Non-Destructive Testing and Inspection Market Insights
The global non-destructive testing and inspection market is estimated to grow at a significant CAGR during the forecast period. Non-destructive testing techniques find applications in engineering industries for evaluation of different properties of structures, components, equipment and materials in a safe manner. The market is primarily driven by significant rise in construction and manufacturing activities in developed as well as developing countries. Further, increasing awareness about the benefits of non-destructive testing among end users is likely to boost growth in the market during the coming years. Developing countries are especially expected to demonstrate a significant demand for non-destructive testing and inspection owing to growing disposable income of individuals and enterprises. The market can be segmented on the basis of technique, method, service and vertical among others.
Non-Destructive Testing and Inspection Market: Technique Insights
The global non-destructive testing and inspection market can be classified into Ultrasonic Testing (UT), Visual Inspection Testing (VT), Magnetic Particle Testing (MPT), Liquid Penetrant Testing (LPT), Eddy-Current Testing (ECT), Radiographic Testing (Rt), and Acoustic Emission Testing (AET) among others. The ultrasonic technique (UT) segment is estimated to hold the largest market share in terms of revenue during the forecast period. The technique is highly popular due to its ability to accurately identify determine their severity. The radiographic testing (Rt) segment is further expected to hold the second largest market share in the non-destructive testing and inspection market.
Non-Destructive Testing and Inspection Market: Method Insights
Based on method, the global non-destructive testing and inspection market can be segmented into visual inspection, surface inspection and volumetric inspection among others. The volumetric inspection segment is expected to hold a significant market share during the forecast period. The visual inspection segment is projected to grow at a significant CAGR owing to its cost-effectiveness.
Non-Destructive Testing and Inspection Market: Service Insights
The global non-destructive testing and inspection market is classified on the basis of service into Inspection Services, Equipment Rental Services, Calibration Services and Training Services among others. The inspection segment is expected to hold the largest market share in terms of revenue during the forecast period. The training services segment is projected to grow at the highest CAGR during the coming years followed by equipment rental services segment. The calibration services segment is also expected to grow significantly owing to need for higher accuracy and reduced errors.
Non-Destructive Testing and Inspection Market: Vertical Insights
Based on vertical, the non-destructive testing and inspection market is classified into manufacturing, oil & gas, aerospace, public infrastructure, automotive, and power generation among others. The manufacturing segment is projected to hold the largest market share in terms of revenue, and is also projected to grow at the highest CAGR during the coming years. The oil & gas segment is also expected to hold a significant share in the global market.
Non-Destructive Testing and Inspection Market: Regional Insights
The Asia Pacific market for non-destructive testing and inspection is expected to grow at the highest CAGR owing to growing infrastructure activities and developments in the market. Presence of major manufacturing companies and growing disposable income of individuals and enterprises are also some factors positively affecting the market in the region. The North American market is expected to hold the largest market share owing to availability of advanced technologies and the fast growing energy industry.
Non-Destructive Testing and Inspection Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Non-Destructive Testing and Inspection over the coming years. Some leading consumers of this market are General Motors, Ford and Philips among others.
Non-Destructive Testing and Inspection Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Non-Destructive Testing and Inspection Market Share & Competitor Analysis
Major players in the Non-Destructive Testing and Inspection market are General Electric Company; Nikon Corporation; Olympus Corporation; Mistras Group, Inc.; Acuren, Cygnus Instruments Ltd , Yxlon International GmbH; and Sonatest Ltd. among others.
In May 2018, Olympus launched IPLEX G Lite ultra-portable industrial videoscope, which is used for inspection of hard-to-reach areas of aircraft and piping systems
In January 2018, Avitas Systems collaborated with Limelight Networks to use its private network and distributed cloud infrastructure to deploy its next-generation, automated inspection platform
Please note: This is not an exhaustive list of companies profiled in the report.
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The global non-destructive testing and inspection market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the non-destructive testing and inspection market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.