The worldwide non-destructive testing (NDT) market (products & services) was estimated at USD 6.51 billion in 2016 and is projected to reach USD 9.68 billion by the end of 2021, growing at a CAGR of 8.26% over the forecasted period. The NDT solutions are techniques used to test objects for flaws and inadequacies in the materials, components or system, without causing damages to it. In the recent years, governments across the globe are focusing on the safety issues and needs, to prevent accidents in the region. This equipment assures the reliability by evading the jeopardy of over-sightedness and is expected to aid in elevating the industry demand. It also assures safety for both the tester and tested products.
Aging infrastructure, in developed countries like the US, the United Kingdom, Germany and France is increasingly in need of maintenance. Growing complexity of machines and structures and increasing demand from the power & energy and oil & gas industries are some of the factors driving the growth of the market. Moreover, increasing incidences of infrastructure failures like leakages in the nuclear reactor, pipeline explosion and refinery blasts, have provoked governments across the world to enact stringent safety regulations, thus driving the demand for NDT solutions. However, lack of experienced and technical workforce, economic downturn in some of the regions, lack of awareness about the solutions and high upfront costs of the equipment are some of the challenges hindering the growth of the market.
The rapid development in infrastructure and power generation in emerging economies such as India, China and Brazil are driving the demand for the market. An increasing number of infrastructure projects and government safety regulations, combined with the environmental mandates due to increasing pollution levels, have made NDT mandatory in the emerging countries. These countries are expected to have the highest growth in the equipment industry. Whereas, higher revenue from oil and gas, power generation, aerospace and automotive sectors in emerging economies, shows the extent of growth potential these economies have for the NDT market.
The market for non-destructive testing solutions has been segmented by type (equipment and service), technique (volumetric examination, surface examination, condition monitoring, integrity examination, and others), technology (radiography testing, ultrasonic testing, magnetic particle testing and electromagnetic testing, liquid penetrant testing, visual inspection, acoustic emission testing, thermography testing, eddy current, and others) and industry (oil & gas, power & energy, construction, petrochemicals, automotive, aerospace & defense, and others).
Rapid technological advancements and expanding end-user market has accelerated the demand for NDT solutions, globally. In 2015, ultrasonic testing held the largest market share of 32.5%, followed closely by radiography testing. Ultrasonic testing and radiography testing in the technology segments are expected to witness a significant influx. However, penetrant testing and visual inspection are projected to exhibit slow growth over the forecast period.
Technological innovations in the area of power production and aging oil refineries have led to a combined share of about 47% for the power generation and oil & gas industries. Adoption of advanced NDT solutions in the European and APAC region is going to drive the market growth.
The NDT market is geographically segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
In 2015, North America held the lion’s share of the global NDT market and is anticipated to dominate throughout the forecast period. Huge investments in the energy industry and increasing power generation operations, especially in the nuclear energy segment, are significantly driving the North American market.
Growing number of infrastructure projects in Asia-Pacific and South America have provided impetus to NDT services and equipment market in the region. Increasing government safety regulations in this region, combined with the environmental mandates on account of increasing pollution levels has made NDT Services mandatory in these emerging countries. Hence, these regions are expected to witness the highest growth in the global market and are anticipated to grow at a CAGR 9.8% over the forecast period.
Some of the vendors mentioned in the report include –
Key Deliverables in the Study