HYDERABAD, India, August 16, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the non-destructive testing market. The report titled, "Global Non Destructive Testing Market - By Equipment and Services - Market Shares, Forecasts and Trends (2015-2020)" discusses the current landscape and outlook of the NDT market.
The global NDT market was valued at USD 6.51 billion in 2015, and is estimated to reach USD 9.68 billion by 2020, at a compound annual growth rate (CAGR) of 8.26% during the forecast period. The global NDT market can be segmented in terms of equipment, service and software sectors.
North America held the highest market share of over 35% in 2015, followed by Europe and Asia-Pacific. Stringent government regulations regarding safety, new power generation projects (exclusively in the United States), and significantly growing automotive and aerospace industries are driving the market for NDT in North America region.
Asia-Pacific is expected to be the fastest growing region over the forecast period (2015-2020), and is estimated to grow with a CAGR of over 10%, followed by Middle East & Africa and Latin America. The presence of a large number of domestic and international power generation companies in emerging economies of APAC is projected to drive NDT market in this region. The market for new vehicles in Asia-Pacific, which includes passenger vehicles, buses and trucks, crossed 37 million units in 2015, driven strongly by countries such as China and India. Furthermore, the rapidly expanding installed capacity of wind energy in Asia-Pacific is expected to drive the demand for NDT equipment and services. The NDT service market is expected to record robust growth in the Asia-Pacific and Latin American regions buoyed by increased emphasis on infrastructural development. The emergence of big data and IoT devices have enabled the NDT equipment vendors to integrate improved reporting mechanisms as a value add, to gain competitive advantage in the market.
The report is segmented by type, technique, technology, industry and geography. The market size and forecast values are provided by technology used in industry and by technology and application for each of these regions in the report. By type, the market is segmented as equipment and service.
The global non-destructive testing (NDT) market poses relatively high barriers to new entrants into the market for the equipment sector while the service sector offers relatively moderate barriers. Some of the major players in the market are Mistras Group,Inc., GE Measurement & Control, Olympus Corporation, Magnaflux, Flir Systems Inc., and FujiFilm Holdings.
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SOURCE Mordor Intelligence