Non-destructive Testing Market to Grow at an Impressive 6% CAGR
Developing economies across the world are investing in cost-effective and energy efficient industrial manufacturing.
The surge in demand for smart devices that offer consistent performance and quality amid continuous innovation of technology strengthens demand for non-destructive testing at scale.
On this favorable backdrop, the global non-destructive testing market will grow 1.8X during the forecast period (2019-2029).
Improved ultrasonic and GPR testing furthers the mass-adoption of non-destructive testing by end-use industries.
Development of high-performance automotive such as electric cars, and scooters, coupled with connected devices for personal and commercial end-uses warrant non-destructive testing of products.
Efficiency and adaptability of radiographic testing methods continues to bolster growth of the non-destructive testing market.
Manufacturers and contractors in developing economies are facing stringent quality control regulations from governments. This furthers industrial non-destructive testing in large scale enterprises.
Manufacturing End-uses Propel Demand Through 2029
Manufacturing is a prime source of revenue with over 20% share of the total market value. Consumer demand for advanced technologies such as the internet of things (IoT), artificial intelligence (AI), and machine learning (ML) in smart devices increases the need for non-destructive testing of products.
From sky scrapers to smart devices every production facility is embracing the benefits of non-destructive testing techniques and products.
Aerospace & defence, and power generation present high-growth prospects with impressive growth trajectories of 8% and 7.5% respectively.
Investments in developing advanced military inventories and the need for electricity to power booming digital economies is heightening the demand for non-destructive testing of power generation and aerospace & defence equipment.
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South Asia & Oceania- Profitable Opportunity Hubs
North America accounts for over 1/3rd of the total market sales. Coupled with the presence of prominent manufacturers, non-destructive services and products will continue on an upward course through 2029.
Two regions offer stellar revenue opportunities namely, South Asia & Oceania, and Middle East & Africa.
Sustainable development projects in countries such as Indonesia, Australia, and Singapore multiply demand for non-destructive testing.
The beneficial applications of non-destructive testing products and services in infrastructure development, and manufacturing offers remunerative opportunities.
South Asia & Oceania will grow at an astounding 9.5% CAGR, whereas Middle East & Africa are set to exhibit a stellar ~9% CAGR between 2019 and 2029.
Technology and Service Enhancement aid Product Differentiation
The competitive landscape of the non-destructive testing market is shaped by product innovation and strategic mergers & acquisitions.
Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
Advancements in technology pertaining to liquid penetrant, magnetic particle, and ultrasonic testing methods continue to create demand for non-destructive testing products.
Research and development for penetrating different manufacturing industries will offer profitable revenue opportunities from 2019 to 2029.
Partner training and development programs are being undertaken by multinationals to ensure quality and consistency of services.
Major market players that may influence the competition during the forecast period are, but not limited to
- General Electric
- Nikon Metrology NV
- Olympus Corp.
- Zetec Inc.
- Fisher Technologies Inc.
- Ashtead Technology Ltd.
- Mistras Group Inc.
- Yxlon International GmbH
- Sonatest Ltd.
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Global Non-Destructive Testing Market: In-Depth Assessment on Key Segments
The global non-destructive testing market is segmented on the basis of offering, test method, end use and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared.
Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for non-destructive testing has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous non-destructive testing manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report.
Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates.
Global Non-Destructive Testing Market – Scope Of The Report
The following report provides forecast and analysis of the global non-destructive testing market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn) and, according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global non-destructive testing market along with several macro-economic indicators.
This newly published and insightful report on non-destructive testing sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global non-destructive testing market.
The report also comprises the study of current issues with end users and opportunities for non-destructive testing. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of non-destructive testing manufacturers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the non-destructive testing market provided in the report adds to the credibility of this exhaustive research study.
Global Non-Destructive Testing Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the non-destructive testing market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the non-destructive testing market, which includes global GDP growth rate, various sectors growth rate such as oil & gas, manufacturing, aerospace and defense, construction, automotive, power generation and others.
This report serves as an authentic resource of intelligence on the non-destructive testing market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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