APAC NDT Equipment Market Size

APAC Non-Destructive Testing Equipment Market Analysis

The Asia Pacific non-destructive testing (NDT) equipment market was valued at USD 2,058 million in 2020, and it is projected to be worth USD 3042.3 million by 2026, registering a CAGR of 7.23% during the period 2021-2026. With the COVID-19 pandemic, the NDT equipment market is witnessing a demand decline in growth as end-user industries, such as automotive, oil and gas, and construction, have been impacted due to lockdown and other social distancing norms. According to the Ministry of Statistic and Program Institute (MOSPI) India, the impact of COVID-19 on gross value added on the construction, manufacturing, and mining sectors has accounted for -13.3%,-6.3%, and -14.7%, respectively. Thus, the decline in the growth of these industries has reduced the demand for the NDT activities that, in turn, are impacting the market growth. Also, the companies operating in the NDT equipment market are facing operative issues due to the absence of site access and disruption in the supply chain, which will affect the growth of the market during the pandemic.

• Safety breaches, such as Volkswagen's diesel emission scandal and the Chinese milk scandal (melamine found in infant milk formula), led to more stringent regulations in developing economies. Such breaches demonstrate the significance of independent inspection and certification services. It resulted in tougher and more complex regulations and standards and increased the dependability on third parties, primarily for assessment, thus, providing scope for independent TIC companies.
• NDT devices can save substantial time by eliminating the need for disassembly or dismantling. For instance, the maintenance of aircraft and the examination of internal structural components (like wing ribs), carried out by removing (and replacing) the outer skin, may be accomplished by radiographic inspection equipment.
• The current market trends in NDT equipment are robust live data capture and comprehensive capture, requiring instant real-time feedback. New sensors are being incorporated in NDT devices, along with other smart and multifunctional components that are intelligent and embedded.
• Furthermore, the power and energy sector uses NDT equipment to test several components of plants. The increasing number of plants and power units across the world is expected to drive the demand for NDT instruments. For instance, according to the World Nuclear Association, as of April 2020, China had 47 operable nuclear plants, and the country is planning to establish additional plants, along with in-line inspection and plant operation inspection services.
• Further, vendors in the market are expanding their foothold through the merger and acquisition strategy. For instance, in February 2020, Eddyfi/NDT acquired NDT Global. The combination of Eddyfi Technologies and NDT Global is an innovative and private test and measurement technology group that focuses on NDT. The group is composed of high-end technology business units operating in two different segments, such as NDT equipment and application-specific integrated inspections.