Non-Destructive Testing Market to Reach $24 Billion by 2022: Increased Demand for Error Free Production - Research and Markets
DUBLIN, Jan 12, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Non-Destructive Testing (NDT) Market by Component, End-User, Technique, Application & Region - Global Forecast to 2022" report to their offering.
The non-destructive testing (NDT) market is estimated to be USD 15.06 Billion in 2016 and is projected to reach USD 24.23 Billion by 2022, at a CAGR of 8.24% from 2016 to 2022.
The market is evolving with the increased demand for error-free production and service delivery in industries, such as infrastructure, automotive, aerospace & defense, industrial manufacturing, power generation, and oil & gas, among others. Strict safety regulations formulated by governments, the need to preserve aging infrastructure, and development of advanced automated non-destructive testing equipment are additional factors driving the growth of this market.
Based on method, the non-destructive testing market has been segmented into visual inspection, ultrasonic testing, radiography, magnetic particle testing, liquid penetrant testing, and eddy-current testing. The ultrasonic testing segment is projected to lead the non-destructive testing market during the forecast period, owing to the increasing demand for this testing method from manufacturing, aerospace & defense, infrastructure, power generation, automotive, and transportation industries. This testing method also helps detect the depth of internal flaws and determine thickness of parts.
Based on end user, the non-destructive testing market has been segmented into aerospace & defense, automotive, oil & gas, infrastructure, and power generation. The aerospace & defense segment is estimated to account for the largest share of the non-destructive testing market in 2016. The increasing demand for non-destructive testing in the aerospace & defense sector is mainly attributed to the fact that NDT helps ensure safety and efficiency in the production process of geometrically complex aircraft components.
The high cost of equipment and lack of qualified technicians are some of the key factors that limit the growth of this market globally. In addition to this, reluctance towards the adoption of new inspection methods poses a key challenge for non-destructive testing equipment manufacturing companies.
Companies Mentioned:
- Ashtead Technology, Inc.
- Bosello High Technology S.R.L.
- Fujifilm Holding Corporation
- GE Measurement & Control
- Intertek Group PLC
- Mistras Group, Inc.
- Nikon Metrology, Inc.
- Olympus Corporation
- SGS S.A.
- Sonatest Ltd.
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 Method
8 Non-Destructive Testing Market, By Technique
9 Non-Destructive Testing Market, By Application
10 Non-Destructive Testing Market, By Component
11 Non-Destructive Testing Market, By End User
12 Non-Destructive Testing Market, By Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
For more information about this report visit http://www.researchandmarkets.com/research/ddmgb8/nondestructive
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