Non-Destructive Testing (NDT) Service Market - Future Opportunity and Growth Analysis Report to 2025

Ultrasonic inspection services accounted for over 30% revenue in the non-destructive testing (NDT) service market in 2018. The implementation of advanced technologies and infrastructural advancements of numerous manufacturing facilities are promoting the use of ultrasonic inspection services. The phased array testing market is expected to grow exponentially as it eradicates the need to stop factory operations caused due to radioactivity exposure, enhancing productivity. The radiography market is anticipated to register a growth rate of over 5% over the forecast timeline.
The operators and owners of infrastructural establishments are constantly facing several stringent policies & safety standards. Failure to adhere with these guidelines can result in significant financial liabilities, higher insurance premiums, tarnished brand value, and scrutiny by regulatory bodies. The growing frequency of industrial accidents such as explosions & fires over the last decade caused substantial damage to the reputation of various enterprises. This has led infrastructural operators and owners along with their associated stakeholders to invest on various advanced asset management services, such as NDT, to protect their infrastructure and comply with various safety regulations.
Request for a sample copy of this research report @ https://www.decresearch.com/request-sample/detail/3201
Non-Destructive Testing (NDT) Service Market is anticipated to exceed USD 4.5 billion by 2025.
The aerospace industry in non-destructive testing (NDT) service market is projected to grow at a CAGR of over 6% during the forecast timespan, as NDT services offer an economical & efficient solution for a high-volume production of aviation components. The services provide an effective way to identify any surface & internal irregularities throughout the operational lifecycle of the components.
In non-destructive testing (NDT) service market the oil & gas industry to held over 25% of revenue in 2018. The services safeguard the mechanical & structural integrity of the infrastructure and equipment used in oil & gas platforms by continuous monitoring to avoid any catastrophic failures.
Volumetric inspection market holds over 50% share in non-destructive testing (NDT) service market. The increasing use of lower grade raw material and feed stock, particularly in the oil & gas industry, and the adoption of advanced manufacturing practices in various business verticals are promoting the use of volumetric inspection services. The surface inspection market is projected to grow at a CAGR of over 6% due to the rising pressure on manufacturing establishments to reduce the number of external defects and irregularities. The surface inspection services have been extensively adopted in the aerospace industry due to need to conduct maintenance & repair operations over short durations.
Europe is leading non-destructive testing (NDT) service market with over 30% share in 2018. The market is primarily driven by the increasing number of collaborative initiatives by players operating in the region and the presence of various regulatory guidelines mandating the implementation of services. The Asia Pacific market is expected to attain a growth rate of over 10% over the projected timeframe due to the widespread industrialization and introduction of safety polices. The rising demand for asset management services in the region is leading the foreign players to monetize on various growth opportunities in countries including China, India, and Japan. The lack of skilled inspectors and high costs of NDT services are restricting its usage in certain sectors.
Some of the companies present in the are Applus+, ALS, Dekra, Mistras Group, SGS, TUV Rheinland, Zetec, NDT Global, Nikon Metrology, NVI, Intertek, Bureau Veritas, and TUV Nord. Major players operating in Europe and North America are focusing on various inorganic growth initiatives to expand their presence in high potential markets. For instance, in April 2017, Applus+ acquired Emilab, an electrical and electronic testing service provider. This acquisition will allow Applus+ to increase its global presence in high technology value sectors.
Request for customization @ https://www.decresearch.com/roc/3201
The increasing costs & challenges associated with the establishment of new infrastructure has resulted in significant aging of the existing organizational set-up. This has led organizations to look for new ways to extend the lifecycle of their existing infrastructure. Due to high costs associated with the repair & maintenance of the existing infrastructure and the need for more extensive & frequent testing services, public & private establishments are investing more on advanced asset protection services to safeguard the structural & operational integrity of their infrastructure.
The increasing number of infrastructural developments and the influx of various safety guidelines have generated numerous opportunities for the expansion of the radiography non-destructive testing (NDT) service market. The technology has been extensively used in the aerospace and automotive sectors to produce high tolerance components. High implementation costs associated with the technology and the lack of skilled professionals are limiting its usage in certain industry verticals.
Related Reports: -
Fraud Detection and Prevention (FDP) Market: https://www.prnewswire.com/news-releases/fraud-detection-and-prevention-market-to-hit-100-bn-by-2027-says-global-market-insights-inc-301445049.html
Bike Sharing Market: https://www.globenewswire.com/news-release/2019/08/27/1906946/0/en/Bike-Sharing-Market-to-surpass-USD-10-Billion-by-2025-Global-Market-Insights-Inc.html