Dublin, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The "NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global NDT and Inspection Market Size is Estimated to Grow from USD 8.4 Billion in 2020 to USD 11.7 Billion by 2025, at a CAGR of 7.0%.
Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are a few major factors driving the NDT and inspection market growth. The high adoption of IoT devices and the rising need to assess the health of aging assets are the other factors that propel the development of the NDT and inspection market.
Based on techniques, the market for the eddy-current testing (ECT) technique to witness a high CAGR during the forecast period.
The eddy-current testing technique is expected to multiply during the forecast period from 2020 to 2025. This technique is used to measure or identify the surface and alloy content, subsurface cracks & seams, conductivity, heat treatment variations, crack depth, coating thickness, and permeability. It is used widely in the aerospace and manufacturing verticals and service environments that inspect safety or quality-related issues. The eddy-current testing approach is used to check surface-breaking cracks on metals and inspect discontinuities in metal tubes.
Training services to grow at the highest CAGR during the forecast period.
Training services are likely to continue to gain the second-largest market share in the coming years since training NDT technicians to keep them updated with new technological trends and make them aware of the customers' changing demands is equally essential. The market for training services is expected to grow at the highest CAGR during the forecast period.
APAC to be the fastest-growing market for non-destructive testing and inspection activities
Asia Pacific is likely to be the fastest-growing region in the NDT and inspection market due to the rapid infrastructural development and automation adoption in manufacturing industries in countries such as India and China. The Make in India campaign promotion by the government and the development in the Smart Cities project provide lucrative opportunities for the players in the NDT and inspection market in India. The market in India is expected to grow at the highest CAGR during the forecast period.
In-depth interviews have been conducted with C-level executives, managers, and other executives from various key organizations operating in the NDT and inspection market.
Market Dynamics
Drivers
- Stringent Government Regulations Regarding Public Safety and Product Quality
- Increased Adoption of NDT and Inspection Equipment and Services in Electronics, Automation, and Robotics Industrial Segments
- High Adoption of IoT Devices
- Increased Demand for Assessment of Health of Aging Assets
Restraints
- Dearth of Skilled and Qualified Personnel to Carry Out NDT and Inspection Activities
Opportunities
- Large-Scale Infrastructural Developments in APAC, Europe, and Latin America
- Increased Demand for NDT and Inspection Services from Power Generation Industry
- Technological Advancements in NDT and Inspection Techniques and Emergence of New Applications
- Importance of NDT and Inspection Activities in Controlling Corrosion in Aging Infrastructures
Challenges
- Limited Manufacturing Activities and Supply Chain Disruptions Caused by COVID-19
- Reluctance to Adopt New and High-Cost NDT and Inspection Techniques
- Increased Complexity of Machines and Structures
- High Costs of Automated NDT and Inspection Equipment
Cumulative Growth Analysis
Applications of NDT and Inspection
- Dimensional Measurement
- Flaw Detection
- Leak Detection
- Physical Property Estimation
- Chemical Composition Determination
- Plasma Emission Spectrography
- Corrosion Resistance Testing
- Stress and Structure Analysis
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 NDT and Inspection Market, by Technique
8 NDT and Inspection Market, by Method
9 NDT and Inspection Market, by Service
10 NDT and Inspection Market, by Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
13.1 Key Players
13.1.1 General Electric
13.1.2 Mistras Group
13.1.3 Olympus Corporation
13.1.4 Ashtead Technology
13.1.5 Nikon Metrology
13.1.6 SGS S.A.
13.1.7 Magnaflux Corporation
13.1.8 Zetec Inc.
13.1.9 Eddyfi
13.1.10 Yxlon International GmbH
13.1.11 Sonatest Ltd.
13.2 Others Key Players
13.2.1 Fischer Technology Inc.
13.2.2 NDT Global GmbH & Co. Kg
13.2.3 Td Williamson, Inc.
13.2.4 Bosello High Technology Srl
13.2.5 Labquip NDT Limited
13.2.6 Ipromar Pte Ltd
13.2.7 Fprimec Solutions Inc.
13.2.8 Lynx Inspection
13.2.9 Cygnus Instruments Ltd
13.2.10 Acuren Inspection Inc.
13.2.11 Carestream
13.2.12 Dekra
13.2.13 Intertek
13.2.14 Element Materials Technology
For more information about this report visit https://www.researchandmarkets.com/r/p5h84t
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