iCrowdNewswire Jan 21, 2021 4:24 PM ET
Market Research Future (MRFR) highlights that the “Non-Destructive Testing Services Market” to Witness Rising Product Developments
The global non-destructive testing services market is growing by leaps and bounds. Non-destructive testing (NDT) services are garnering rapid popularity due to the need to ensure the prevention of accidents and promote safety for workers during overhauling & maintenance. Besides, the market growth attributes to the rise in demand for improving the quality and longevity of machines drive the growth of the market. Moreover, the growing adoption of NDT services across the major heavy industries escalates market growth.
According to Market Research Future (MRFR), the global non-destructive testing services market is forecasted to grow at 8% CAGR during the assessment period (2017-2023). Technological advances and the spurting increase in renewable energy resources are another primary growth driver for the NDT services market. The proliferation of smart connected devices and the industrial internet of things (IIoT) influence the market growth. Also, stringent government regulations boost the development of the market.
Global Non-Destructive Testing Services Market – Competitive Analysis
Highly competitive, the non-destructive testing services market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaborations, and product/technology development. Substantial investments are transpired to develop products and expand global footprints. Most players adopt organic business strategies, whereas tier I & II companies accentuate the inorganic business strategies to achieve their goals.
Players leading in the non-destructive testing services market are Olympus Corporation (Japan), MISTRAS Group, Inc. (US), GE Inspection Technologies (US), SGS SA (Switzerland), Intertek Group PLC (UK), Olympus Corporation (Japan), Ashtead Technology, Inc. (US), Nikon Metrology, Inc. (US), Sonatest Ltd. (UK), Fujifilm Holdings Corporation (Japan), and Bosello High Technology SRL (Italy), among others.
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Global Non-Destructive Testing Services Market – Segmentation
By Product : Traditional Non-Destructive Testing Services And Advanced Non-Destructive Testing Services.
By Type : Ultrasonic, Radiography, Liquid Penetrant, Magnetic Particle, Eddy-Current, Visual Inspection, and others.
By Application: Flaw Detection, Leak Detection, Dimensional Measurement, Estimation of Physical Properties, Chemical Composition Determination, Stress & Structure Analysis, and others.
By Vertical : Aerospace & Defense, Automotive, Oil & Gas, Infrastructure, Power, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Non-Destructive Testing Services Market – Geographical Analysis
North America dominates the global non-destructive testing services market. The region has a well-established infrastructure, allowing the faster implementation of advanced technologies. The largest market share attributes to the growing demand to ensure safety and efficiency in the production process. Besides, technological advancements and the increased adoption of non-destructive testing service applications across industry verticals drive the growth of the regional market.
The Asia Pacific non-destructive testing services market witnesses rapid expansion globally. Factors such as the wide adoption of NDT services and spurting growth in aerospace & defense, automotive, infrastructure, power, and telecommunication industries stimulate the regional market growth. India, South Korea, China, and Japan are the leading markets in the region. The APAC non-destructive testing services market is expected to grow at an impressive CAGR during the review period.
TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Non-Destructive Testing Services Market, By Segments
- Competitive Analysis
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