Status : Published Published On : Nov, 2020 Report Code : VRSME9031 Industry : Semiconductor & Electronics Available Format : Page : 167

Global Non-Destructive Testing and Inspection Market – Analysis and Forecast (2020–2025)

Industry Insights by Technique (Ultrasonic Testing, Visual Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, Others), by Method (Visual Inspection, Surface Inspection, Volumetric Inspection, Others), by Services (Inspection Services, Training Services, Equipment Rental Services, Calibration Services), by Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Others)

Industry Overview

The global non-destructive testing and inspection market is estimated to be USD 8.3 billion in 2020 and is predicted to reach USD 11.6 billion by 2025, growing at a CAGR of 7.0% during the forecast period. The factors responsible for the growth of non-destructive testing and inspection across the globe are increasing adoption of IoT devices, growing need to assess aging assets' health, stringent government regulations regarding public safety and product quality, and continuous advances in electronics, automation, and robotics.

Non-Destructive Testing and Inspection Market Highlights

Market Segmentation

Insight by Technique

Based on technique, the global non-destructive testing and inspection market is categorized into ultrasonic testing, visual testing, magnetic particle testing, liquid penetrant testing, eddy-current testing, radiographic testing, acoustic emission testing, and others. In 2019, the ultrasonic testing segment is the largest contributor in the non-destructive testing and inspection market owing to its ability to identify defects and accurately determine their severity.

Insight by Method

On the basis of method, the global non-destructive testing and inspection market is segmented into visual inspection, surface inspection, volumetric inspection, and others.

Insight by Services

On the basis of services, the global non-destructive testing and inspection market is categorized into inspection services, training services, equipment rental services, calibration services. In 2020, the inspection services segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period.

Insight by Vertical

On the basis of vertical, the global non-destructive testing and inspection market is categorized into manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, and others. In 2020, the oil & gas industry segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period.

Non-destructive testing and inspection in the oil & gas industry is traditionally used for inspection purposes to detect cracks in the pipes both underground and elevated. Besides, non-destructive testing and inspection systems are also used for aerospace, defense, and automotive manufacturing. Manufacturing vertical is expected to witness the fastest growth during the forecast period owing to ever increasing volume of manufacturing across the world.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2025

Historical Period

2015–2019

Base Year

2019

Forecast Period

2020–2025

Segments Covered in the Study

Technique, Method, Services, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

General Electric, Olympus Corporation, MISTRAS Group, Nikon Metrology, Ashtead Technology, YXLON International, Sonatest, Zetec, Inc., T.D. Williamson Inc., and Bosello High Technology srl

Industry Dynamics

Growth Drivers

The primary factors driving the growth of the global non-destructive testing and inspection market are:

•   Increasing adoption of IoT devices
•   Growing demand for assessment of health of aging assets
•   Stringent government regulations regarding public safety and product quality
•   Growing adoption of NDT and inspection equipment and services in electronics, automation, and robotics industrial segments
•   Growing need for ASICs

The global pandemic of COVID-19 has severely impacted the growth of the non-destructive testing and inspection market. Globally, sales of non-destructive testing and inspection equipment and services for major verticals such as oil & gas and aerospace are expected to decline by 12-16% in the fiscal year 2020, depending upon the virus's progression in different regions of the world.

Challenges

Decline in the number of new oil and exploration projects, temporary shutdown of production facilities, and reduction in crude oil prices are probably the greatest obstacle confronting non-destructive testing and inspection producers.

Opportunities

•   Technological advancements in NDT and inspection techniques and emergence of new applications
•   Large-scale infrastructural developments in APAC, Europe, and Latin America
•   Increased demand for NDT and inspection services from power generation industry

Geographic Overview

Geographically, Asia-Pacific is the fastest growing region in the non-destructive testing and inspection market in 2019. The Asia-Pacific region, in particular countries such as China, Taiwan, Japan, South Korea, and India, are experiencing increase in terms of adoption of non-destructive testing and inspection products and solutions compared with other regions. Growing research and development investments, and increasing manufacturing and electronics industries are expected to accelerate the growth of the non-destructive testing and inspection market in Asia-Pacific.

Competitive Insight

Key players operating in the global non-destructive testing and inspection market include General Electric, Olympus Corporation, MISTRAS Group, Nikon Metrology, Ashtead Technology, YXLON International, Sonatest, Zetec, Inc., T.D. Williamson Inc., and Bosello High Technology srl.

Forecast Parameters

•   Identifying variables and establishing market impact.
•   Establishing market trends regionally.
•   Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
•   Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
•   Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
•   Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
•   Understanding adoption, development, distribution and regulatory framework.

Data Validation

•   Estimated and forecasted data was validated through industry experts.
•   Apart from industry experts, data triangulation methods were used for validation.
•   Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
•   Demand as well as supply side surveys were conducted in order to understand the industry dynamics and data validation.

Research Phases

Non-Destructive Testing and Inspection Market Research Phases

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.

Non-Destructive Testing and Inspection Market Size

Source: VynZ Research

Non-Destructive Testing and Inspection Market Analysis

Source: VynZ Research

Place an order

Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Non-Destructive Testing and Inspection Market