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Non-Destructive Test (NDT) Equipment - Global Market Trajectory & Analytics

  • ID: 1056048
  • Report
  • July 2021
  • Region: Global
  • 407 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Ashtead Technology Ltd.
  • Carestream Health Inc.
  • General Electric Company
  • Intertek Group plc
  • Mistras Group, Inc.
  • Nikon Metrology NV

Global Non-Destructive Test (NDT) Equipment Market to Reach $4.3 Billion by 2026


Non-Destructive Test (NDT) equipment represent tools employed for inspecting and evaluating different properties or characteristics of assemblies, components and materials. The equipment ensures that they do not damage the materials/ components being evaluated and therefore referred to as `Non-Destructive`. The equipment conduct tests for identifying differences, discontinuities and welding defects among other flaws in products and structures. The process of inspection with NDT is referred to as Non-Destructive Inspection (NDI) or non-destructive evaluation (NDE). NDT encompasses a wide variety of equipment including flaw detectors, material condition testers, thickness gauges, visual inspection tools, eddy current instruments, acoustic emission testers and other devices for measuring corrosion, conductivity, and resistivity among others. NDT equipment use analysis technique with high-frequency sound incidence upon materials for taking measurements and conducting examinations. Power generation, fabrication, transportation, automotive, infrastructure, petrochemical, defense and aerospace industries are the major end-users of NDT. Companies in these sectors are required to have quality accreditation as per the ISO 9001 QMS and such other certifications of QC assurance. Companies also use NDI for improving processes and reducing wastage of raw materials.

Amid the COVID-19 crisis, the global market for Non-Destructive Test (NDT) Equipment estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 6% over the analysis period. Ultrasonic Testing, one of the segments analyzed in the report, is projected to grow at a 7% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Radiography Testing segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 17.5% share of the global Non-Destructive Test (NDT) Equipment market.

The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $539.3 Million by 2026


The Non-Destructive Test (NDT) Equipment market in the U.S. is estimated at US$1.1 Billion in the year 2021. The country currently accounts for a 37.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$539.3 Million in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.2% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$581.8 Million by the close of the analysis period. The market is driven by the factors such as government regulations in countries across the world with regard to product quality and public safety; and continuous robotics, automation and electronics advancements. Increasing number of IoT devices and the growing need for evaluating aging infrastructure and public assets also promotes growth for the market. Growing number of product failure incidents has been compelling industries to use more of such testing across manufacturing cycles. When compared to other examination methods, tests using NDT equipment are safer and accomplish work is much less time. Faster throughput makes the tools lucrative for a number of industries. The testing tools also examine thickness and internal structure, which are the added advantages. Other beneficial aspects pertaining to NDT equipment methods including the ability of continuous collection of data, data storage, online inspection, advanced data simulation in the real time, and data interpretation also contribute towards market growth.

Over the coming years, manufacturing activities will increase both in developed and developing nations which will be a major market growth driving factor. Increase in use of materials that are more advanced also provides lucrative market growth opportunities. Machinery have lately become more complex. This combined with the rising requirements of more precise product specifications creates strong demand growth scenario for NDT equipment. Governments have also made regulations pertaining to workforce safety and product quality more stringent augmenting demand for NDT equipment and services. Furthermore, evidence of costly failures of infrastructure including nuclear refinery leakages, blasts and pipeline explosions have also compelled governments to make safety regulations more stringent.

Exploration of natural gas would also emerge as a key growth promoting factor the NDT market. Demand is anticipated to be especially high for ultrasonic NDT equipment which are employed in the inspection of gas pipelines. In the US market, increase in the number of power generation and oil & gas products, is expected to drive market growth. In the US market, oil & gas and energy and power industries were the largest users of NDT equipment in the recent years owing to the major shale oil and gas reserves exploration activities and commissioning of nuclear power plants. Nuclear power reactors in the United States produce around 800 TWh of electricity.

Magnetic Particle Testing & Electromagnetic Testing Segment to Reach $645.8 Billion by 2026


In the global Magnetic Particle Testing & Electromagnetic Testing segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$371 Million in the year 2020 will reach a projected size of US$555.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$66.1 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period.

Select Competitors (Total 173 Featured) -

  • Ashtead Technology Ltd.
  • Carestream Health Inc.
  • General Electric Company
  • Intertek Group plc
  • Mistras Group, Inc.
  • Nikon Metrology NV
  • Olympus Corporation
  • SGS SA
  • Sonatest Ltd.
  • Zetec Inc.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Ashtead Technology Ltd.
  • Carestream Health Inc.
  • General Electric Company
  • Intertek Group plc
  • Mistras Group, Inc.
  • Nikon Metrology NV
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • Exhibit 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • How Manufacturing, Logistics & Transport, and Automotive Have & Continue to be Impacted by the Pandemic & What's the New Normal?
  • Manufacturing & Machinery End-Use Industry
  • Exhibit 2: Global Machine Tools Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Exhibit 3: Global Manufacturing Automation Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Transportation & Logistics End-Use Sector
  • Exhibit 4: Global Transportation Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Automotive End-Use Industry
  • Exhibit 5: Global Automotive Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • An Introduction to Non-Destructive Test (NDT) Equipment
  • Comparison of Key NDT Techniques
  • Global Market Prospects & Outlook
  • Analysis by Technique
  • Exhibit 6: Global Non-Destructive Test (NDT) Equipment Market by Technique (2021 & 2027): Percentage Breakdown of Sales for Ultrasonic Testing, Radiography Testing, Magnetic Particle Testing & Electromagnetic Testing, Visual Inspection Testing, Eddy-Current Testing, Liquid Penetrant Testing, and Other Techniques
  • Analysis by End-Use
  • Exhibit 7: Global Non-Destructive Test (NDT) Equipment Market by End-Use (2021 & 2027): Percentage Breakdown of Sales for Manufacturing, Oil & Gas, Power Generation, Construction, Automotive & Transportation, Aerospace & Defense, and Other End-Uses
  • Regional Analysis
  • Exhibit 8: World Non-Destructive Test (NDT) Equipment Market by Region (2021 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
  • Exhibit 9: World Non-Destructive Test (NDT) Equipment Market - Geographic Regions Ranked by CAGR (Value) for 2020-2027: China, Asia-Pacific, Latin America, Middle East, Africa, USA, Canada, Europe, and Japan
  • Competitive Scenario
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Sustained Opportunities in the Power Generation Sector
  • Growing Emphasis on Renewable Energy to Widen the Addressable Market
  • A Review of Current Trends in Solar & Wind Power Verticals
  • Exhibit 10: Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
  • Continued Investments in Nuclear Energy to Boost Market Prospects
  • Established Image of NDT in Oil & Gas Sector Bodes Well
  • Exhibit 11: Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • Exhibit 12: Global Oil & Gas E&P Industry Spending (in US$ Billion) for 2015-2021
  • Shale Gas Exploration & Production to Fuel Future Growth
  • Established Use Case in Aerospace Sector to Underpin Future Growth
  • Defense Sector Presents Steady Growth Prospects
  • Exhibit 13: Healthy Defense Spending to Amplify the Need for NDT Equipment: Projected Defense Budget (In US$ Billion) for the Years 2019, 2021 and 2023
  • Exhibit 14: Military Expenditure as a % of GDP in Select Countries
  • Critical Importance of Parts & Components Testing Maintains Momentum in Automotive Applications
  • Exhibit 15: Breakdown of Automotive Material Mix: 2020
  • Tire Retreading Businesses Rely on NDT
  • Metals & Foundry Enterprises Leverage NDT
  • Uptrend in Demand for High-Quality NDT Services Revs Up Market Expansion
  • Growing Preference of NDT Equipment in Marine Industry Bodes Well
  • Technology Trends Influence Direction & Pace of NDT Equipment Market
  • Ongoing Technological Innovations Set to Widen the Scope & Span of NDT
  • New Emerging Techniques to Accelerate Future Growth
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

UNITED STATES

CANADA

JAPAN

CHINA

EUROPE

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

AFRICA

IV. COMPETITION
  • Total Companies Profiled: 173
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Ashtead Technology Ltd.
  • Carestream Health Inc.
  • General Electric Company
  • Intertek Group plc
  • Mistras Group, Inc.
  • Nikon Metrology NV
  • Olympus Corporation
  • SGS SA
  • Sonatest Ltd.
  • Zetec Inc.
Note: Product cover images may vary from those shown
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