Non Destructive Testing (NDT) Market Overview:
Product testing is an important part of a product’s value chain. This process has provided impetus to the test and measurement market for a long time. According to IndustryARC’s expert analysis on the test and measurement market, the revenue will grow with a noticeable compound annual growth rate (CAGR) of 4% during the forecast period of 2019-2025. A rapidly growing number of research institutes for testing a product before its release contributes to both destructive as well as non-destructive testing demand. Non-destructive testing is highly beneficial for products as it returns the product in the exact same condition as it was before undergoing testing. The non-destructive testing market will be driven by industries requiring methods of testing that can incite financial savings while enabling fruitful troubleshooting. During the forecast period of 2019-2025, the market will experience a normal growth with CAGR of 6.98%. In the year 2018, the market size was at $7.53 billion.
NDT Market Outlook:
Non-destructive testing is a group of techniques that test and analyze a product in order to review it for market release. This technique is preferred by the science and technology industries as it does not damage the product and returns it in its initial condition, thereby saving on both money as well as time. Non-destructive examination (NTE) is of many different types including radiography testing, ultrasonic testing, magnetic particle testing, liquid penetrant testing, visual inspection, and eddy current.. Non-destructive testing has a plethora of end-user industries including automotive, infrastructure, aerospace, power generation, petrochemical, and mechanical. The segment of infrastructure is a prominent one and is expected to increase with a healthy CAGR of 7.73%. . North America with its innovation in every industrial sector is the leading user of the non-destructive testing market. In the year 2018, it held a remarkable regional share of 37.91%.
Non Destructive Testing Market Growth Drivers:
Before revelation, any product or device undergoes a multitude of testing procedures in order to achieve success at commercial stages. Non destructive testing is essential because without proper supervision it is impossible to manufacture anything that has intrinsic value. Industrial startups are largely dependent on NDT market because it provides them with a testing method which does not involve damage of any products. This leads to market growth and invites innovation which disrupts it.
Non-destructive testing enjoys a large end user industry. Nearly every industry requires test and measurement in order to assure that its product is popular amongst consumers. With increasing globalization, companies invest more time and resources in repetitive testing for absolute success at commercial stages. Some of the end-user industries requiring non-destructive inspection (NDI) at every stage are automotive, infrastructure, aerospace, power generation, petrochemical, and mechanical. Technological innovation in medical as well as the telecommunication sector are majorly driving this market’s growth.
Non Destructive Testing Market Challenges:
An existing and pertinent challenge in the NDT market is lack of development of faster, inexpensive and reliable methods of testing. NDT still relies on its traditional testing methodologies which are now outdated and require upgradation in accordance with the advancement in technologies. Key market players can combat this challenge by investing resources and capital in better testing methods which are more reliable and efficient in their materialization.
NDT Market Key Players Perspective:
Key market players operating in the non destructive testing market are 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.
Cygnus Instruments Limited is a US based company which was founded in 1983. They are experts in the field of non-destructive testing and specialize in sub techniques such as eddy-current X RAY, magnetic-particle inspection, liquid penetrant inspection, remote visual inspection (RVI), low coherence interferometry, and ultrasonic.
Non Destructive Testing Market Trends:
Ø Advancement Of Eddy Current Crack Testing
Since non-destructive testing method commonly makes use of magnetic fields, eddy current is a prominent testing technique. These are basically loops of electrical current which work according to the Faraday’s law of induction. They are employed in NDT for two main purposes- surface inspection, and tubing inspections. A newer form of eddy current called ‘eddyvisorC’ has disrupted the NDT market in the recent times. Normally eddy current instruments experience resolution loss while testing but this new instrument prototype is able to detect multiple kinds of flaws in the surface without any loss of resolution.
Non Destructive Testing Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the non-destructive testing (NDT) Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of segments in the non-destructive testing Market, and their specific applications in different areas.
Non Destructive Testing Market Report: Industry Coverage
The non-destructive testing market can be segmented on the basis of industry, application, and technology. On the basis of industry, the market can be divided into aerospace, automotive, power generation, and others. By application, the market can be fragmented into flaw detection, dimensional measurement, structural mechanics, leak detection, weld verification, and radiography. And based on technology, the market can be segmented into acoustic emission testing, eddy current testing, thermal testing, liquid penetrant testing, magnetic particle testing, and visual testing.
The Non Destructive Testing Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia