Inspection and supervision of any inventory before its deployment is a necessary norm to detect defects in the product before it is commercialized. Non-destructive testing (NDT) is such a process which manages to investigate the product thoroughly causing no or minimal damage. As per a research report released from IndustryARC, the global non-destructive testing equipment market size was evaluated at $7.53 billion in 2018, and the opportunities in the same are projected to rise at a healthy compound annual growth rate (CAGR) of 6.98% during the forecast period of 2019 to 2025 as mentioned in a recent business intelligence report by IndustryARC’s market analyst.
The report is titled “Non-Destructive Testing (NDT) Equipment Market: By Industry (Aerospace, Automotive, Power Generation, Others) By Application (Flaw Detection, Dimensional Measurement, Others) By Technology (Ultrasonic, Magnetic Particle, Others) & Geography – Forecast (2019 - 2025).” The report contains comprehensive insights related to trends, outlook, demands, forecast, and geographical distribution in the market.
Global NDT Equipment Market: Leading Segments
North America is the directing leader in the global non-destructive testing market. The region is secured with 37.91% NDT testing equipment market share in 2018. North America is a promising destination for the key players in the market owing to the growing awareness of the benefits of NDT techniques among the manufacturing companies.
Among applications, public infrastructure is considered as the most lucrative application in the non-destructive testing equipment market. Prevailing public infrastructure such as at airports, bridges, canals, parks, public housing, and other public spaces are rising because of the increasing globalization and urbanization. Ensuring stability and quality in such infrastructures is paramount for public safety. Hence, employment of NDT by public infrastructures are incrementing at an application CAGR of 7.73% through to 2025.
Global Non-destructive Testing Equipment Industry Analysis
Non-destructive testing, Non-Destructive Examination (NDE), Non-Destructive Inspection (NDI), or Non-Destructive Evaluation (NDE) is an analysis technique applied in the evaluation of material causing minimal damage to the object. The process uses techniques such as digital radiography, ultrasonic testing, magnetic particle testing, liquid penetrant testing, radiography testing, and visual inspection to analyse the material. NDT process is radically applied in the healthcare industry. Medical imaging and medical ultrasonography are considered as some of the commonly used tools for non-destructive testing in the healthcare industry. Profits in the healthcare sector are recurring owing to the widespread of the newer disease every now and then. Other than the healthcare industry, the construction industry is mandatorily using the non-destructive testing to ensure the stability, robustness, and rigidity of infrastructure. According to the World Bank Group , 75% of the infrastructure that will be present in 2050 is yet to be constructed, and there is a lot of investment gap that will be filled in the coming years which will propel the demand in the NDT equipment market. With increasing urbanization and population, the expansion of demands in residential, non-residential, and infrastructure projects is augmented to drive profits in the adjacent non-destructive testing market.
Global Non-destructive Testing Equipment Market Trends
· Machine learning methods and algorithms are now being applied for quality control and predictive maintenance. The goal is to construct algorithms from training data and provide accurate and precise predictions and patterns that fit utterly for non-destructive evaluation.
· Digital sensing inspection using integrated sensors and predictive analysis is replacing the physical inspection methods. These further help to integrate precise and accurate results without causing any damage to the product. This trend is poised to disrupt the NDT equipment market.
Global Non-destructive Testing Equipment Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the non-destructive testing (NDT) equipment market Olympus Corporation, MISTRAS Group, Nikon Metrology, Ashtead Technology, YXLON International, Sonatest, Zetec, T.D. Williamson Inc., Bosello High Technology Srl, Eddyfi, Magnaflux, Fischer Technology Inc., Cygnus Instruments Ltd., NDT Global GmBH, Acuren, and LynX Inspection.
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What can you expect from the report?
The global non-destructive testing (NDT) equipment market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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