Press release
Non-Destructive Testing (NDT) Equipment Market 2022 Precise Outlook - Magnaflux Corp., Nikon Metrology Inc., Intertek Group Plc, YXLON International GmbH
The Non-Destructive Testing (NDT) Equipment Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.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 Leading Companies of Non-Destructive Testing (NDT) Equipment Market are Magnaflux Corp., Nikon Metrology Inc., Intertek Group Plc, YXLON International GmbH ( COMET Group), Olympus Corporation, Baker Hughes, Fujifilm Corporation, TEAM Inc., Acuren Inspection, Inc., TUV Rheinland AG, Applus Services SA, MISTRAS Group, SGS Group and others.
Industry News and Updates
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.
Key Market Trends
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.
Regional Outlook of Non-Destructive Testing (NDT) Equipment Market report includes the following geographic areas such as: North America, Europe, China, Japan, Southeast Asia, India and ROW.
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Non-Destructive Testing (NDT) Equipment Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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