Market Scenario
The NDT Services Market is growing, with a quick pace. Non-destructive testing services are gaining popularity due to the need for ensuring the prevention of accidents and promoting safety for workers during overhauling and maintenance. The rise in demand for improving quality and longevity of the machines is one major factor driving the growth of non-destructive testing services market. Also, increase in the use of renewable energy resources is another major factor responsible for driving the growth of Non-Destructive Testing Services Market.
MISTRAS Group, Inc., Olympus Corporation, GE Inspection Technologies, Intertek Group PLC, SGS S.A., Olympus Corporation, and Nikon Metrology are a few major players in the global non-destructive testing services market. Increasing emergence of industrial internet of things is one major factor responsible for driving the growth of non-destructive testing services market. Also, stringent government regulations formulated by the government is another major factor, driving the growth of non-destructive testing services market.
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The technique segment in the NDT Services Market comprises of ultrasonic testing services, radiography testing services, liquid penetrant testing services, magnetic particle testing services, eddy-current testing services, and visual inspection services. The ultrasonic testing services sub-segment of the global non-destructive testing services market is expected to hold the largest market share during the forecast period. This is owing to the increasing demand for testing method from manufacturing, power generation, aerospace & defense, automotive, and transportation industries.
North America region holds the largest share of the market across the globe, followed by Europe, and Asia Pacific region. U.S. and Canada are dominating the North America market due to rising technological enhancements and growing adoption of industrial internet of things in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing demand to ensure safety and efficiency in the production process is another major factor driving the growth of non-destructive testing services market in the region.
The global NDT Services Market is expected to grow at a CAGR of approximately 8% during the forecast period 2017-2023.
Key Players:
Some of the prominent players in the global non-destructive testing services market are MISTRAS Group, Inc. (U.S.), Olympus Corporation (Japan), GE Inspection Technologies (U.S.), Intertek Group PLC (U.K.), SGS S.A. (Switzerland), Olympus Corporation (Japan), Nikon Metrology, Inc. (U.S.), Ashtead Technology, Inc. (U.S.), Sonatest Ltd. (U.K), Bosello High Technology S.R.L. (Italy), and Fujifilm Holdings Corporation (Japan) others.
Segments:
The global NDT Services Market is segmented by type, technique, application and vertical. By product, the market is segmented into traditional non-destructive testing services and advanced non-destructive testing services. By type, the market is segmented into ultrasonic testing services, radiography testing services, liquid penetrant testing services, magnetic particle testing services, eddy-current testing services, and visual inspection services. By application, the market is segmented into flaw detection, leak detection, dimensional measurement, estimation of physical properties, chemical composition determination, and stress & structure analysis. Whereas, based on vertical, the market is segmented into aerospace & defense, automotive, oil & gas, infrastructure, and power.
Regional Analysis
The global non-destructive testing services market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest market share, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of North America market is attributed to technological advancements and the increased adoption of non-destructive testing service applications across industry verticals.
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Intended Audience
- Technology Investors
- Research/Consultancy firms
- Government Bodies
- Service Providers
- Information Technology (IT) developers
- Consulting service providers
- Technology Providers
- System integrators
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