Global Non-Destructive Test (NDT) Equipment Market to Reach $4.3 Billion by 2026

SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Non-Destructive Test (NDT) Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 18; Released: July 2021
Executive Pool: 4327
Companies: 173 - Players covered include Ashtead Technology Ltd.; Carestream Health Inc.; General Electric Company; Intertek Group plc; Mistras Group, Inc.; Nikon Metrology NV; Olympus Corporation; SGS SA; Sonatest Ltd.; Zetec Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technique (Ultrasonic Testing, Radiography Testing, Magnetic Particle Testing & Electromagnetic Testing, Visual Inspection Testing, Eddy-Current Testing, Liquid Penetrant Testing, Other Techniques); End-Use (Manufacturing, Oil & Gas, Power Generation, Construction, Automotive & Transportation, Aerospace & Defense, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Non-Destructive Test (NDT) Equipment Market to Reach $4.3 Billion by 2026
Non-Destructive Test (NDT) equipment represent tools employed for inspecting and evaluating different properties or characteristics of assemblies, components and materials. The equipment ensures that they do not damage the materials/ components being evaluated and therefore referred to as 'Non-Destructive'. The equipment conduct tests for identifying differences, discontinuities and welding defects among other flaws in products and structures. The process of inspection with NDT is referred to as Non-Destructive Inspection (NDI) or non-destructive evaluation (NDE). NDT encompasses a wide variety of equipment including flaw detectors, material condition testers, thickness gauges, visual inspection tools, eddy current instruments, acoustic emission testers and other devices for measuring corrosion, conductivity, and resistivity among others. NDT equipment use analysis technique with high-frequency sound incidence upon materials for taking measurements and conducting examinations. Power generation, fabrication, transportation, automotive, infrastructure, petrochemical, defense and aerospace industries are the major end-users of NDT. Companies in these sectors are required to have quality accreditation as per the ISO 9001 QMS and such other certifications of QC assurance. Companies also use NDI for improving processes and reducing wastage of raw materials.

Amid the COVID-19 crisis, the global market for Non-Destructive Test (NDT) Equipment estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 6% over the analysis period. Ultrasonic Testing, one of the segments analyzed in the report, is projected to grow at a 7% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Radiography Testing segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 17.5% share of the global Non-Destructive Test (NDT) Equipment market.

The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $539.3 Million by 2026
The Non-Destructive Test (NDT) Equipment market in the U.S. is estimated at US$1.1 Billion in the year 2021. The country currently accounts for a 37.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$539.3 Million in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.2% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$581.8 Million by the close of the analysis period.

The market is driven by the factors such as government regulations in countries across the world with regard to product quality and public safety; and continuous robotics, automation and electronics advancements. Increasing number of IoT devices and the growing need for evaluating aging infrastructure and public assets also promotes growth for the market. Growing number of product failure incidents has been compelling industries to use more of such testing across manufacturing cycles. When compared to other examination methods, tests using NDT equipment are safer and accomplish work is much less time. Faster throughput makes the tools lucrative for a number of industries. The testing tools also examine thickness and internal structure, which are the added advantages. Other beneficial aspects pertaining to NDT equipment methods including the ability of continuous collection of data, data storage, online inspection, advanced data simulation in the real time, and data interpretation also contribute towards market growth.

Over the coming years, manufacturing activities will increase both in developed and developing nations which will be a major market growth driving factor. Increase in use of materials that are more advanced also provides lucrative market growth opportunities. Machinery have lately become more complex. This combined with the rising requirements of more precise product specifications creates strong demand growth scenario for NDT equipment. Governments have also made regulations pertaining to workforce safety and product quality more stringent augmenting demand for NDT equipment and services. Furthermore, evidence of costly failures of infrastructure including nuclear refinery leakages, blasts and pipeline explosions have also compelled governments to make safety regulations more stringent.

Exploration of natural gas would also emerge as a key growth promoting factor the NDT market. Demand is anticipated to be especially high for ultrasonic NDT equipment which are employed in the inspection of gas pipelines. In the US market, increase in the number of power generation and oil & gas products, is expected to drive market growth. In the US market, oil & gas and energy and power industries were the largest users of NDT equipment in the recent years owing to the major shale oil and gas reserves exploration activities and commissioning of nuclear power plants. Nuclear power reactors in the United States produce around 800 TWh of electricity.

Magnetic Particle Testing & Electromagnetic Testing Segment to Reach $645.8 Billion by 2026
In the global Magnetic Particle Testing & Electromagnetic Testing segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$371 Million in the year 2020 will reach a projected size of US$555.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$66.1 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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