nondestructive testing (NDT) equipment and services market Registering a Strong Growth by 2022
The global market for nondestructive testing (NDT) equipment and services reached $15.8 billion in 2016. This market should reach more than $17.2 billion in 2017 and $26.4 billion by 2022, at a compound annual growth rate (CAGR) of 8.9% through 2022.
The report has been prepared in a clear, easily understandable format with a number of tables and charts/figures. The scope of the report includes a detailed study of global and regional markets for various types of NDT technologies and necessary equipment suitable for these technologies, as well as the market for NDT services offered by different companies around the world. This study provides an overview of NDT, developmental history of various NDT technologies, profiles of market leaders in NDT business and their new products as well as the consolidation trends within the industry.
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– An overview of the nondestructive testing (NDT) market.
– Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
– Identification of companies actively engaged in the development and manufacture of NDT equipment.
– A look at key NDT technologies, including their individual histories and applications.
– Discussion of key NDT end-user markets and sales by the technologies used within each market.
– Relevant patent analysis.
– Profiles of major players in the industry.
Nondestructive testing (NDT) is needed, whenever an assurance is required of the integrity of the infrastructure. Aircraft, trains, pipelines, oil rigs, bridges and pressure vessels are examples of everyday things that are being regularly examined using various NDT techniques. In addition to the need to ensure safety, nondestructive testing can be used to improve output and profitability. Furthermore, a component or an entire structure or machine can be tested many times using several types of tests
through the complete life cycle to ensure its continued integrity. Components can be tested before they are finally shaped or while they are in service. This means that the continuing quality of components can be assured, such as checking railway lines, aero-engine turbine blades and the welds on a high-speed theme park ride.
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Additionally, nondestructive methods can be employed to monitor the integrity of the structure through its useful life. These NDT methods supplement other techniques, which can be applied without interruption to normal operation of a structure or a machine. These techniques are known as condition monitoring. There is continuous progress in the development and application of NDT methods that are often used in conjunction with CAD and computer-based modeling to match the advances in new
materials, component design and new products.
In addition to the equipment for NDT, there is an expanding market for various NDT services, which are being offered by numerous companies. Some of these companies also offer training to customers’ engineers in various NDT techniques and also certify these engineers. It can be seen that the NDT service market is expanding very fast especially when there is a shortage of trained and certified engineers.
The following summary table and figure illustrate the global market for NDT equipment and various NDT services. The global market for NDT equipment and NDT services put together amounted to more than $15.8 billion in 2016. This market is expected to increase to nearly $17.3 billion in 2017 and further increase to more than $26.4 billion in 2022. The CAGR for the combined market for NDT equipment and NDT services is expected to be 8.9%, over the five-year period from 2017 through 2022. The growth rate
for the combined market for ultrasonic and infrared thermography NDT equipment is expected to be 9.0% and the growth rate of the combined market for radiography and liquid penetrant NDT equipment is expected to be 8.3%, for the five-year period from 2017 through 2022.
It can be seen that there is good growth in all the sectors of NDT equipment, but there is additional growth in NDT services market, with the CAGR of 9.5%, for the five-year period from 2017 through 2022. This total NDT services market consists of NDT training services, calibration services of various NDT equipment, repairs and calibration services to NDT equipment. Global market for these services have been worked out separately and indicated in Chapter 4 of this report