According to the new market research report on
the "Non-Destructive
Testing and Inspection Market by Technique (Visual Testing,
Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic,
Acoustic Emission), Method, Service, Vertical, and Geography - Global Forecast
to 2024", published by MarketsandMarketsTM. The
non-destructive testing and inspection market is estimated to grow from USD 8.3
billion in 2018 to USD 12.6 billion by 2024; it is expected to grow at a CAGR
of 7.24% from 2018 to 2024. Stringent government regulations regarding public
safety and product quality, and continuous advances in electronics, automation,
and robotics are among a few major factors driving the growth of the NDT and
inspection market. The high adoption of IoT devices and rising need to assess
the health of aging assets also propel the growth of the NDT and inspection
market.
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Browse 85 market data Tables and 47 Figures spread
through 214 Pages and in-depth TOC on "Non-Destructive
Testing and Inspection Market - Global Forecast to 2024"
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The
ultrasonic testing (UT) technique to hold the largest share of the
non-destructive testing and inspection market in 2018
Ultrasonic testing is expected to account for the
largest market share in 2018. It is presently the most popular NDT technique
owing to its ability to accurately identify defects and determine their
severity. Some advanced techniques such as ultrasonic immersion testing and
guided-wave ultrasonic testing can also be used for critical applications in
the oil & gas and aerospace industries. Ultrasonic testing has evolved considerably
over the last few decades and is the most important NDT technique for
identifying and quantifying surface and subsurface defects. Ultrasonic NDT
inspection can be conducted by using a wide range of methods; a few of which
are manual and cost-effective, while others need advanced automated equipment
for determining faults in critical applications. This technique can also be
deployed to inspect objects that are not easily accessible through direct
contact; for example, for inspecting the piping system buried under the earth
surface.
The
market for the manufacturing vertical expected to grow at the highest CAGR
during the forecast period
The manufacturing sector is expected to be the
fastest-growing vertical in the NDT and inspection market from 2018 to 2024.
This sector is receiving a boost from emerging markets such as China, India,
and South Africa due to their growing manufacturing and industrial base. The
NDT and inspection technique is widely used in manufacturing to ensure the
integrity of components produced. This technique is primarily employed for
preventive maintenance and failure analysis, as well as for the post care of
the damages.
North
America expected to hold the largest market share during the forecast period
North America is expected to hold the largest share
of the overall NDT and inspection market by 2024. The rapid growth of
automotive, power generation, oil & gas, and aerospace & defense
industries in the region is the major reason for the growing adoption of NDT
equipment and rising demand for related services in North America.
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General Electric (US), Olympus Corporation (Japan),
MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology
(Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US),
T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi
(Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments
Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada)
are the key players in the market.
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