NDT Services Market To Witness Huge Growth Owing To Rising Demand For Testing Methods From The Manufacturing, Aerospace & Defense, Power Generation, Transportation Sectors Till 2023 | Million Insights
Global NDT services market is anticipated to witness an exponential growth in the forecast period. NDT (Nondestructive testing) is the procedure of testing, inspecting, or evaluating materials, assemblies or components for differences, or discontinuities in characteristics without destroying the serviceability of the system or part.
Factors such as emergence of industrial internet of things, strict regulations formulated by the government, increasing demand for testing methods from the manufacturing sector, aerospace & defense, power generation, transportation industries and automotive and growing demand to ensure efficiency and safety in the production procedure are likely to drive the non-destructive testing (NDT) services market in the forthcoming period.
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On the other hand, variation in the prices of oil and gas are anticipated to hinder the market growth in the future. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. NDT services market could be explored by testing technique, type, vertical and geography.
Non-destructive testing (NDT) services market could be explored by testing technique such as Magnetic Particle, Visual Inspection, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission, Liquid Penetrant, and Terahertz Imaging. The “Ultrasonic” segment accounts for a prominent share in the market. It is likely to witness a substantial growth in the years to come. The key factor that could be attributed to the growth of market include that it is mainly used for high-frequency sound energy to measure and examine defects.
Based on the type, the market could span Equipment Rental Services, Inspection Services, Calibration Services, and Training Services. The “NDT Training Services” segment accounted for a prominent share in the market. It is likely to witness a substantial growth in the years to come. The key factors that could be attributed to the growth of market include old infrastructure and the growth rate of new infrastructure development. Furthermore, owing to the shift to progressive NDT techniques, such as phased array ultrasonic testing (PAUT) from traditional NDT techniques.
The NDT services market could be explored based on vertical as Oil & Gas, Manufacturing, Government Infrastructure & Public Safety, Aerospace, Power Generation, Automotive and Others (Medical & Health, Plastic & Polymers, and Marine). The “Oil & Gas” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include administration rules for improving the safety of people and environment by avoiding oil spillage owing to the bursting of pipes, leaks, or any other accidents.
North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors, such as power transmission and supply, construction and manufacturing activities in the region, aerospace, oil & gas, and defense vertical, rising technological enhancements, growing demand to ensure safety and efficiency in the manufacturing procedure and rapid growth of transportation. North America is followed by APAC region.
Key players operating in the NDT services market include X-R-I Testing, Amerapex Corporation, Intertek, TUV SUD, Jesse Garant & Associates, NDT-PRO Services, Element, Laboratory Testing Inc and SGS. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M USD), market share and growth rate of NDT Services in these regions, from 2012 to 2023 (forecast), covering
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Columbia)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Global NDT Services market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• GE Oil and Gas Digital Solutions?
• Ashtead Technology?
• Mistras Group, Inc.?
• TUV Rheinland AG?
• Intertek Group PLC?
• Team, Inc.?
• Zetec Inc.
• Yxlon International GmbH?
• Rockwood Service Corporation
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
• Ultrasonic, Radiographic
• Eddy Current
• Magnetic particle
• Acoustic Emission
• Terahertz Imaging
On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of NDT Services for each application, including
• Inspection
• Renting
• Training
• Calibration
Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/consumer-services
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