A recently published report by Fact.MR reveals that the global non-destructive testing market is projected to grow at a CAGR of 6% during the forecast period (2021-2031), expected to surpass US$ 15 Bn by the end of the said timeframe. Surging demand for enhanced accuracy, cost efficiency, and non-intrusive testing to evaluate the properties of materials or components across industries will drive the demand for non-destructive testing.
Historical data reveals that the market experienced steady growth, registering a CAGR of 4% between 2016 and 2020. Prospects took a backseat amidst the COVID-19 pandemic, given major contractions experienced in the global manufacturing sector. By the 2nd quarter of FY 2020-21, global manufacturing output declined by over 10%, limiting uptake of NDT to a major extent. However, with an anticipated recovery rate of over 7% in 2021, prospects will eventually rebound.
Request Sample https://www.factmr.com/connectus/sample?flag=S&rep_id=4665
Key Takeaways from the Market Study
- Manufacturing to be the primary end user of NDT, accounting for 20% of global revenues
- Aerospace & defense and power generation to register CAGRs of 8% and 7.5% respectively
- Non-destructive ultrasonic testing to account for 1/4th of global revenue share
- North America to account for 32% of the global non-destructive testing demand
- Asia to emerge as the fastest growing market, clocking a CAGR of 9.5% until 2031
“The growing adoption of non-destructive testing methods is aligned with the developments in nanotechnology, displays, and processing capabilities are set to transform the competitive landscape. Market players stand to gain by investing in improving the quality of services by adding support services and streamlining reporting procedures,” says a Fact.MR analyst.
Key Segments Covered
- Non Destructive Testing Services
- Non Destructive Testing Equipment
- Non Destructive Visual Testing
- Non Destructive Magnetic Particle Testing
- Non Destructive Liquid Penetrant Testing
- Non Destructive Eddy Current Testing
- Non Destructive Ultrasonic Testing
- Non Destructive Radiographic Testing
- NDT for Oil & Gas
- NDT for Manufacturing
- NDT for Aerospace & Defence
- NDT for Construction
- NDT for Automotive
- NDT for Power Generation
- NDT for Other End Uses
Some of the key players in the market include General Electric, Nikon Metrology NV, Olympus Corp., Zetec Inc., Eddyfi, Fisher Technologies Inc., Ashtead Technology Ltd., Mistras Group Inc., Yxlon International GmbH, and Sonatest Ltd.
- In May 2021, Nikon Metrology’s industrial micro focus X-ray CT inspection solutions announced a new offset CT reconstruction algorithm to deliver unrivaled scan speed and image resolution. When using X-ray CT (computed tomography) for non-destructive quality control of larger components like aluminum castings or battery modules for electrical vehicles, the challenge is to shorten inspection cycle times without compromising resolution.
- In August 2021, Eddyfi Technologies/NDT announced the initiation of a definitive agreement to acquire Zetec, a subsidiary of Roper Technologies Inc. Expected to close by the year-end, the acquisition will permit Eddyfi to extend their market coverage through innovation and a customer-focused approach