Global Non-Destructive Testing (NDT) Testing Market (2021-2026)
Dublin, July 09, 2021 (GLOBE NEWSWIRE) – The “Non-Destructive Testing (NDT) Market – Forecasts from 2021 to 2026” report was added to ResearchAndMarkets.com offer.
The global non-destructive testing (NDT) market is valued at US $ 14.445 billion for the year 2019 and is expected to grow at a CAGR of 7.93% to reach the market size of US $ 24.639 billion by 2026 .
Non-destructive testing is a broad group of techniques used for analysis in science and technology while minimizing damage to any component, material or system.
The main driver of this market is the escalating costs of machine breakdowns in several end-use industries. Increasing complexity of machinery and equipment, stringent government regulations regarding worker safety, stringent quality control requirements, and strict product usage specifications are other important factors that are increasing the demand for NDT equipment in various industries around the world. By test method, visual inspection testing is the main contributor to this market as it is the most common process of detecting defects in different components of machine or equipment. In the end-user industry, power generation is expected to experience the fastest growth due to an increasing number of nuclear power plants and the subsequent increase in demand for complex machinery and equipment in these plants. The increasing demand for automation by various industry verticals is expected to drive the demand for NDT equipment in the near future. Furthermore, technological advancements leading to miniaturization of test equipment will propel the market growth during the forecast period.
According to the British Institute of Non-Destructive Testing, every day more than 25,000 inspections are carried out in factories and on site in the UK to detect defects and damage in a wide range of products, factories and structures. ; it is estimated that more than 120,000 inspectors operate around the world. In addition, several government agencies and regional bodies, such as the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), have been established around the world to take strict measures to ensure the safety of instruments. and oversee testing of engineering services. . This is important for obtaining authorizations and certificates from the relevant authorities. This creates a positive impact on the NDT market globally. However, the shortage of skilled professionals and the high cost of the equipment along with high maintenance costs restricts the market during the forecast period.
With the increase in automation in industrial manufacturing and infrastructure sectors, there has been a substantial increase in the demand for fault detection related to cracks, porosity, manufacturing troubles, etc. Hence, compliance with industrial safety standards is an important factor in the growth of the NDT market.
COVID-19 has negatively impacted the global Non-Destructive Testing (NDT) market. The huge slowdown in several industries around the world has been a major reason for the decline in demand for non-destructive testing (NDT). In addition, the pandemic crippled the activities of the refining industry globally, which restricted the construction, exploration and production activities of the project. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that had to be followed as the refinery will operate with less capacity that will require less manpower to contact, and social distancing was necessary to be also maintained in the premises. Additionally, industry sales plummeted in the first few months of the year due to the lockdown that led sellers to shut down for a period of time at first. Due to a negative impact on the oil and gas industry, several countries around the world have witnessed an oil price war. For example, Russia and Saudi Arabia entered an oil price war when Russia denied cutting production to keep prices subdued. With the gradual recovery of industries after the pandemic, oil and gas activity is expected to operate at full capacity from the third and fourth quarters of 2020.
Global nondestructive testing (NDT) market segmentation has been done into test method, vertical industry and geography. By test method, the market classification was made into magnetic particles, liquid penetrants, radiographic, ultrasonic, electromagnetic, visual, others. By vertical sector, the market classification was made into manufacturing, oil and gas, aerospace, automotive, energy and power, others. Also, on the basis of geography, the global market has been divided into North America, South America, Europe, Middle East and Africa, and Asia-Pacific.
Growing demand from the energy and electricity sector globally will drive the market during the forecast period
The growth of the non-destructive testing (NDT) market is fueled by its increasing demand from the energy and power sector over the past few years, which is also expected to continue during the forecast period. Moreover, with the emergence of nuclear power worldwide and the increase in the number of its applications in various sectors, demand for NDT should increase in the years to come. Nuclear power plays a vital role in the production of electricity in many countries around the world. In a number of countries, electricity production in nuclear power plants represents more than 50% (Lithuania – 81.5%, France – 78.2%, Belgium – 60.1%). Ensuring the reliable and safe operation of nuclear power plants is the central problem of nuclear engineering. It depends in particular on the quality of the nuclear fuel and the process equipment for the fabrication of the fuel.
The resolution of this problem is directly related to the application of non-destructive testing and diagnostics.
Non-destructive methods are widely used in many applications such as fuel inspection. In this field, many techniques are used, such as ultrasound, eddy currents, radiographic tests and acoustic techniques. According to IAEA studies, the worldwide fuel failure rate is around 10 to 5, which means 1 to 3 failed fuel rods out of 100,000 fuel rods in service. With the implementation of NDT, the failure rate decreases. In addition, over the next four years, it is estimated that more than 67 nuclear reactors worldwide will reach an age of over 40 years of operating period. As nuclear power plants age, the importance of maintenance increases and there is a need to apply inspection technologies. This creates huge market opportunities for the NDT market.
Rising alternative processor applications in robotics and automation industry will be a positive wind for market growth during the forecast period.
The growth of the non-destructive testing (NDT) market will further be fueled by its increasing applications in the automation and robotics industry globally. The applications involve the use of reciprocating air compressors for pneumatic robots controlled with compressed air and factories use pneumatic robots in automation applications to speed up workflow. According to a Robotics Business Review report, there was a total deal in terms of investments made in robotics of US $ 1.16 billion in January 2020.
Players in the global Non-Destructive Testing (NDT) Market are implementing various growth strategies to gain competitive advantage over their competitors in this market. The major market players in the market have been covered along with their relative competitive strategies and the report also mentions the recent transactions and investments of various market players over the past few years. The Company Profiles section details the overview of the company, the financial performance (public companies) over the past few years, the key products and services offered as well as the recent agreements and investments of these important market players. .
Main topics covered:
2. Research methodology
3. Executive summary
5. Analysis of the non-destructive testing (NDT) market, by test method
5.2. Magnetic particle
5.3. Liquid Penetrant
6. Analysis of Non-Destructive Testing (NDT) Market, by Industry Vertical
6.3. Oil and gas
6.6. Energy and power
7. Non-Destructive Testing (NDT) Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. United Arab Emirates
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive environment and analysis
8.1. Major players and strategic analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier competitiveness matrix
9. Company profiles
9.1. Olympe Society
9.2. GE measurement and control solutions
9.3. Yxlon International Gmbh (Comet Holding Ag)
9.4. Team Inc
9.5. Appus Services
9.6. Mistras Group, Inc.
9.7. SGS Group
9.8. Fujifilm Company
9.9. Bureau Veritas SA
9.10. Nikon Metrology NV
For more information on this report, visit https://www.researchandmarkets.com/r/pj986b
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900