DUBLIN – (BUSINESS WIRE) – November 30, 2021–
Global Non-Destructive Testing (NDT) Equipment Market To Reach $ 4.3 Billion By 2026
The global non-destructive testing (NDT) equipment market, estimated at US $ 3.1 billion in 2020, is expected to reach a revised size of US $ 4.3 billion by 2026, growing at a CAGR by 6% during the analysis period.
Ultrasound testing, one of the segments analyzed in the report, is expected to grow at a CAGR of 7% to $ 1.4 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the x-ray testing segment is readjusted to a revised CAGR of 5.5% for the next 7-year period. This segment currently accounts for a 17.5% share of the global non-destructive testing (NDT) equipment market.
The power generation, manufacturing, transportation, automotive, infrastructure, petrochemical, defense and aerospace sectors are the main end users of NDT. Companies in these sectors are required to have quality accreditation according to the ISO 9001 quality management system and other quality assurance certifications. Companies are also using NDI to improve processes and reduce waste of raw materials.
The US market is estimated at $ 1.1 billion in 2021, while China is expected to reach $ 539.3 million by 2026
The market for non-destructive testing (NDT) equipment in the United States is estimated at US $ 1.1 billion in 2021. The country currently accounts for 37.01% of the global market share. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 539.3 million in 2026, with a CAGR of 7.2% throughout the analysis period.
Other noteworthy geographic markets include Japan and Canada, each forecasting growth of 5.2% and 5.6% respectively over the period of analysis. In Europe, Germany is expected to grow by around 5.6% CAGR while the rest of the European market (as defined in the study) will reach US $ 581.8 million by the end of the period. to analyse.
The market is determined by factors such as government regulations in countries around the world regarding product quality and public safety; and the continued advancements in robotics, automation and electronics. The growing number of IoT devices and the growing need to assess aging infrastructure and public assets are also driving the growth of the market.
The increasing number of product failure incidents has forced industries to make more use of such tests throughout manufacturing cycles. Compared to other examination methods, tests using NDT equipment are safer and get the job done in much less time. Faster throughput makes the tools lucrative for a number of industries.
The test tools also look at the thickness and internal structure which are the added benefits. Other beneficial aspects relating to NDT equipment methods, including the capability of continuous data collection, data storage, in-line inspection, advanced real-time data simulation and data interpretation, also contribute. to market growth.
Over the next few years, manufacturing activities will increase in both developed and developing countries, which will be a major factor in the growth of the market. The increase in the use of more advanced materials also offers lucrative market growth opportunities. Machines have recently become more complex.
This, combined with the increasing demands for more precise product specifications, creates a scenario of strong growth in demand for NDT equipment. Governments have also tightened labor safety and product quality regulations, increasing demand for NDT equipment and services. In addition, evidence of costly infrastructure failures, including leaks from nuclear refineries, blasts and pipeline blasts, has also compelled governments to tighten safety regulations.
Exploration for natural gas would also appear to be a key factor in the growth of the NDT market. The demand is expected to be particularly high for ultrasonic NDT equipment which is used in gas pipeline inspection. In the US market, the increase in the number of power generation and oil and gas products is expected to drive the market growth.
In the US market, the oil and gas, energy and power industries have been the largest users of NDT equipment in recent years due to the major exploration activities for oil and gas reserves. of shale and the commissioning of nuclear power plants. In the United States, nuclear reactors produce around 800 TWh of electricity.
- How did manufacturing, logistics and transportation and automotive have and continue to be affected by the pandemic and what is the new normal?
- Machinery manufacturing and end-use industry
- Transport and logistics end-use sector
- An introduction to non-destructive testing (NDT) equipment
- Comparison of the main NDT techniques
- Global Market Outlook and Outlook
- Analysis by technique
- Analysis by end use
- Regional analysis
- Competitive scenario
- Recent market activity
2. FOCUS ON SOME PLAYERS (Total 173 featured)
- Ashtead Technology Ltd.
- Carestream Health Inc.
- General Electricity Company
- Intertek plc Group
- Mistras Group, Inc.
- Nikon Metrology NV
- Olympe Society
- SGS SA
- Sonatest Ltd.
- Zetec inc.
3. MARKET TRENDS AND FACTORS
- Sustained opportunities in the power generation sector
- Growing focus on renewable energies to expand the addressable market
- A review of current trends in the solar and wind energy verticals
- Continued investments in nuclear energy to stimulate market prospects
- Established image of NDT in the oil and gas sector Bodes Well
- Exploration and production of shale gas to fuel future growth
- Established use cases in the aerospace industry to support future growth
- The defense sector presents stable growth prospects
- Critical Importance of Parts and Components Testing Maintains Momentum in Automotive Applications
- Tire retreading companies trust NDTs
- Metals and foundry companies take advantage of NDT
- Rising Trend in Demand for High Quality NDT Services Accelerates Market Expansion
- Growing preference for NDT equipment in the maritime industry bodes well
- Technological trends are influencing the direction and pace of the NDT equipment market
- Ongoing technological innovations are expected to broaden the reach and reach of NDT
- New emerging techniques to accelerate future growth
4. WORLD MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
Laura Wood, Senior Press Director
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KEYWORD: CHINA ASIA PACIFIC
INDUSTRY KEYWORD: MEDICAL SUPPLIES HEALTH
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 11/30/2021 11: 09 / DISC: 11/30/2021 11:09
Copyright Business Wire 2021.