NEW YORK, Nov. 17, 2021
Ultrasonic Testing to Account for One-fourth of Sales in Non-Destructive Testing (NDT) Market
Fact.MR's latest study uncovers critical accelerating the growth in the non-destructive testing market. It provides detailed insights into the key factors affecting demand outlook across leading market segments in terms of application, test method, and end use. The study also highlights various strategies adopted by leading players to gain competitive edge.
NEW YORK, Nov. 17, 2021 /PRNewswire/ -- As per latest industry analysis by Fact.MR, the global non-destructive testing market is expected to reach US$ 8.5 Bn by the end of 2021. With increasing demand for better testing techniques across various industries, the overall market is projected to expand at 6% CAGR, surpassing US$ 15.2 Bn by 2031.
Non-destructive testing (NDT) is an array of non-invasive inspection techniques used to evaluate the properties of components, materials, and systems without altering the structure of the original part. It has emerged as an ideal method of testing which can save both money and time.
Any flaw or defect in product or process can result in serious consequences such as loss of lives and money. Ensuring proper quality of products in applications such as aerospace and oil & gas is very crucial. As a result, NDT techniques are being increasingly implemented in the manufacturing sector.
As per the report, the manufacturing industry dominates the NDT market, accounting for 1/5th revenue share in 2021. With increasing automation in manufacturing, there has been significant hike in the demand for flaw detection. Manufacturers are continuously employing NDT techniques for improving the product quality and production processes.
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Ultrasonic testing remains the most preferred NDT test method due to its ability to identify defects with higher accuracy. It is generally used for critical applications such as in oil & gas and aerospace industries.
Regionally, North America dominates the NDT market due to increasing adoption of NDT techniques across construction, automotive, and power generation industries. However, Asia NDT market is projected to witness the fastest growth during the forecast period.
"Adoption of non-destructive testing equipment in construction, power generation, and other industries has increased. This has encouraged key players to introduce advanced products with cost efficient features. They also are focusing on expanding their footprint via strategic collaborations to capitalize on existing opportunities in emerging markets," says a Fact.MR analyst
Key Takeaways from Non-Destructive Testing Market Survey
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Leading players operating in non-destructive testing market are focusing on developing innovative products to increase their sales. They have adopted various strategies such as advanced product launches, mergers, partnerships and acquisitions to expand their global footprint.
Some of the prominent players operating in the non-destructive testing market profiled by Fact.MR are:
More Insights on the Global Non-Destructive Testing Sales Outlook
Fact.MR presents incisive coverage on non-destructive testing market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study provides exhaustive analysis on the global demand for non-destructive testing with a detailed segmentation on the basis of:
Key Questions Covered in the Non-Destructive Testing Market Outlook Report
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