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Non-Destructive Testing Market OverviewThe global non-destructive testing services market was analyzed by Market Research Future (MRFR) and it was projected that a healthy CAGR of 8% will be attained by the market over the forecast period of 2017 to 2023. The valuation of the non-destructive testing services market was further stated to surpass its previous figure to reach a projected valuation of USD 26 Billion by the end of the forecast period.
The increasing demand for quality improvement and growing need surrounding machine longevity are some of the biggest factors driving the Non-Destructive Testing Market services market. Additionally, the increasing usage of renewable energy resources is another one of the major growth drivers of the global market.
However, on the other hand, high pricing of advanced NDT equipment and various technical complexities linked with the implementation of non-destructive testing are some of the major challenging factors for the global market. Also, lack of awareness and availability of skilled personnel are also expected to hamper the overall growth of the market over the forecast period.
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Competitive Landscape
The global non-destructive testing services market comprises a host of key players. This includes names like Olympus Corporation (Japan), MISTRAS Group, Inc. (U.S.), Ashtead Technology, Inc. (U.S.), Olympus Corporation (Japan), GE Inspection Technologies (U.S.), Bosello High Technology S.R.L. (Italy), Intertek Group PLC (U.K.), SGS S.A. (Switzerland), Fujifilm Holdings Corporation (Japan), Nikon Metrology, Inc. (U.S.), Sonatest Ltd. (U.K), and others.
Among the mentioned names, Intertek Group PLC, MISTRAS Group, Inc., Olympus Corporation, Olympus Corporation, GE Inspection Technologies, SGS S.A., and Nikon Metrology are the major players in the global non-destructive testing services market. However, MITRAS Group is one of the leading players that offers advanced and traditional NDT services, engineering services, and NDT centers of excellence to solve the consumer queries and demands related to non-destructive testing services. The company lays close focus on offering innovative solutions to the consumers and always makes sure to keep pace with the ongoing developments and advancements in technology.
Market Segmentation
The global non-destructive testing services market has been segmented in terms of type, technique, application, and vertical.
By vertical, the market comprises infrastructure, aerospace & defense, automotive, oil & gas, and power. The aerospace & defense segment is anticipated to enjoy the highest share of the market during the forecast period. This is due to the rising demand for non-destructive testing services in the industry. These NDT services aid in ensuring optimal safety during the production phase of complex aircraft accessories.
By product, the market segments into advanced non-destructive testing services and traditional non-destructive testing services.
By type, the market includes magnetic particle testing services, ultrasonic testing services, liquid penetrant testing services, eddy-current testing services, radiography testing services, visual inspection services, and magnetic particle testing services,
By application, the market comprises chemical composition determination, flaw detection, leak detection, dimensional measurement, stress & structure analysis, and physical properties.
Regional Analysis
The global non-destructive testing services market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North America region leads the global non-destructive testing services market with the highest share to its name. The regional market is further anticipated to remain at the top of the standings in the forthcoming years. The presence of countries like the US and Canada is majorly pushing the regional market towards a positive direction. This is due to the growing technological advancements being made herein and the increasing speed of adoption of Industrial Internet of Things, IIoT. Furthermore, the region boasts a well-established and developed infrastructure, thereby allowing speedy implantation of advanced forms of technologies. Additionally, the scaling demand to ensure optimal safety and efficiency in the production phase is another integral factor driving the North American non-destructive testing services market.
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Industry Buzz
July 2019, Sintavia announced the acquisition of Hollywood-based non-destructive testing (NDT) services company - QC Laboratories. QC Laboratories will function as a standalone company and help improve the NDT capabilities of Sintavia.
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