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Nondestructive testing and inspection market expected to grow at a CAGR of 7.83% during the forecast period
The nondestructive testing NDT and inspection market is expected to be valued at USD 12.06 billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. A key influencing factor for the growth of the market is stringent government safety regulations for maintaining product quality and safety within an industrial environment. Largescale infra projects in emerging countries are likely to create opportunities for the players in the market.
Market for the ultrasonic testing is expected to grow rapidly in the near future
The ultrasonic testing technique is expected to grow rapidly during the forecast period between 2017 and 2023. The adoption of advanced UT techniques in the oil and gas industry for identifying faults drives the NDT market growth. The market for ultrasonic testing is estimated to rise by 2023 with the increased demand for NDT equipment in the manufacturing of aircraft and automobiles. The increasing demand for energy production in the power generation vertical would lead to high demand for NDT products during the forecast period.
APAC to be the fastestgrowing market for nondestructive testing and inspection
The market in APAC is expected to grow at a high CAGR during the forecast period. The growth is attributed to several infrastructure projects that are under construction between 2017 and 2023 and increasing manufacturing vertical in APAC. The market in India is expected to grow at the highest CAGR between 2017 and 2023. The construction of new power plants to meet the growing demand for energy is expected to be the key factor for the growth of the NDT market in APAC.
Breakup of profiles of primary participants for the report is given below:
By Company Type: Tier 1 26%, Tier 2 32%, and Tier 3 42%
By Designation: CLevel Executives 52%, Directors 23%, Managers 25%
By Region: North America 44%, Europe 29%, APAC 23%, RoW 4%
General Electric Company US, Olympus Corporation Japan, Ashtead Technology Ltd. UK, Mistras Group Inc. US, Nikon Corporation Japan, Magnaflux Corporation US, Zetec Inc. US, Sonatest Ltd. UK, Sonotron NDT Israel, Bosello High Tech SRL Italy, Yxlon International GmbH Germany, Fischer Technology Inc. US, and Eddyfi NDT Inc. Canada are the key players in this market.
This report has been segmented into technique, method, service, vertical, and geography of the NDT market have been covered. It also discusses the key drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: North America, Europe, APAC, and RoW comprising South America, the Middle East, and Africa.
Reasons to Buy the Report:
This report includes the market statistics pertaining to technique, methods, service, vertical, and geography.
Major drivers, restraints, opportunities, and challenges for the NDT market have been detailed in this report.
Illustrative segmentation, analyses, and forecast have been conducted for the market based on the technique, method, service, vertical, and geography to give an overall view of the nondestructive testing market.
The competitive landscape section includes key players, indepth analysis, revenue of key players' competitor ecosystem, product launches, partnerships, and mergers and acquisitions in the NDT market.
Original Article: NonDestructive Testing and Inspection Market by Technique Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission, Method, Service, Vertical, and Geography Global Forecast to 2023 [Report Updated: 07NEXT ARTICLE
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