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.
Non-destructive testing 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 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.
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.
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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.
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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 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.
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.
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)
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.
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