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Dublin, November 25, 2021/PRNewswire/-ResearchAndMarkets.com has added the "NDT Service-Global Market Track and Analysis" report to the products of ResearchAndMarkets.com.
By 2026, the global non-destructive testing (NDT) service market will reach $12.6 billion
The global non-destructive testing (NDT) service market is estimated to be US$8.6 billion in 2020 and is expected to reach a revised US$12.6 billion by 2025, growing at a CAGR of 6.6% during the analysis period.
The NDT method is a non-invasive measurement technology from different fields such as engineering, medicine, radar, sonar, and geographic prospecting. NDT methods range from simple visual inspection techniques to advanced specialized techniques such as positron annihilation and Barkhausen noise measurement. Other prominent methods include radiography, magnetic particle testing, penetrant testing, laser holography, eddy current testing, and ultrasonic testing. Visual inspection testing (VT) is one of the market segments analyzed in the report and is expected to grow at a compound annual growth rate of 6.7% by the end of the analysis period, reaching US$2 billion. After a thorough analysis of the business impact of the pandemic and the economic crisis it caused, the growth of the magnetic particle testing (MPT) and electromagnetic testing sectors was readjusted to a revised 6.7% compound annual growth rate over the next 7 years. This segment currently accounts for 16.6% of the global non-destructive testing (NDT) service market.
Strict product usage specifications that the industry must comply with, strict government safety regulations requiring the safety of personnel and workplaces using a series of physical assets, and strict quality control requirements in the management industry are expected to drive long-term demand for non-destructive testing services.
In addition, processes and products that require continuous inspection and testing are becoming more and more complex, which has an impact on market growth. At the same time, the problems and challenges related to the internal non-destructive testing department also benefit the market. The high initial cost of equipment, the shortage of well-trained personnel, the lack of comprehensive training facilities for advanced equipment, and the pollution and operator safety issues are some of the issues that encourage companies to choose third-party non-destructive testing services. In recent years, technological progress, such as the introduction of automated NDT equipment, the emergence of user-friendly equipment, the development of software, and the introduction of a series of new non-destructive technologies have also promoted the market prospects of NDT services.
Although ultrasound, radiography and eddy current testing have been traditional non-destructive testing techniques that have achieved great success for many years, it is expected that new technologies such as X-ray computed tomography, phased array ultrasound and computed radiography will become more prominent in the next few years.
Remote visual inspection has also attracted considerable attention, and the aerospace sector specifically requires the use of NDT services in various applications. Advances in sensor, automation, and semiconductor technology also help transform non-destructive testing into an integral part of integrity solutions, asset management, and decision-making tools.
The development of nanomaterials and advanced components and their use in the manufacture of a range of structural components will also help drive demand for non-destructive testing services to test these materials and structures developed using these materials. The U.S. market is estimated to be USD 3.3 billion in 2021, while China is expected to reach USD 1.6 billion by 2026
By 2021, the U.S. non-destructive testing (NDT) service market is estimated to be USD 3.3 billion. The country’s current share of the global market is 37.44%. China is the world's second largest economy, and the market size is expected to reach USD 1.6 billion by 2026, with a compound annual growth rate of 9.8% during the analysis period.
Other notable geographic markets include Japan and Canada, which are expected to grow by 4.3% and 5.9%, respectively, during the analysis period. In Europe, Germany is expected to grow at a compound annual growth rate of approximately 5.1%, while other European markets (as defined in the study) will reach $1.8 billion at the end of the analysis period. Key topics covered: I. Method II. Executive Summary 1. Market overview
2. Focus on selected players (141 selected players in total)
4. Global Market Outlook III. Regional Market Analysis
For more information on this report, please visit https://www.researchandmarkets.com/r/1plioj
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