Booming Construction Sector Fueling NDT and Inspection Market Growth Globally, says P&S Intelligence

NEW YORK, Aug. 25, 2021 /PRNewswire/ -- The implementation of strict government regulations regarding public safety and product quality and the expansion of the construction sector are driving the demand for non-destructive testing (NDT) and inspection procedures. Due to these factors the non-destructive testing and inspection market generated revenue of ~9 billion in 2020 and is expected to grow with significant growth rate during 2021–2030, according to P&S Intelligence.

The COVID-19 pandemic hampered the progress of the global NDT and inspection market, primarily because of the imposition of multiple lockdowns, fall in exports and imports, closing down of manufacturing plants, reduction in workforces, and various other factors. Sales of NDT and inspection devices and services to key end-use industries such as aerospace and oil & gas fell by 10–15% in 2020. The reduction in the number of oil & gas exploration projects, reduction in oil prices, and closing down of production facilities have massively hampered the growth of the market.

Depending on offering, the NDT and inspection market is classified into services and equipment. Between these, the services category dominated the market in 2020, because of the increasing demand for highly skilled workers and the high initial setup costs of various NDT devices, which forced the end users to outsource these procedures to third parties.

The market is also divided, on the basis of industry, into manufacturing, oil & gas, construction, aerospace & defense, and automotive. Out of these, the manufacturing category is expected to hold the largest share in the market throughout the forecast period. This is credited to the rapid automation of manufacturing operations via the adoption of smart and modern technologies.

Browse detailed report on Non-Destructive Testing and Inspection Market Analysis and Growth Forecast to 2030

Geographically, the Asia-Pacific (APAC) region is expected to exhibit the fastest growth in the NDT and inspection market during the forecast period. This is attributed to the increasing infrastructural development activities in developing countries such as China and India. Additionally, the thriving aerospace & defense and oil & gas industries will also positively impact the market growth in the region, as NDT testing methods are required in these industries for guaranteeing the safety of employees and the efficiency of the systems being used in the manufacturing facilities. Moreover, these techniques help secure staff and hardware and assist organizations in adhering to the government guidelines.

The players operating in the NDT and inspection market are focusing on product launches for meeting the soaring customer demands and gaining an edge over their rivals. For example, Nikon Corporation launched the Accurate Precision Distance Scanning (APDIS) laser radar in October 2020. This radar provides accurate measurements for enhancing the efficiency and quality of the products being developed in several industries. The new product range consists of four models, out of which, two have a 30-meter measuring range and the remaining two have a 50-meter range.

Likewise, Olympus Corporation announced the launch of the DSX1000 digital microscope in June 2019, which enhances the inspection workflow of users and makes the analysis of a range of samples with a single tool possible. The 20x to 7000x magnification range of the product is highly useful in applications such as metallurgy, as it enables the efficient inspection of micro and macrostructures.

Some of the major players in the NDT and inspection market are Olympus Corporation, General Electric Company, T.D. Williamson Inc., Ashtead Technology, Bosello High Technology srl, SGS S.A, Fischer Technology Inc., YXLON International, MISTRAS Group, Sonatest, Zetec Inc., Cygnus Instruments Ltd., Eddyfi NDT Inc. (Eddyfi), NDT Global GmbH, Nikon Corporation, and Magnaflux Corporation.

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SOURCE P&S Intelligence