NDT Services Market Worth 8.55 Billion USD by 2022
PUNE, India, August 17, 2016 /PRNewswire/ --
According to the new market research report "NDT Services Market by Testing Technique (Ultrasonic, Radiographic, Eddy Current, Magnetic particle, Acoustic Emission, Terahertz Imaging), Type (Inspection, Renting, Training, Calibration), Vertical, & Geography - Global Forecast to 2022", published by MarketsandMarkets, the NDT services market is expected to reach USD 8.55 Billion by 2022, at a CAGR of 8.52% between 2016 and 2022.
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Browse 71 market data Tables and 50 Figures spread through 177 Pages and in-depth TOC on "NDT Services Market"
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The major factors driving this market include the outsourcing of NDT services to third party service providers and aging infrastructure and increasing need for maintenance.
Ultrasonic testing technique to hold the largest share in the NDT services market
The ultrasonic testing (UT) is expected to occupy the leading market share between 2016 and 2022. It uses high-frequency sound energy to examine and measure defects. UT can be deployed to inspect objects that are not easily accessible for inspection through direct contact, for example, for inspecting piping system buried under the earth surface. Some of the advanced technologies under UT such as immersion testing and guided-wave ultrasonic can be used for critical applications in sectors such as oil & gas and aerospace. This has enabled UT to be used as a substitute for other NDT techniques as well, making it the largest technique for NDT inspection.
The market for the manufacturing vertical is expected to grow at the highest growth rate
The NDT services in the manufacturing vertical are expected to grow at the highest CAGR during the forecast period. This vertical is receiving a boost from the emerging markets such as China, India, and South Africa. The various government initiatives such as "Make in India", "Industry 4.0" in Europe, and "National infrastructure plan" in South Africa are designed to increase the manufacturing output from the respective regions.
North America is expected to hold the largest share in this market during the forecast period
North America has been a leading region in this market. UT technique accounted for the most used technique in this region. Construction and manufacturing activities in North America have driven the NDT services market in this region. Also, the rapid growth of transportation, power transmission and supply, oil & gas, and aerospace and defense vertical, and so on is driving the growth of this market. For instance, upcoming power plant construction projects such as coal power plant in California, Kanas, Missouri, and Texas are an opportunity for NDT services in the power generation market. The U.S. held the largest market share in the NDT services market in 2015 and is expected to be the leading player in North America.
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The key players in the market include GE Oil & Gas Digital Solutions (U.S.), Ashtead Technology (U.K.), Mistras Group Inc. (U.S.), Zetec Inc. (U.S.), Intertek Group (U.K.), Yxlon international GMBH (Germany), and TUV Rheinland AG (Germany) among others.
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