear power plants age, the importance of maintenance increases and there is a need to apply inspection technologies. This creates huge market opportunities for NDT market.

Asia- Pacific to Witness Fastest Growth

- According to the World Nuclear Association, China and India have planned 43 and 14 nuclear reactors respectively by May 2019. Thus, the need for maintenance of those power plants will also increase which in return will create a market for nondestructive testing.
- Further, the APAC region offers opportunities for the non-destructive testing market owing to the increase in infrastructure spending by the governments. For instance, the largest infrastructure effort in the region is China’s Belt and Road Initiative, aiming to boost productivity and efficiency gains by improving trade links between Asia and Europe. Such infrastructure initiatives create a market for NDT because NDT helps in detecting corrosion, cracking and other damage which can affect load carrying capacity.

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Highlights of the Non-Destructive Testing (NDT) Market Report:

– Detailed overview of Non-Destructive Testing (NDT) Market
– Changing the Non-Destructive Testing (NDT) market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Non-Destructive Testing (NDT) market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Non-Destructive Testing (NDT) Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

The research includes historic data from 2015 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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