DUBLIN, Dec. 2, 2021 /PRNewswire/ - The "Non-Destructive Test (NDT) Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Non-Destructive Test (NDT) Equipment Market to Reach $4.3 Billion by 2026
Global market for Non-Destructive Test (NDT) Equipment estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 6% over the analysis period.
Ultrasonic Testing, one of the segments analyzed in the report, is projected to grow at a 7% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Radiography Testing segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 17.5% share of the global Non-Destructive Test (NDT) Equipment market.
Power generation, fabrication, transportation, automotive, infrastructure, petrochemical, defense and aerospace industries are the major end-users of NDT. Companies in these sectors are required to have quality accreditation as per the ISO 9001 QMS and such other certifications of QC assurance. Companies also use NDI for improving processes and reducing wastage of raw materials.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $539.3 Million by 2026
The Non-Destructive Test (NDT) Equipment market in the U.S. is estimated at US$1.1 Billion in the year 2021. The country currently accounts for a 37.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$539.3 Million in the year 2026 trailing a CAGR of 7.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.2% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$581.8 Million by the close of the analysis period.
The market is driven by the factors such as government regulations in countries across the world with regard to product quality and public safety; and continuous robotics, automation and electronics advancements. Increasing number of IoT devices and the growing need for evaluating aging infrastructure and public assets also promotes growth for the market.
Growing number of product failure incidents has been compelling industries to use more of such testing across manufacturing cycles. When compared to other examination methods, tests using NDT equipment are safer and accomplish work is much less time. Faster throughput makes the tools lucrative for a number of industries.
The testing tools also examine thickness and internal structure, which are the added advantages. Other beneficial aspects pertaining to NDT equipment methods including the ability of continuous collection of data, data storage, online inspection, advanced data simulation in the real time, and data interpretation also contribute towards market growth.
Over the coming years, manufacturing activities will increase both in developed and developing nations which will be a major market growth driving factor. Increase in use of materials that are more advanced also provides lucrative market growth opportunities. Machinery have lately become more complex.
This combined with the rising requirements of more precise product specifications creates strong demand growth scenario for NDT equipment. Governments have also made regulations pertaining to workforce safety and product quality more stringent augmenting demand for NDT equipment and services. Furthermore, evidence of costly failures of infrastructure including nuclear refinery leakages, blasts and pipeline explosions have also compelled governments to make safety regulations more stringent.
Exploration of natural gas would also emerge as a key growth promoting factor the NDT market. Demand is anticipated to be especially high for ultrasonic NDT equipment which are employed in the inspection of gas pipelines. In the US market, increase in the number of power generation and oil & gas products, is expected to drive market growth.
In the US market, oil & gas and energy and power industries were the largest users of NDT equipment in the recent years owing to the major shale oil and gas reserves exploration activities and commissioning of nuclear power plants. Nuclear power reactors in the United States produce around 800 TWh of electricity.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
How Manufacturing, Logistics & Transport, and Automotive Have & Continue to be Impacted by the Pandemic & What's the New Normal?
Manufacturing & Machinery End-Use Industry
Transportation & Logistics End-Use Sector
An Introduction to Non-Destructive Test (NDT) Equipment
Comparison of Key NDT Techniques
Global Market Prospects & Outlook
Analysis by Technique
Analysis by End-Use
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 173 Featured)
Ashtead Technology Ltd.
Carestream Health Inc.
General Electric Company
Intertek Group plc
Mistras Group, Inc.
Nikon Metrology NV
3. MARKET TRENDS & DRIVERS
Sustained Opportunities in the Power Generation Sector
Growing Emphasis on Renewable Energy to Widen the Addressable Market
A Review of Current Trends in Solar & Wind Power Verticals
Continued Investments in Nuclear Energy to Boost Market Prospects
Established Image of NDT in Oil & Gas Sector Bodes Well
Shale Gas Exploration & Production to Fuel Future Growth
Established Use Case in Aerospace Sector to Underpin Future Growth
Defense Sector Presents Steady Growth Prospects
Critical Importance of Parts & Components Testing Maintains Momentum in Automotive Applications
Tire Retreading Businesses Rely on NDT
Metals & Foundry Enterprises Leverage NDT
Uptrend in Demand for High-Quality NDT Services Revs Up Market Expansion
Growing Preference of NDT Equipment in Marine Industry Bodes Well
Technology Trends Influence Direction & Pace of NDT Equipment Market
Ongoing Technological Innovations Set to Widen the Scope & Span of NDT
New Emerging Techniques to Accelerate Future Growth
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/9of1vb
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/global-non-destructive-test-ndt-equipment-market-report-2021-uptrend-in-demand-for-high-quality-ndt-services-revs-up-market-expansion---forecast-to-2026-301436253.html
SOURCE Research and Markets