Prominent players in the non-destructive testing market are aiming for better product differentiation, with the aid of service and technology improvements, for remunerative opportunities in emerging economies.
ROCKVILLE, MD / ACCESSWIRE / April 28, 2020 / The non-destructive testing industry is projected to rise at a healthy CAGR of 6% between 2019 and 2029. The widespread application of non-destructive testing for building and construction materials is a key factor driving sales. The rapid rise of industrial manufacturing activity, and the high penetration of smart devices will continue to aid the growth of the non-destructive testing market. This promising growth outlook can also be attributed to strict quality control regulations implemented by the government, reveals Fact.MR in its new study.
“The adoption of non-destructive testing methods is rising along with innovations in nanotechnology and processing capabilities to transform the competitive landscape. Further, players are investing in service standards by adding support infrastructure and reporting processes,” concludes the Fact.MR report.
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Non-Destructive Testing Market – Key Takeaways
- Manufacturing applications of non-destructive testing will account for more than 20% market share with a 6% CAGR through 2029.
- The defense and aerospace segments will provide highly remunerative opportunities on the back of defense upgrade capabilities.
- Ultrasonic testing methods will maintain a leading position, accounting for more than 25% of the market share through the end of the forecast period.
- North America and Europe cumulatively account for nearly 60% of global sales, driven by the demand for smart devices.
- South Asia and Oceania will provide highly lucrative growth opportunities with an impressive 9.5% CAGR in this duration, propelled by investments in modern infrastructure projects.
Non-Destructive Testing Market – Key Driving Factors
- The rising investments in developing economies towards energy and cost-efficient industrial manufacturing processes is a key factor driving the adoption of non-destructive testing.
- The high demand for smart devices and the frequent innovations in technology will support demand at scale.
- Innovations in GPR and ultrasonic testing equipment, are generating demand from end use industries.
- Increasingly strict regulations imposed by governments on manufacturers and contractors is propelling the non-destructive testing market.
- The higher adaptability and efficiency of radiography testing methods continue to contribute to sales.
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Non-Destructive Testing Market – Key Constraint
- The high costs associated with the deployment of non-destructive testing equipment is a key factor which is expected to hamper the industry during the forecast period.
The Impact of the Coronavirus Outbreak
Although investments in the global construction industry were soaring before the coronavirus pandemic, the industry has now been severely affected, owing to suspension of several projects, as governments continue to grapple with the logistics of the challenge.
Lack of adequate labor and major disruptions in potential supply chains is expected to generate substantial delays in the industry, and cut into investments into future projects. Uncertainty over the duration and intensity of the global pandemic increases the challenge of recovery.
Further, even the manufacturing industry has been impacted by the covid-19 outbreak owing to factory shutdowns in many regions of the world. This trend is expected to lead to a substantial slowdown of the non-destructive testing industry, which is expected to continue as lockdowns continue.
The global non-destructive testing market is moderately consolidated. The leading players profiled in the report include, but are not limited to Sonatest Ltd., General Electric, Yxlon International GmbH, Nikon Metrology NV, Mistras Group, Olympus Corp, Ashtead Technology Ltd., Zetec Inc., Fisher Technologies Inc., and Eddyfi. Market leaders are investing in research and development activities, product innovation, along with mergers and acquisitions. Manufacturers are also channeling their efforts towards capacity and regional expansions in emerging economies, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the non-destructive testing market. Global, regional and country level analysis of the latest industry trends impacting the non-destructive testing market are covered in this Fact.MR study. The report offers compelling insights on the non-destructive testing market on the basis of application (non-destructive testing services and non-destructive testing equipment), test method (visual testing, magnetic particle testing, liquid penetrant testing, eddy current testing, ultrasonic testing, and radiographic testing ), and end use (oil & gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others ) across six regions (Middle East and Africa, South Asia and Oceania, East Asia, Europe, Latin America, North America).
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