Non-Destructive Testing Market to be Worth $14.1 billion by 2027 -Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

Non-Destructive Testing Market to be Worth $14.1 billion by 2027 -Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

PR Newswire

LONDON, Sept. 15, 2020

LONDON, Sept. 15, 2020 /PRNewswire/ -- According to a new market research report titled, "Non-Destructive Testing Market by Solution (Instruments, Software, Testing Services), Method (Volumetric, Surface Examination), End-User (Oil & Gas, Automotive & Heavy Engineering, Aerospace & Defense, Power Generation)– Global Forecast to 2027", the non-destructive testing (NDT) market is expected to grow at a CAGR of 5.9% from 2020 to 2027 to reach $14.1 billion by 2027.

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NDT includes a comprehensive range of methods used to evaluate the properties of a part, material, product, or system without causing any effect on the integrity of the unit being inspected or investigated under the test procedure. These tests find their applications across multiple industry verticals, such as automotive & heavy engineering, aerospace & defense, oil & gas, power generation, and manufacturing. NDT is widely used in manufacturing & process industries as it increases the quality & ergonomics of products, maintains safety standards in factories, and supports in the maintenance & inspection. The non-destructive testing market is driven by factors such as stringent government regulations regarding the safety of assets, rising need to assess the structural integrity of aging infrastructure, and application of advanced materials in manufacturing processes. However, the lack of proper training for NDT personnel and the expensive nature of NDT equipment are the key factors restraining the growth of this market.

Impact of COVID-19 on the Non-Destructive Testing Market

The COVID-19 pandemic has had a wide-scale impact, affecting almost all businesses, and non-destructive testing is no exception. The effect of COVID-19 on the global non-destructive testing industry is estimated to be higher due to declined automotive production, reduced requirement of petroleum products due to worldwide lockdown and travel ban, disrupted supply chain, and shrinking investments. In 2020, the travel ban has severely impacted the aerospace industry with ~40 to 60% reduction in passenger traffic across regions. This has triggered reduced production levels, supply chain challenges, limited workforce, and inventory bottlenecks due to travel restrictions. The present imbalance and crisis have adversely affected the global non-destructive testing market.

Many non-destructive testing companies are struggling to mitigate the impact of revenue loss by resizing its workforce. Despite this, the market is expected to witness slow recovery once the situation normalizes. Manufacturing will pick up gradually, and hence the adoption of non-destructive testing is unlikely to be enough to compensate for the loss.

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The global non-destructive testing market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The overall NDT market is segmented based on solution (instruments, software, testing services, and ancillary services), method (volumetric examination, surface examination, visual examination, and others), and end user (oil & gas, automotive & heavy engineering, aerospace & defense, power generation, manufacturing, public infrastructure, medical & healthcare, and others).

Based on solution, the NDT market is segmented into instruments, software, testing services, and ancillary services. In 2020, the testing services segment is estimated to account for the largest share of the overall NDT market. Moreover, this segment is also expected to grow at the highest CAGR during the forecasted period. The increasing demand for safety standards in process industries, rising need to examine aging public infrastructure, and increasing efficiency of assets are the major drivers for the growth of this segment.

Based on end user, the NDT market is segmented into oil & gas, automotive & heavy engineering, aerospace & defense, power generation, manufacturing, public infrastructure, medical & healthcare, and other end users. In 2020, the oil & gas segment is poised to account for the largest share of the overall NDT market. This can be attributed to the increasing demand for energy across the globe; rising need to maintain safety, integrity, reliability of plant & machineries; and stringent environmental protection laws and other regulations.

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Based on method, the non-destructive testing market is segmented into volumetric examination, surface examination, visual examination, and others. In 2020, the volumetric examination segment is estimated to command the largest share of the overall NDT market. The large share of this segment is primarily attributed to the widespread use of volumetric examination in the oil & gas industry. However, the visual examination segment is projected to grow at the highest CAGR during the forecast period.

This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (France, Germany, Spain, Italy, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Latin America, and the Middle East & Africa. In 2020, North America region is expected to command the largest share of the global non-destructive testing market, followed by Asia-Pacific and Europe. However, the Asia-Pacific region is projected to show lucrative growth potential for the non-destructive testing market during the forecast period. The growth of the APAC market can be attributed to steady foreign direct investment, increasing demand for remote visual inspection of assets in the aerospace industry, stringent government safety rules, and increasing use of automated NDT devices in the power industry.

The key players operating in the global non-destructive testing (NDT) industry are Mistras Group Inc. (U.S.), Olympus Corporation (Japan), Nikon Metrology Inc. (U.S.), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Eddfyi Technologies (Canada), YXLON International GmbH (Germany), Sonatest Ltd. (U.K.), Carestream Health (U.S.), Intertek Group Plc (U.K.), and SGS SA (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/non-destructive-testing-market-5118/

Scope of the Non-destructive Testing Market Report

NDT Market, by Solution

NDT Market, by End User

NDT Market, by Method

NDT Market, by Geography

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