Nondestructive Testing Equipment Market With Manufacturing Process and CAGR Forecast by 2030

0
0

Description

The global non-destructive testing equipment market was valued at USD 3,035.5 million in 2020 to USD 5549.01 million by 2027, at a CAGR of 9.0% from 2021 to 2027. Nondestructive testing (NDT) is an application for measurement techniques to identify the defect and discontinuity in material, component, or structure. The NDT market will grow due to the continuous evolution in automation, robotics, electronics, and oil & gas are coupled with a growth in the need for quality-assured machines. Quality assurance certifications, such as ISO 9001 quality management system and other quality control assurance certifications, are required for businesses. Furthermore, the number of organizations that use nondestructive inspection (NDI) to optimize operations, minimize waste, and restrict liability has risen significantly, resulting in increased NDT market demand.

Due to an increase in the number of infrastructural failures, the need to extend the life of outmoded infrastructure, maintenance optimization by various industries for efficient operations, and quality/safety assurance. However, high equipment costs and a scarcity of experienced technicians may limit industry expansion. The increased use of sophisticated materials is likely to generate lucrative market growth prospects.

Factors such as tight product usage criteria, quality control needs, and government safety laws drive the NDT equipment industry. Different countries’ governments have taken steps to prevent accidents like nuclear reactor meltdowns, pipeline explosions, and refinery explosions that have occurred in the past. The US government has made it mandatory for non-destructive testing equipment makers to conduct routine inspections. Except for electro-technology and telecommunication, the European Committee for Standardization (CEN) is the acknowledged European institution for planning, drafting, and implementing European standards in all sectors of economic activity. As a result, strict government safety rules are propelling the worldwide NDT equipment market forward.

Get Full PDF Sample Copy of Report: https://www.marketstatsville.com/request-sample/nondestructive-testing-equipment-market

Global Nondestructive Testing Equipment Market Dynamics

Drivers: Increase in oil & gas and power generation projects

The increased oil & gas and power generation projects, particularly in the nuclear energy sector in the U.S., drive the NDT equipment market significantly, as NDT inspection plays a vital role in the functioning of these two industries. In 2017, the energy & power, and oil & gas sectors constituted the largest market share due to huge shale oil & gas reserves and nuclear power plants in various countries such as the U.S., the UK, Germany, China, France, and Italy. For instance, the U.S. is the largest market with nearly 80% revenue share of the overall North American NDT market and has 99 nuclear power reactors operated by 30 different power companies that produce 798 TWh of electricity. These plants have achieved an average capacity factor of over 90% and account for 20% of the total electricity generated. The industry invests about $7.5 billion per year in the maintenance and upgrades of these plants. According to the Interstate Natural Gas Association of America, many of the pipelines mentioned above for the oil & gas industry will be constructed per annum till 2035, with more than $250 billion in oil and natural gas infrastructure in North America. Therefore, an increase in the number of various oil & gas and power generation projects worldwide drives the growth of the NDT equipment market.

Restraints: Lack of skilled and qualified professionals

The less number of skilled technicians is the major restraint of the NDT equipment market. Most technicians are required for the inspection process and do not possess the essential skills to perform an inspection at satisfactory levels of quality. In addition, most training institutes are not updated with the latest equipment, and technicians are trained on outdated equipment that has been phased out of the market. This is a major hindrance to the growth of the NDT since it restricts the adoption of advanced products and technologies. NDT equipment manufacturers have recognized this trend for the past few years and set up their training centers or academies. For instance, equipment manufacturers such as Olympus NDT, Carestream NDT, and GE Measurement and Control Solutions have opened training centers that provide training independent of purchasing the equipment.

Opportunities: Increase in use of advanced NDT equipment

Advancement in technology acts as an opportunity in the NDT equipment market as it offers more reliable and accurate inspection data. Advanced technologies in this equipment include eddy-current array and phased array ultrasonic, which provide superior ways of presenting data and generating inspection reports of advanced value to consumers. For instance, a phased array ultrasonic produces an image that can interpret a color-coded c-scan. Similarly, a color-coded eddy-current array c-scan is used to analyze the accurate characteristics of the material. Therefore, these advanced NDT equipment are expected to drive future trends and innovations.

Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/nondestructive-testing-equipment-market?opt=2950

Scope of the Report

The study categorizes the nondestructive testing equipment market based on testing method, technique, industrial vertical, and regions.

By Testing Method Outlook (Sales, USD Million, 2017-2027)

  • Ultrasonic Testing
  • Radiography Testing
  • Visual Inspection Testing
  • Magnetic Particle Testing & Electromagnetic Testing
  • Eddy-Current Testing
  • Liquid Penetrant Testing
  • Others

By Technique Outlook (Sales, USD Million, 2017-2027)

  • Volumetric Examination
  • Surface Examination
  • Others

By Industrial Vertical Outlook (Sales, USD Million, 2017-2027)

  • Oil & Gas
  • Energy & power
  • Aerospace & Defense
  • Automotive & transportation
  • Infrastructure
  • Others

By Region Outlook (Sales, USD Million, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/nondestructive-testing-equipment-market

Ultrasonic testing, by testing method, hold the largest market share in 2020

NDT testing methods include ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. In 2020, Ultrasonic testing holds the largest market share of 30.0%, owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy. However, liquid penetrant testing is anticipated to show significant growth in the coming years due to its low cost and user-friendly approach.

Ultrasonic Testing (UT) utilizes high-frequency sound energy to formulate measurements. UT can be used for flaw detection/evaluation, material characterization, and dimensional measurements. Ultrasonic testing presently holds the largest market share; however, radiography testing is expected to surpass ultrasonic testing in the next five years, owing to the decline in the average price of ultrasonic test equipment.

Asia Pacific accounts for the highest CAGR during the forecast period in the nondestructive testing equipment market

Based on region, the global non-destructive testing equipment market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is the fastest-growing segment, with a CAGR of 10.1% during the forecast period 2021-2027. The Asia-Pacific nondestructive testing equipment market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. Japan and China lead the industrial automation market.

Asia-Pacific is anticipated to witness the fastest growth rate during the forecast period, owing to an increase in investment in oil & gas, aerospace & defense, and energy & power infrastructure to ensure the safety and efficiency of the machines. China and Japan together accounted for around 74% of the total Asia-Pacific market. From a growth perspective, India and the rest of Asia-Pacific are the two potential markets expected to witness considerably higher growth rates during the forecast period.

Request For Report Description @ https://www.marketstatsville.com/nondestructive-testing-equipment-market

Key Market Players

The global non-destructive testing equipment market is fragmented into a few major players are Olympus Corporation, Intertek Group PLC, SGS SA, Ashtead Technology Inc., General Electric, Sonatest Ltd. Zetec, Inc., Nikon Metrology Inc., Mistras Group Inc., and Carestream Health. These manufacturers have garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market.

Recent Developments

  • In January 2019, Ashtead Technology entered into a partnership with 4Subsea to strengthen the group’s capabilities. In this partnership, Ashtead will further enhance its inspection, maintenance, and repair (IMR) services by adding 4Subsea’s sensors to its portfolio and gaining access to 4Subsea’s domain experts within subsea production.
  • In June 2018, Carestream entered into a partnership with aycan Data Management, a global provider of NDT DICONDE data management solutions, to deliver end-to-end digital solutions. This partnership provides an integrated DICONDE-based archive storage solution that enhances Carestream’s NDT end-to-end digital product line by utilizing the aycan Data Management NDT archiving suite of products.
  • In May 2018, Nikon Metrology entered into a partnership with Nexus Metrology to provide XT H 225 ST, a versatile, non-destructive X-ray system delivering fast and insightful CT scanning. This system makes a valuable tool for revealing defects, cracks, and pores in many materials ranging from bones to cast parts.
  • In December 2017, Mistras Group acquired West Penn NDT, LLC that provides a wide variety of NDT services at its in-house facilities focused primarily on aerospace customers. This acquisition also increases their aerospace business and focuses on new aerospace engine programs.

About US:

Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.

We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.

Contact US: Market Statsville Group

Eric Martin

416, East standsberry street,

Perkins, Oklahoma 74059, US

USA: +1-580-205-2707 | India: +91-702-496-8807

Email: mailto:sales@marketstatsville.com
MSG Blog https://marketstatsvilleblogs.com/
Web: https://marketstatsville.com/
LinkedIn | Facebook | Twitter

Showing 0 results
Your Answer

Please first to submit.

Get involved

Register

As a member of this site you will be able to receive aggregates news relating only to those categories that are most relevant to you, submit job listings for FREE, post questions in the Q&A, and more.

Register Now

Feature your company

The Feature Your Company listing is your custom-made (by us) profile page that allows you to add any of the following content: text, videos, links, images. The page will also be listed on the Featured Company landing page. Over 560 unique aggregates users visit the site per day! Complete the enquiry form now to contact us.

Contact us

Jobs

Are you looking for an aggregate related job? Click here to see our jobs listing supplied by industry experts United Employment.

See Jobs

Advertise

Reach thousands of budget holders and decision makers by promoting your company on the longest established aggregate website in the US & Canada. Or advertise in our emails which are sent to opted-in subscribers according to their chosen categories. All advertising will display correctly on tablets and mobiles as this site is responsive.