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Non-Destructive Testing (NDT) Market Analysis By Key Players, Share, Revenue, Opportunities, and Regional Forecast To 2028

04-13-2022 06:55 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FORTUNE BUSINESS INSIGHTS

Non-Destructive Testing (NDT) Market Analysis By Key Players,

The global non-destructive testing (NDT) market is set to gain momentum from the ongoing technological advancement in wireless sensors and IoT for generating higher accuracy in testing results. In March 2021, for instance, Zetec Inc. unveiled a scanner named ElbowFlex for detecting flow accelerated corrosion and measuring wall thickness on pipe elbows. It can be used in industrial, manufacturing, petrochemical, and oil & gas applications. This information is given by Fortune Business Insights™ in a report, titled, "Non-Destructive Testing (NDT) Market, 2021-2028." As per the report, the market size was USD 7,160.0 million in 2020. It is projected to grow from USD 6,300.0 million in 2021 to USD 14,800.0 million in 2028 at a CAGR of 12.98% in the forecast period.

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Segments-

Ultrasonic Testing Segment Held 27.23% in 2020: Fortune Business Insights™

By the technique, the market is segregated into ultrasonic testing, visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy current testing, radiographic testing, and acoustic emission testing. Amongst these, the ultrasonic testing segment procured 27.23% in terms of the non-destructive testing market in 2020. This growth is attributable to the surging utilization of this technique in weld inspection, mapping, pipeline corrosion, and composite applications.

Report Coverage-

The report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, namely, joint ventures, acquisitions, new product developments, agreements, and expansion of production facilities.

A list of renowned non-destructive testing providers operating in the global market:

Acuren Inspection Inc. (The U.S.)
Ashtead Technology (The U.K.)
Bosello High Technology Srl (Italy)
Eddyfi (Canada)
Fischer Technology Inc. (The U.S.)
Fprimec Solutions Inc. (Canada)
General Electric (The U.S.)
Labquip NDT Limited (The U.K.)
LynX Inspection (Canada)
Magnaflux Corporation (The U.S.)
Mistras Group (The U.S.)
NDT Global GmbH & Co. Kg (The U.S.)
Nikon Metrology (Japan)
Olympus Corporation (Japan)
Sonatest Ltd. (The U.K.)
TD Williamson, Inc. (The U.S.)
YXLON International GmbH (Denmark)
Drivers & Restraints-

Urgent Need to Prevent Fatal Accidents will Accelerate Growth in Future

The aerospace industry has to maintain the highest quality standards regarding strength, structure, and materials as failure in checking leaks, or cracks can lead to fatal accidents. According to the International Air Transport Association (IATA), in 2020, the total number of accidents reached 38 from 52 in 2019. Similarly, the accident rate of IATA member airlines was 0.83 per million flights. This showcases an improvement in the prevalence of accidents. At the same time, the availability of various methods, such as radiographic, liquid penetration, eddy current testing, ground penetration, and acoustic emission testing would drive the NDT market growth in the near future. However, workers operating NDT equipment should have various certifications and high training levels to handle complex tasks. Unavailability of these can obstruct growth.

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Competitive Landscape-

Key Players Focus on New Product Launches to Intensify Competition

The global market for non-destructive testing contains various companies. Most of them are striving to launch innovative products to cater to the high consumer demand across the globe. A few others are participating in the collaboration strategy to compete with their rivals. Below is one of the latest industry developments:

January 2021: Olympus introduced RollerFORM XL scanners to enhance the inspection of composite components possessing large surface areas. It can be used in the aerospace and defense industry.
Regional Insights-

Presence of Fischer Technology and Magnaflux Corporation to Help North America Dominate

Geographically, North America earned USD 2,759.2 million in terms of revenue in 2020. It is expected to maintain its dominance throughout the forthcoming years because of the presence of various reputed NDT companies, such as Magnaflux Corporation, Acuren Inspection Inc., and Fischer Technology Inc. in the U.S. Europe, on the other hand, is anticipated to show a remarkable growth on account of the expansion of the automobile and aerospace industries in Germany and France, respectively.

COVID-19 Pandemic: Cancellation of Commercial Aircraft Delivery to Hamper Growth

The COVID-19 pandemic has impacted the aviation industry negatively because of the implementation of travel bans by governments of various countries worldwide. The International Bank for Reconstruction and Development (IBRD), for instance, declared that approximately 4.3 million air-passengers were carried globally in 2019. This number declined drastically in 2020. Also, cancellation or postponement of commercial aircraft delivery is hampering the demand for NDT.

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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