Mar 26, 2020
Non-Destructive Testing Market to Grow 1.8X on Back of Consumer Demand for Enhanced Quality, Finds Fact.MR Study
by Team Fact.MR
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. The global non-destructive testing market will grow at a positive 6% CAGR during the forecast period. Advancements in non-destructive testing methods such as digital ultrasonic testing and heightened portability furthers the adoption of non-destructive testing. Economies across the globe are investing in cost effective and energy efficient testing of public infrastructure and aerospace & defense instruments. There is a lack of technical expertise among non-destructive testing inspectors in the market. Leading market players are hence keen on global footprint expansion by forging strategic partnerships with local players and mergers & acquisitions in developing economies.
Key Takeaways of Non-destructive Testing Market Study
- North America and Europe collectively account for a lion’s share of the total market value with over 59% of global sales concentrated in these regions. Multiplying demand for high-performance smart devices across end-uses propel the demand for non-destructive testing that ensure consistent quality.
- South Asia & Oceania offer the most remunerative opportunities with a meteoric 9.5% CAGR through 2029. Booming digital economies such as Indonesia,and Singapore are investing heavily on modern infrastructure development which employs comprehensive non-destructive testing.
- Manufacturing end-uses bolster demand from various industries. The segment accounts for more than 20% of the total market revenues with a strong 6% CAGR during the forecast period.
- Aerospace & defense offers the most lucrative revenue opportunities on the back of increasing demand for upgradation and enhancement of air-force, military, and naval capabilities.
- Among testing methods, ultrasonic testing methods maintain their supremacy in the market with over 1/4th total market value share. Increasing efficiency and adaptability of ultrasonic testing methods are driving the demand for this type of testing.
- Increasing innovation in non-destructive testing products are decreasing the price of testing equipment. The non-destructive testing equipment segment records the highest growth among market offerings during the projection period.
“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 Fact.MR Analyst
Increasing Efficiency of Industrial Equipment - Key Growth Trend
Advancements in detection of delamination, crushed cores with minimal or no structural invasion are helping manufacturers differentiate product offerings and make the market more competitive. Adaptability of non-destructive testing methods in detecting structural integrity of carbon-fiber, glass-fiber, foam, metal, and glare will strengthen the demand for non-destructive testing within the manufacturing end-use during the forecast period.
Consumer trends such as demand for improved product performance and technology enabled devices is supporting the growth of non-destructive testing to ensure product performance. Non-destructive testing services will continue to lead in terms of demand through 2029. Market players are hence investing in partner training programs to increase the quality of non-destructive testing services. Organizations in developing economies will continue to provide continuous growth opportunities for non-destructive testing services amid surging consumer demand for quality over quantity.
Get Valuable Insights on the Non-destructive Testing Market
Fact.MR, in its new offering, presents an unbiased analysis of the non-destructive testing market, presenting historical demand data (2013-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the non-destructive testing market on the basis of offering (non-destructive testing services and non-destructive testing equipment), test method (visual testing, magnetic particle testing, liquid penetrant testing, eddy current testing, ultrasonic testing, and radiographic testing), end-use industry (oil & gas, manufacturing, aerospace & defense, construction, automotive, power generation, and others), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial goods across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.