Non Destructive Testing Market Demand Analysis in 2020, Global Revenue, Top Companies Growth Forecast to 2027
The global ndt industry report
Provides a Comprehensive company profile of some major market players, which
will be active in the coming years with Non-Destructive Testing Equipment
product launches, significant development, financial statements, product sales
and gross. Margin, Non-Destructive Testing Market Business Short-term and Long
Term Marketing Strategies and SWOT Analysis of Companies in the latter part,
the report combines acquisition and collaboration strategies adopted by
international and local players to increase consumer base in different
geographical areas.
The global non-destructive testing market size is projected
to reach USD 13.30 billion by the end of 2027. The increasing investments in
technological integration will have a huge impact on the growth of the overall
NDT market in the coming years. According to a report published by Fortune
Business Insights, titled “Non-Destructive Testing (NDT) Market Size, Share
& COVID-19 Impact Analysis, By Technique (Ultrasonic Testing, Visual
Inspection Testing, Magnetic Particle Testing, Liquid Penetrant Testing,
Eddy-Current Testing, Radiographic Testing, and Acoustic Emission Testing) By
Method (Visual Inspection, Surface Inspection, Volumetric Inspection, and
Others), By Service ( Ultrasonic Inspection, Equipment Rental Services,
Calibration Services, and Training Services), By Vertical ( Manufacturing, Oil
& Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and
Others)and Regional Forecast, 2020-2027,” the market was worth USD 8.42
billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period,
2020-2027.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill.
We understand that this health crisis has brought an unprecedented impact on
businesses across industries. However, this too shall pass. Rising support from
governments and several companies can help in the fight against this highly
contagious disease. There are some industries that are struggling and some are
thriving. Overall, almost every sector is anticipated to be impacted by the
pandemic.
We are taking continuous efforts to help your business sustain and
grow during COVID-19 pandemics. Based on our experience and expertise, we will
offer you an impact analysis of coronavirus outbreak across industries to help
you prepare for the future.
The current pandemic of Covid-19 has made a catastrophic impact on
the world. Most businesses are shut as a result of the increasing COVID-19
cases. The healthcare industry is facing shortage of medical aid as there are
not enough beds to suffice the needs of the increasing number of patients. The
world economy is fluctuating as most businesses are at a halt and the ones
running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus
pandemic are provided by Fortune Business Insights. These reports will help
visualize the current situation and what strategies can be adopted to help the
market gain momentum in the coming years.
List of the Leading Companies Profiled in the
Global Non-destructive Testing Market are:
- Acuren
Inspection Inc. (The U.S.)
- Ashtead
Technology (The U.K.)
- Bosello High
Technology Srl (Italy)
- Cygnus
Instruments Ltd (The U.K.)
- Eddyfi (Canada)
- Fischer
Technology Inc. (The U.S.)
- Fprimec
Solutions Inc. (Canada)
- General Electric
(The U.S.)
- Ipromar Pte Ltd
(Singapore)
- Labquip NDT
Limited (The U.K.)
- LynX Inspection
(Canada)
- Magnaflux
Corporation (The U.S.)
- Mistras Group
(The U.S.)
- NDT Global GmbH
& Co. Kg (The U.S.)
- Nikon Metrology
(Japan)
- Olympus
Corporation (Japan)
- Sonatest Ltd.
(The U.K.)
- TD Williamson,
Inc. (The U.S.)
- YXLON
International GmbH (Denmark)
Non-destructive testing market size is a method that is used
to identify defects in the products and equipment that are used in the
aerospace industry. The degree of safety and security involved in the
development of aircraft material has created a massive need for NDT across the
world. Accounting to the rising security needs, companies are likely to invest
massive sums in the development of efficient ndt report methods; a factor that will have
a positive impact on the growth of the overall market in the foreseeable
future. Non-Destructive testing can be used to evaluate and study properties
such as fracture toughness, tensile strength, and the flexibility. The increasing
demand for NDT tools is consequential to the rising focus on product R&D.
The increasing attention that is centred toward the safety of aircraft will
create several growth opportunities for the companies operating in the global
market in the immediate future.
Testia’s Advanced Version of Ultrasonic Testing Device will have a
Massive Global Impact
The report highlights a few of the major industry developments of
recent times and discusses their impact on the growth of the overall market.
Owing to the advances in non-destructive testing, companies are focusing on
acquiring wider consumer area by introducing products with newer concepts and
technologies. The rising investment in technological integration is
consequential to the increasing awareness regarding safety and security
associated with NDT. In June 2019, Testia announced that it has launched a new
version of its ultrasonic testing device. The Smart UE1 device offers several
advantages including indications for delaminations, lack of cladding, fatigue
cracks, and coating measurements. Testia’s latest step is consequential to the
increasing demand for the product across the world.
Restrictions on Air-travels will have a Slight Adverse Impact on
NDT Manufacturers
The recent coronavirus outbreak has created a sense of panic
across the world. Due to the rapid spread of the disease, governments across
the world are taking strict measures to control the spread of the disease.
These measures have subsequently affected several businesses across the world.
Due to lockdown, manufacturers in this sector seem to have taken a huge hit in
the past few months. Additionally, the risks associated with international
travel have compelled governments to ban flights and other modes of travel
overseas. Thus, the efforts taken to curb the spread of the disease will
ultimately affect the growth of the overall ndt crack testing market
in the immediate future.
North America to Emerge Dominant; Increasing Demand for Advanced
Testing Material to Aid Growth
The report analyses the ongoing market trends across five major
regions, including North America, Latin America, Europe, Asia Pacific, and the
Middle East and Africa. Among all regions, the market in North America is
projected to emerge dominant in the coming years. The
increasing demand for advanced testing material in several countries across
this region will create several growth opportunities for the companies
operating in this region. Subsequently, the presence of several large scale
companies in the United States will have a huge impact on the growth of the
regional market. Companies such as Magnaflex Corporation and Acuren Inspection
have invested huge capital in the development of technologically advanced
non-destructive testing equipment. As of 2019, the market in North America was
worth USD 3.09 billion and this value is projected to increase further in the
coming years.
Increasing Use of NDT in Aviation Industry Will Emerge in Favor of
Market Growth
The increasing investments in the development of efficient products
will create several growth opportunities for the companies operating in this
market. The demand for technologically advanced products is consequential to
the high efficacy and low error rate that is possible to their use. The
presence of several large scale companies involved in the development of
efficient products and massive investments in the same, will bode well for the
growth of the overall Non-destructive testing market in the coming years. ultrasonic
test (UT) comprises a range of non-destructive
testing (NDT) techniques that send ultrasonic waves through an object or
material. Non-destructive testing (NDT) is a non-invasive technique for
determining the integrity of a material, component or structure. Because it
allows inspection without interfering with a product's final use, NDT provides
an excellent balance industrial ndt and inspection services between
quality control and cost-effectiveness.
Increasing Number of Product Launches will Emerge in Favor of
Market Growth
The report encompasses several factors that have contributed to
the growth of the overall market in recent years. Accounting to the rising
demand for the product across the world and the degree of safety and security
involved with it, technological intervention has been maximized in recent
years. The presence of several large scale companies involved in the
development of efficient products by investing more in the technological
intervention will have a positive impact on the growth of the overall market in
the coming years. In January 2020, Novosound announced the launch of a new
ultrasound sensor tool that is used for inspecting curved surfaces. The
Scotland-based company announced that the product is and advanced thin-fil that
is flexible in nature. The company is said to have invested around $4.3 million
in this product. Novosound’s latest product is an example of rapid
technological advancement as well as integration in this sector in recent
years.
Major Companies are Focused on Technological Integration
The rising demand for non-destructive testing is a result of the
excellent product capabilities that have been recorded in recent years. As
there is very little margin for error, companies have essentially realized that
automation is the way to go as far as integration of advanced concepts is
concerned. This is mainly due to the fact that human labor results in more
errors than repetitive automated perspective.
Industry Developments:
June 2019: Testia announced the launch
of a latest version of its ultrasonic testing device named as a smart UE1
device. This wireless device is said to offer several types of indications such
as delaminations, fatigue cracks, lack of cladding, and coating measurements.
For more information in the analysis of this report, visit:
https://www.fortunebusinessinsights.com/non-destructive-testing-ndt-market-103596
About Us:
Fortune Business Insights™ delivers accurate data and innovative
corporate analysis, helping organizations of all sizes make appropriate
decisions. We tailor novel solutions for our clients, assisting them to address
various challenges distinct to their businesses. Our aim is to empower them
with holistic market intelligence, providing a granular overview of the market
they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Connect us via Social Media Channels:
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd
Read Press Release:
Read Related News:
Comments
Post a Comment