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Non-Destructive Testing (NDT) Market Share, Size 2019-2024 | Industry Analysis, Overview of Market Dynamics, Top Key Players, and Regional Forecast to 2024

Non-Destructive

The “Non-Destructive Testing (NDT) Market” report 2019 provides information for market players, stakeholders, investors, and business strategists to achieve a leading position the market. It maintains the record of Unusual growth strategies adopted by various companies are creating new standards for competition in the global Non-Destructive Testing (NDT) market. Businesses around the world are aiming at increasing their profit margin and establishing a stronghold in the global market. The impact of prevailing regulatory scenario on both regional and worldwide Non-Destructive Testing (NDT) market is provided in detail in the report.

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Non-Destructive Testing (NDT) Market Covers Key Players:

  • Olympus Corporation
  • GE Measurement and Control
  • YXLON International GmbH (Comet Holdings AG)
  • Team, Inc.
  • Applus Services SA
  • Mistras Group, Inc.
  • SGS Group
  • Fujifilm Corporation
  • Bureau Veritas S.A.
  • Nikon Metrology NV
  • Intertek Group PLC.
  • Acuren Inspection, Inc.
  • TÜV Rheinland AG
  • Magnaflux Corporation

    Market Overview:

  • The non-destructive testing (NDT) market was valued at USD 15.67 billion in 2018 and is expected to reach a value of USD 23.1 billion by 2024, at a CAGR of 6.7% during the forecast period (2019 – 2024). Most of the non-destructive testing market is dependent on the oil and gas and aerospace sector. The NDT market has been affected severely by the recent fluctuations in crude oil prices, which is rendering loss to most players in the market.
  • Several governmental agencies and regional bodies, like the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), have been instituted across the world to take stringent measures for assuring the safety of instruments and overseeing of engineering services testing. This is important for gaining clearances and certificates from concerned authorities.
  • Over the past few years, there has been an incremental rise in the demand for skilled NDT technicians across the world. However, the demand, currently, outweighs supply due to a plethora of reasons.
  • NDT inspection companies have come under severe pressure, due to the supply/demand anomalies regarding the availability of certified professionals. Although many certifying organizations and training institutes have emerged in the recent times, NDT stands to be less attractive as a career in many Asian countries.

    Report Highlights:

    • The report provides a detailed analysis on current and future market trends to identify the investment opportunities
    • Market forecasts till 2024, using estimated market values as the base numbers
    • Key market trends across the business segments, Regions and Countries
    • Key developments and strategies observed in the market
    • Market Dynamics such as Drivers, Restraints, Opportunities and other trends
    • In-depth company profiles of key players and upcoming prominent players
    • Growth prospects among the emerging nations through 2024
    • Non-Destructive Testing (NDT) Market opportunities and recommendations for new investments

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    Scope of the Report:

  • Nondestructive testing (NDT) is the process of inspecting, testing, or evaluating materials, components, or assemblies for discontinuities or differences in characteristics without destroying the serviceability of the part or system. In other words, when the inspection or test is completed, the part can still be used.
  • In contrast to NDT, other tests are destructive in nature and are therefore done on a limited number of samples, rather than on the materials, components, or assemblies actually being put into service.
  • These destructive tests are often used to determine the physical properties of materials, such as impact resistance, ductility, yield and ultimate tensile strength, fracture toughness, and fatigue strength; but discontinuities and differences in material characteristics are more effectively found by NDT.

    Key Market Trends:

    Power and Energy sector expected to hold Significant Share

    The main scope of NDT applications in the energy and power industry is to help ensure the safety, integrity, and reliability of plant equipment, such as pressure vessels, boilers, heat exchangers, pipework, and pipelines. The inspection of concrete structures is a part of plant life assessment, as these materials often form an essential part of the construction of such plant equipment.
    During the next four years, more than 67 nuclear reactors in the world are estimated to reach an age over 40 years, and over 66 reactors to reach more than three decades of operational period.
    Various regulations make it mandatory for such power plants to undergo a life assessment procedure as a safety measure. Regular inspection is required to check for any damage in the equipment and take necessary countermeasures to control them. This situation is expected to create increased opportunity for NDT equipment in the nuclear power sector.
    In the Middle East & Africa, power plants under construction, such as nuclear plants in the United Arab Emirates, coal-based plants in Africa, and replacement of older oil-based power plants by newer ones in Qatar and Saudi Arabia, are expected to drive the demand during the forecast period.

    United States to account for a Significant Share

    The United States has a mature non-destructive testing (NDT) market. The country’s highly active oil and gas and aerospace industries are the major sources of demand for the non-destructive testing equipment and services in the country.
    With the United States Department of the Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program), the oil and gas sector in the country is expected to open up new opportunities to the market.
    Further, as the oil and gas industry output of the United States increases, the International Energy Agency predicts that the United States will add about 3.7 million barrels per day (mb/d) between now and 2023, with more than 70% of the new supply coming from the Permian and the Eagle Ford.
    According to the International Energy Agency (IEA), as of December 2017, there were only about 160,000 bpd of available space on the region’s pipeline network, which hardly accommodates about 4% of Texas’ output. As result, many pipeline projects were being taken up in the country in the past two years, to accommodate the impact of increasing oil and gas output.

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    Detailed TOC of Non-Destructive Testing (NDT) Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 STRINGENT REGULATIONS MANDATING SAFETY STANDARDS
    4.3.2 INCREASING INVESTMENTS IN AEROSPACE AND DEFENSE
    4.4 Market Restraints
    4.4.1 Lack Of Skilled Workforce And Training Regulations
    4.5 Value Chain Analysis
    4.6 Industry Attractiveness Porters Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Type
    5.1.1 Equipment
    5.1.2 Services
    5.2 By Testing Technology
    5.2.1 Radiography
    5.2.2 Ultrasonic
    5.2.3 Magnetic Particle
    5.2.4 Liquid Penetrant
    5.2.5 Visual Inspection
    5.2.6 Eddy Current
    5.2.7 Other Testing Technologies
    5.3 By End User
    5.3.1 Oil and Gas
    5.3.2 Aerospace and Defense
    5.3.3 Automotive and Transportation
    5.3.4 Power and Energy
    5.3.5 Construction
    5.3.6 Other End Users
    5.4 Geography
    5.4.1 North America
    5.4.1.1 US
    5.4.1.2 Canada
    5.4.2 Europe
    5.4.2.1 Germany
    5.4.2.2 UK
    5.4.2.3 France
    5.4.2.4 Spain
    5.4.2.5 Rest of Europe
    5.4.3 Asia Pacific
    5.4.3.1 China
    5.4.3.2 Japan
    5.4.3.3 India
    5.4.3.4 South Korea
    5.4.3.5 Rest of Asia-Pacific
    5.4.4 Latin America
    5.4.4.1 Brazil
    5.4.4.2 Argentina
    5.4.4.3 MEXICO
    5.4.4.4 COLUMBIA
    5.4.4.5 Rest of Latin America
    5.4.5 Middle East and Africa
    5.4.5.1 UAE
    5.4.5.2 Saudi Arabia
    5.4.5.3 South Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Olympus Corporation
    6.1.2 GE Measurement & Control Solutions
    6.1.3 YXLON International
    6.1.4 Team Inc.
    6.1.5 Applus+
    6.1.6 MISTRAS Group
    6.1.7 SGS Group
    6.1.8 Fujifilm Corporation
    6.1.9 Bureau Veritas S.A.
    6.1.10 Nikon Metrology NV
    6.1.11 Intertek Group Plc.
    6.1.12 Intertek Group Plc.
    6.1.13 TÜV Rheinland AG
    6.1.14 Magnaflux Corp.

    7 MARKET OPPORTUNITIES AND FUTURE TRENDS
    7.1 Investment Analysis

     

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