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Non-Destructive Testing (NDT) Market Estimated to be USD 15.06 billion in 2016 and Projected to reach USD 24.23 billion by 2022, at a CAGR of 8.24% from 2016 to 2022

Press Release   •   Jun 06, 2017 07:39 GMT

"Non-Destructive Testing (NDT) Market Estimated to be USD 15.06 billion in 2016 and Projected to reach USD 24.23 billion by 2022, at a CAGR of 8.24% from 2016 to 2022" published in June 2017. It is a professional and in-depth study.

Summary

Market Research Report Storeannounces a new report"Non-Destructive Testing (NDT) Market"added to its database.The non-destructive testing market is estimated to be USD 15.06 billion in 2016 and is projected to reach USD 24.23 billion by 2022, at a CAGR of 8.24% from 2016 to 2022. The non-destructive testing market is witnessing growth due to increasing demand for new infrastructures and the growing need to renovate the existing aging infrastructure. Outsourcing of non-destructive testing operations to third-party vendors and emergence of Industrial Internet of Things (IIoT) are additional factors propelling the growth of this market.

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“The oil & gas segment is estimated to account for the largest market share”

Based on end user, the oil & gas segment is estimated to account for the largest share of the non-destructive testing market in 2016. The aerospace & defense segment of this market is projected to grow at the highest CAGR from 2016 to 2022, owing to the extensive use of non-destructive techniques to detect flaws and imperfections in aerospace components. Moreover, factors such as safety, increased service intervals, reducing tolerance to disruption, low emission targets, and innovative materials have further contributed to the increased demand for non-destructive testing techniques in the aerospace & defense sector.

“The services segment is estimated to account for the largest market share”

Based on component, the non-destructive testing market has been segmented into equipment and services. The services segment is estimated to account for the largest share of the non-destructive testing market in 2016. The equipment segment of this market is expected to grow at the highest CAGR from 2016 to 2022, owing to increased quality awareness and the subsequent rise in demand for highly advanced products.

“The ultrasonic testing segment is estimated to account for the largest market share”

Based on method, the non-destructive testing market has been segmented into visual inspection, magnetic particle testing, liquid penetrant testing, ultrasonic testing, radiography, and eddy-current testing. The visual inspection segment is estimated to account for the largest share of the non-destructive testing market in 2016. The ultrasonic testing segment of this market is expected to grow at the highest CAGR from 2016 to 2022. Ultrasonic testing is used to measure the thickness of a wide range of metallic and non-metallic materials, and it is applicable in varied industries such as steel, manufacturing, aluminum construction, infrastructure, and power generation.

“Non-destructive testing market in BRICS countries is projected to grow at the highest CAGR from 2016 to 2022”

The BRICS countries are expected to lead the non-destructive testing market during the forecast period. BRICS countries that include China, India, Russia, Brazil, and South Africa collaboratively account for a significant share of the global non-destructive testing market in 2016. Increased spending on infrastructure and aerospace & defense sectors, coupled with the growing focus towards generation of nuclear energy is driving the growth of the non-destructive testing market.

Break-up of profile of primary participants for the non-destructive testing market:

  • By Company Type - Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
  • By Designation – C level – 35%, Director level – 25%, and Others – 40%
  • By Region – North America – 45%, Europe – 20%, Asia-Pacific – 30%, and RoW – 5%
  • Key companies operating in the non-destructive testing market include Olympus Corporation (Japan), MISTRAS Group, Inc. (U.S.), Intertek Group Plc. (U.K.), SGS S.A. (Switzerland), GE Measurement and Control (U.S.), Nikon Metrology, Inc. (U.S.), Ashtead Technology, Inc. (U.S.), Sonatest Ltd. (U.K.), Bosello High Technology S.R.L. (Italy), and Fujifilm Holding Corporation (Japan).

    Research Coverage:

    The report analyzes the non-destructive testing market on the basis of component, application, end user, method, and technique, and maps these segments and subsegments across G7 Nations, BRICS, and rest of the world. The report provides an in-depth market intelligence regarding the market dynamics and major factors that influence the growth of the non-destructive testing market (drivers, restraints, opportunities, and industry-specific challenges), along with an analysis of micromarkets with respect to individual growth trends, future prospects, and their contribution to the overall non-destructive testing market.

    Reasons to Buy the Report:

    From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends,), market share analysis of top players, supply chain analysis, and company profiles, which comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments; high-growth regions and countries and their respective regulatory policies; government initiatives; and market drivers, restraints, opportunities, and challenges for the non-destructive testing market.

    The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on non-destructive testing service and equipment offered by top 10 players in the non-destructive testing market
  • Market Sizing: Market sizes for financial year, 2014-2015 and during the forecast period, 2016 to 2022
  • Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities prevailing in the non-destructive testing market
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
  • Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for non-destructive testing across varied regions
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading market players
  • TABLE OF CONTENTS

    1 INTRODUCTION 17

    1.1 OBJECTIVES OF THE STUDY 17

    1.2 MARKET DEFINITION 17

    1.3 STUDY SCOPE 18

    1.3.1 MARKETS COVERED 18

    1.3.2 REGIONAL SCOPE 19

    1.3.3 YEARS CONSIDERED FOR THE STUDY 19

    1.4 CURRENCY & PRICING 20

    1.5 DISTRIBUTION CHANNEL PARTICIPANTS 20

    1.6 STAKEHOLDERS 20

    2 RESEARCH METHODOLOGY 21

    2.1 RESEARCH DATA 21

    2.1.1 SECONDARY DATA 23

    2.1.1.1 Key data from secondary sources 23

    2.1.2 PRIMARY DATA 24

    2.1.2.1 Key data from primary sources 24

    2.1.2.2 Breakdown of primaries 25

    2.2 FACTOR ANALYSIS 25

    2.2.1 INTRODUCTION 25

    2.2.2 DEMAND-SIDE INDICATORS 26

    2.2.2.1 Increase in renewable energy use 26

    2.2.2.2 Pipeline network safety 28

    2.2.2.3 Growth in aircraft fleet size 29

    2.2.3 SUPPLY-SIDE INDICATORS 30

    2.2.3.1 Increased R&D activities 30

    2.2.3.2 Development of efficient materials 30

    2.3 MARKET SIZE ESTIMATION 30

    2.3.1 BOTTOM-UP APPROACH 31

    2.3.2 TOP-DOWN APPROACH 32

    2.4 MARKET BREAKDOWN & DATA TRIANGULATION 33

    2.5 RESEARCH ASSUMPTIONS & LIMITATIONS 34

    2.5.1 ASSUMPTIONS 34

    2.5.2 LIMITATIONS 35

    3 EXECUTIVE SUMMARY 36

    4 PREMIUM INSIGHTS 41

    4.1 ATTRACTIVE OPPORTUNITIES IN NDT MARKET 41

    4.2 NDT MARKET, BY END-USER 42

    4.3 NDT MARKET, BY TECHNIQUE 42

    4.4 OPPORTUNITIES IN NDT MARKET: REGIONAL ANALYSIS 43

    4.5 NDT MARKET, BY TECHNIQUE 43

    4.6 BRICS NDT MARKET, BY END-USER 44

    4.7 LIFE CYCLE ANALYSIS, BY REGION 45

    5 MARKET OVERVIEW 46

    5.1 INTRODUCTION 47

    5.2 MARKET EVOLUTION 47

    5.3 MARKET SEGMENTATION 48

    5.3.1 BY METHOD 48

    5.3.2 BY TECHNIQUE 49

    5.3.3 BY APPLICATION 50

    5.3.4 BY COMPONENT 51

    5.3.5 BY END-USER 52

    5.4 MARKET DYNAMICS 53

    5.4.1 DRIVERS 54

    5.4.1.1 Extending the useful life of aging infrastructure 54

    5.4.1.2 Outsourcing of non-core activities and technical resource constraints 55

    5.4.1.3 Stringent safety regulations formulated by governments 56

    5.4.1.4 Emergence of Industrial Internet of Things 57

    5.4.2 RESTRAINTS 57

    5.4.2.1 Lack of skilled professionals 57

    5.4.2.2 High cost of advanced NDT equipment 59

    5.4.3 OPPORTUNITIES 59

    5.4.3.1 New power generation projects 59

    5.4.3.2 Integration of robotic technology 61

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    Market Research Report Store

    About Market Research Report Store

    Market Research Report Store is one of the most fast-growing and professional online platforms for industry reports, market reports, and professional surveys. Our collection covers more than 100 global markets. We have cooperated with leading publishers and consultant companies to offer the best market intelligence products to our clients with instant access to our database.

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