Non-Destructive Testing and Inspection Market to Reach $12 Billion by 2023: Analysis By Technique, Method, Service & Vertical
DUBLIN, August 16, 2017 /PRNewswire/ --
The "Non-Destructive Testing and Inspection Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
The non-destructive testing (NDT) market is expected to be worth USD 12.06 Billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. NDT can determine discontinuities and differences in material characteristics. Some of the techniques used for NDT are ultrasonic testing, electromagnetic testing, leak testing, radiographic testing, liquid penetrant testing, and eddy current testing. NDT has its applications in various industries such as manufacturing, aerospace, automotive, oil and gas, infrastructure, and power generation. The report delivers a description of each of the application areas of non-destructive testing. The market within this study has been classified on the basis of NDT techniques, NDT services, and NDT verticals.
The ultrasonic testing segment is expected to hold the largest market share between 2017 and 2023. Ultrasonic testing uses high-frequency sound waves to detect flaws or variations in properties of the materials. The ultrasonic testing is used to determine the thickness and detect the depth of internal flaws of metallic and non-metallic materials. Ultrasonic rays have a high penetrating power, sensitivity, and accuracy; also, they are non-hazardous. Other techniques such as terahertz imaging and near-infrared spectroscopy have niche applications and the market for the same is expected to grow at the highest CAGR between 2017 and 2023.
Inspection services accounted for the largest market share in 2016. The need for regular inspection and maintenance of the equipment in the oil and gas industry vertical leads to the growing demand for NDT inspection services. Also, the booming automotive and manufacturing verticals in the APAC region are the major drivers for the growing NDT market for inspection services. The market for training services is expected to grow at highest CAGR between 2017 and 2023. The lack of skilled and qualified technicians and the need to upgrade the skills of existing technicians is one of the drivers for the growth of the NDT market for training services.
The oil and gas vertical accounted for the largest market share in 2016. The demand for testing in this sector is largely driven by the mandates pertaining to the safety and environmental regulations by various governments to extend the assets life and productivity, minimize repair cost, manage risks, and avoid catastrophic disasters, and other accidents. The market for the manufacturing vertical is expected to grow at the highest rate between 2017 and 2023. High investment in various projects such as Make in India by the Indian Government, a high-tech strategy of the German Government Industries 4.0 are expected to uplift the manufacturing vertical during the forecast period.
Companies Mentioned
- Ashtead Technology Inc.
- Bosello High Technology Srl
- Eddyfi NDT Inc.
- Fischer Technology Inc.
- Fprimec Solutions
- General Electric
- Ipromar PTE Ltd
- Labquip NDT Limited
- Magnaflux Corporation
- Mistras Group Inc.
- NDT Global GmbH & Co. Kg
- Nikon Metrology Inc.
- Olympus Corporation
- Sonatest Ltd.
- Td Williamson, Inc.
- Yxlon International GmbH
- Zetec Inc.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Non-Destructive Testing Market, By Technique
8 Non-Destructive Testing Market, By Method
9 Non-Destructive Testing Market, By Service
10 Non-Destructive Testing Market, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/research/mcwgjj/nondestructive
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