Global Non-Destructive Testing (NDT) Services Market Analysis, Trends, and Forecasts - Market Set to Reach US$8.9 billion by 2025

DUBLIN, Feb. 12, 2020 /PRNewswire/ -- The "Non-Destructive Testing (NDT) Services - Market Analysis, Trends, and Forecasts" report has been added to ResearchAndMarkets.com's offering.

The global market for Non-Destructive Testing (NDT) Services is projected to reach US$8.9 billion by 2025, driven by the growing importance placed on material inspection against the backdrop of a strong focus placed on quality assurance of structural and mechanical components operating in demanding application environments. NDT is used widely in civil engineering for testing concrete structures; oil & gas and mining industry for monitoring integrity of assets non-intrusively; semiconductor industry for wafer testing; nuclear power plants for continuous inspection of critical parts and components of nuclear reactors; and pipeline and piping system inspection, among others.

In addition to stringent safety regulations and quality standards, other factors driving the need for NDT include ageing infrastructure worldwide which is spurring the importance of structural health monitoring (SHM) of bridges, tunnels etc. for signs of wear & tear, fatigue, corrosion, and stress; and growing manufacturing competitiveness and the ensuing focus on asset integrity and quality of manufactured products.

The globalization of the supply chain is additionally encouraging increased inspection of components moving through the supply chain. Stringent and often punitive safety regulations being legislated in most countries worldwide is pushing up the compliance burden. Oil & gas, mining, utilities, and nuclear power plants especially have to ensure compliance with international standards to ensure safe and efficient operation of equipment and assets. Given the high cost of non-compliance, companies are increasingly outsourcing NDT operations, requirements and auditing functions to specialized service providers. NDT represents a specialized field that requires expensive equipment, technology CAPEX investments, and qualified staff. This makes in-house management of NDT operations expensive. Also, the blistering pace of material development makes new material inspection challenging. Outsourcing provides the perfect opportunity to align NDT outcomes with cost and quality goals.

Some benefits of outsourcing NDT activities include access to expert skills & capabilities; reduction of CAPEX and OPEX load; reduced risk; frees up resources to focus on core business areas; and higher quality and reliable independent evaluation. A growing number of NDT service providers are offering customized services designed to suit unique needs of a wide range of industry sectors. A key trend in the market is the growing commercial opportunity for automated NDT equipment integrated with sensors and industrial robotics with the aim of improving non-destructive testing productivity. An exciting field rapidly evolving, in this regard, is drone-based non-destructive testing. The United States, China and Europe represent large markets worldwide with a combined share of 73.3% of the market. China also ranks as the fastest growing market with a CAGR of 12% over the analysis period supported by the country's export presence, rising prominence of quality and compliance and the resulting growth in inspection and testing of product brands.

Competitors identified in this market include:

• ALS Limited
• Applus+
• Bureau Veritas SA
• Dekra SE
• Intertek Group Plc
• MISTRAS Group Inc.
• NDT Global
• Nikon Metrology NV
• NVI LLC
• SGS SA
• TEAM Inc.
• TUV Rheinland AG
• YXLON International GmbH
• Zetec Inc.

Key Topics Covered:

I. Introduction, Methodology & Report Scope

II. Executive Summary

•     Market Overview
•     Focus on Select Players
•     Market Trends & Drivers
•     Global Market Perspective
  

III. Market Analysis

IV. Competition

For more information about this report visit https://www.researchandmarkets.com/r/cductj

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