The global Non-destructive Testing market size is expected to be worth around US$ 32.9 billion by 2030, according to a new report by Vision Research Reports.
The global Non-destructive Testing market size was valued at US$ 23.9 billion in 2020 and is anticipated to grow at a CAGR of 7.7% during forecast period 2021 to 2030.
Growth Factors
The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.
The use of non-destructive testing (NDT) helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. The use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the market is the technological advancements in non-destructive testing methods. Improvements in the techniques have ensured deviation-free fault detection and have reduced the complexity involved in the testing procedures considerably.
The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.
Report Highlights
The services segment dominated the market and accounted for the largest revenue share of 74.8% in 2020 and is expected to remain dominant over the forecast period. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations. In addition, a lack of a skilled workforce to perform non-destructive testing is another factor limiting new installations of non-destructive testing equipment worldwide. Stringent government regulations regarding work safety are further influencing end-users to outsource their non-destructive testing operations to third-party service providers.
The equipment segment is poised to witness steady growth during the forecast period. Advancements in technology leading to the availability of state-of-the-art variants are expected to contribute to the growth of this segment. The availability of advanced variants has expanded the application of the equipment leading to an additional demand. Resurgence in the industrial sector, especially in emerging economies such and India and China, is also anticipated to trigger new installations during the forecast period.
The ultrasonic testing segment dominated the market and accounted for the largest revenue share of 24.7% in 2020. The segment is expected to emerge as the fastest-growing test method segment at a CAGR of over 7.7% over the forecast period. This growth is ascribed to the increasing adoption of ultrasonic detectors in manufacturing processes. Ultrasonic detectors are portable, easy to use, and provide precise results as compared to traditional non-destructive testing techniques. As a result, the adoption of ultrasonic testing is improving at a considerable rate and is expected to improve in the coming years.
The radiographic testing segment is also expected to grow significantly over the forecast period. This growth is attributed to the sophisticated detection of faults using advanced equipment such as industrial CT scanners. The use of radiographic testing provides the most precise results as compared to all other test methods, which helps technicians and operators to focus on particular areas so that minimum faults occur in the final product. However, the cost incurred in deploying the testing equipment is considerably high, which is expected to hinder the growth of the segment to some extent in the forthcoming years.
The manufacturing vertical segment dominated the non-destructive testing market and accounted for the largest revenue share of 22.4% in 2020. The segment is expected to witness a CAGR of more than 7.8% over the forecast period primarily due to ever-increasing volume of manufacturing across the globe. The manufacturing vertical is expected to deploy numerous NDT processes thereby leading to an increase in demand for non-destructive testing services, globally. Moreover, non-destructive testing has been traditionally used extensively in oil and gas applications. Test methods such as ultrasonic and eddy current have been used to detect cracks in the pipes both underground and elevated. However, with increasing awareness, Non-destructive testing techniques are being deployed in several other applications such as aerospace, defense, and automotive.
The power generation segment comprises numerous industries such as power grids and hydroelectric power plants. The segment is expected to witness healthy growth over the forecast period with a CAGR of more than 7.0%. Continuous increase in the power demand in developing nations is the major reason for the considerable adoption rate of non-destructive testing techniques in power generation as the use of NDT techniques guarantees faster production rates.
North America emerged as the dominant segment in 2020 with a revenue share exceeding 34.0%. This is attributed to the adoption of NDT techniques across numerous applications, the availability of a skilled workforce, and the number of non-destructive testing training institutes in the region. Furthermore, power generation using shale oil in the U.S. and Canada is expected to positively impact the growth rate in the region. Besides, the growing emphasis on the use of NDT to avoid unexpected failures of systems is expected to drive the regional market.
In Asia Pacific, the market is expected to witness a CAGR of more than 8.0% over the forecast period. This growth is ascribed to an increase in manufacturing, construction, and power generation activities in the region. Although the region faces a scarcity of skilled labor currently, it is expected to reduce, as the awareness and adoption of non-destructive testing techniques increases in the coming years. Furthermore, Middle East, due to the significant presence of the oil and gas industry is expected to be a potential market for NDT techniques.
Key Players
Ashtead Technology Ltd.
Eddyfi
Fischer Technologies Inc.
General Electric
Nikon Metrology Inc.
Mistras Group, Inc.
Olympus Corporation
Sonatest
YXLON International GmbH
Zetec Inc.
Market Segmentation
Offering Outlook
Services
Equipment
Test Method Outlook
Visual Testing
Magnetic Particle Testing
Liquid Penetrant Testing
Eddy Current Testing
Ultrasonic Testing
Radiographic Testing
Vertical Outlook
Oil & Gas
Manufacturing
Aerospace and Defense
Construction
Automotive
Power Generation
Others
Regional Outlook
North America
U.S.
Canada
Europe
Germany
U.K.
France
Asia Pacific
China
India
Japan
South Korea
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
The Non-destructive Testing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Non-destructive Testing market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Non-destructive Testing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Non-destructive Testing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Non-destructive Testing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Non-destructive Testing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Non-destructive Testing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Non-destructive Testing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Non-destructive Testing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Non-destructive Testing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Non-destructive Testing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Non-destructive Testing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Non-destructive Testing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Non-destructive Testing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Non-destructive Testing market. These factors have benefited the growth of the global market for Non-destructive Testing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Non-destructive Testing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Non-destructive Testing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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