Non-Destructive Testing Services Market Highlights
Non-destructive testing services market is estimated to exhibit high growth potential during the forecast period owing to the high demand across industry verticals. Rising demand among the end-use industries for non-destructive testing services drives the growth of the market. Additionally, innovation and advancement in technology and increasing market for non-destructive testing services is adding fuel to the growth of the non-destructive testing services market.
According to Market Research Future Analysis, the global non-destructive testing services marketis estimated to generate revenue of approximately USD 26 billion by 2023 growing at a CAGR of 8% during the forecast period 2017-2023.
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MISTRAS Group, Inc., Olympus Corporation, GE Inspection Technologies, Intertek Group PLC, SGS S.A., Olympus Corporation, and Nikon Metrology are some of the leading players in the market. MITRAS Group offers advanced NDT services, traditional NDT services, engineering services and NDT centres of excellence for all consumer demands related to non-destructive testing services. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Rise in demand to ensure safety and growing government regulations are some of the major factors driving the growth of non-destructive testing services market. With the focus on promoting the adoption of non-destructive testing services and the convenience provided to consumers, the global non-destructive testing services market is expected to grow.
The global Non-Destructive Testing Services Market is segmented by type, technique, application and vertical. The vertical segment is further classified into aerospace & defense, automotive, oil & gas, infrastructure, and power. The aerospace & defense sub-segment is expected to hold the largest market share of the overall non-destructive testing services market during the forecast period. This is owing to the increasing demand for non-destructive testing services market in the aerospace and defense sector. These non-destructive testing services help in ensuring safety during the production of complex aircraft accessories. However, the high costs of advanced non-destructive testing equipment and technical complexities involved in implementation of non-destructive testing are the major factors that could hinder the growth of global non-destructive testing services market. other factors such as the lack of awareness and skilled personnel may also hamper the market growth.
Non-Destructive Testing Services Market Key Players:
Some of the key players in the market: 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).
Non-Destructive Testing Services Market Analysis
North America is expected to account for the largest market share, whereas Europe market is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to the technological advancements and the rise in demand for non-destructive testing services across industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue and due to the increased demand for the better use of the ageing infrastructure.
Non-Destructive Testing Services Market Segmentation
The global non-destructive testing services market is segmented by type, technique, application and vertical. However, the application segment is classified into flaw detection, leak detection, dimensional measurement, estimation of physical properties, chemical composition determination, and stress & structure analysis. Increasing demand for flaw detection and leak detection applications is driving the growth of non-destructive testing services market. This is due to the increasing demand to ensure safety of the workers and employees.
- Technology Investors
- Research/Consultancy firms
- Government Bodies
- Service Providers
- Information Technology (IT) developers
- Consulting service providers
- Technology Providers
- System integrators
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
List of Tables
Table 1 Global Non-Destructive Testing Services Market: By Region, 2017-2023
Table 2 North America Non-Destructive Testing Services Market: By Country, 2017-2023
Table 3 Europe Non-Destructive Testing Services Market: By Country, 2017-2023
List of Figures
Figure 1 Global Non-Destructive Testing Services Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Non-Destructive Testing Services Market
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