Global Non-Destructive Test (NDT) Services Market to Reach $12.6 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) Services - 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: 7; Released: July 2021
Executive Pool: 462
Companies: 141 - Players covered include ALS Limited; Applus+; Bureau Veritas SA; Dekra SE; Intertek Group Plc; MISTRAS Group, Inc.; NDT Global; Nikon Metrology NV; NVI, LLC; SGS SA; TEAM, Inc.; TUV Rheinland AG; YXLON International GmbH; Zetec, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technique (Visual Inspection Testing (VT), Magnetic Particle Testing (MPT) & Electromagnetic Testing, Liquid Penetrant Testing (LPT), Eddy-Current Testing (ECT), Ultrasonic Testing (UT), Radiography Testing (RT), Acoustic Emission Testing (AET), Terahertz Imaging (THZ Imaging)); Service (Inspection Services, Equipment Rental Services, Training Services, Calibration Services); End-Use (Manufacturing, Oil & Gas, Aerospace & Defense, Construction, Automotive & Transportation, Power Generation, 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) Services Market to Reach $12.6 Billion by 2026
Non-destructive Testing (NDT) is the method of identifying, evaluating, and quantifying defects and deficiencies in a material or structure, without deforming or damaging the test component. The nondestructive testing, also referred to as Nondestructive evaluation (NDE), Nondestructive inspection (NDI), and Nondestructive examination (NDE), is a group of analysis methods used for evaluating properties of components, materials or systems without causing any damage to the target object. Non-destructive testing is used to test materials to detect internal or surface flaws and metallurgical condition. The NDT technique is applied for individual investigation on a sampling basis and is also used for material checking in a production quality control system. Accordingly, NDT methods are non-invasive techniques of measurement drawn from diverse fields such as engineering, medicine, radar, sonar, and geographical prospecting. NDT methods range from simple visual inspection techniques to advanced and specialized techniques such as positron annihilation and Barkhausen noise measurement. Other prominent methods include radiography, magnetic particle inspection, penetrant inspection, laser holography, eddy current testing, and ultrasonic testing.

Amid the COVID-19 crisis, the global market for Non-Destructive Test (NDT) Services estimated at US$8.6 Billion in the year 2020, is projected to reach a revised size of US$12.6 Billion by 2025, growing at a CAGR of 6.6% over the analysis period. Visual Inspection Testing (VT), one of the segments analyzed in the report, is projected to grow at a 6.7% CAGR to reach US$2 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 Magnetic Particle Testing (MPT) & Electromagnetic Testing segment is readjusted to a revised 6.7% CAGR for the next 7-year period. This segment currently accounts for a 16.6% share of the global Non-Destructive Test (NDT) Services market.

The U.S. Market is Estimated at $3.3 Billion in 2021, While China is Forecast to Reach $1.6 Billion by 2026
The Non-Destructive Test (NDT) Services market in the U.S. is estimated at US$3.3 Billion in the year 2021. The country currently accounts for a 37.44% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 9.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the close of the analysis period.

Stringent product usage specifications that industries have to adhere to, strong government safety regulations mandating safety of personnel and workplace where a range of physical assets are used, and tight quality control requirements that govern industries especially are expected to drive long term demand for NDT services. Furthermore, growing complexity of processes and products that require continuous inspection and testing has a bearing on market growth. At the same time, issues and challenges associated with in-house NDT departments also favor the market. High up-front costs of equipment, shortage of trained personnel, lack of full-scale training facilities for advanced equipment, and pollution and operator safety concerns are some of the issues that encourage enterprises to prefer third party NDT services.

Technological advancements such as introduction of automated NDT equipment, emergence of user-friendly equipment, made possible by developments in software as well as introduction of a slew of novel non-destructive technologies have also been boosting market prospects for NDT services in recent years. While ultrasonic, radiography and eddy-current testing have been the traditional NDT techniques that have achieved tremendous success over the years, new technologies such as X-Ray computed tomography, phased array ultrasonic and computed radiography are expected to grow in prominence in the upcoming years. Remote visual inspection is also achieving considerable attention, with aerospace sector especially mandating use of the NDT service for range of applications. Advancements in sensors, automation and semiconductor technologies are also helping transform NDT as an integral part of integrity solution, asset management and decision making tools. Developments in nanomaterials and advanced components and use of same for manufacturing a range of structure components will also help drive demand for NDT services to test these materials and structures developed using these materials.

Liquid Penetrant Testing (LPT) Segment to Reach $858.4 Million by 2026
In the global Liquid Penetrant Testing (LPT) segment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$484.1 Million in the year 2020 will reach a projected size of US$720.2 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$100.4 Million by the year 2026, while Latin America will expand at a 7.6% CAGR through the analysis period. More

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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.

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

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