Non-Destructive Testing and Inspection Market Worth 11.39 Billion USD by 2022
PUNE, India, June 2, 2016 /PRNewswire/ --
According to the new market research report "Non-Destructive Testing and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission, Terahertz Imaging), Service, Vertical, and Geography - Global Forecast to 2022", published by MarketsandMarkets, market is expected to reach USD 11.39 Billion by 2022, at a CAGR of 8.30% between 2016 and 2022. Factors which are driving for this market include the increasing demand from electronics, automation, and robotics end user industries, emergence of IoT, and safety regulations by governments.
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Browse 80 market data Tables with 68 Figures spread through 176 Pages and in-depth TOC on "Non-Destructive Testing and Inspection Market".
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Ultrasonic testing technique to hold the largest share of the non-destructive testing market
Ultrasonic testing is expected to lead the market between 2016 and 2022. Ultrasonic testing is a fast, reliable, and versatile method of inspection. It detects internal and hidden discontinuities. Ultrasonic rays have high penetrating power, sensitivity, and accuracy; they are non-hazardous.
Market for the manufacturing vertical expected to grow at the highest rate
The market for the manufacturing vertical is expected to grow rapidly during the forecast period. This sector is expected to be driven by government policies and safety awareness for non-destructive testing. The increasing demand for consumer durable goods and electronic equipment would raise the need for inspection.
North America expected to hold the largest market share during the forecast period
North America has been a leading player in this market. The oil & gas vertical accounted for the largest share of the market in North America. Inspection is majorly performed for the maintenance of oil & gas pipelines and other refinery equipment. The power generation vertical is another key player for NDT in North America. The U.S. held the largest market share in 2015 and is expected to be the leading player in this market.
The key players in the market include General Electric Company (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), Nikon Corporation (Japan), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Sonatest Ltd. (U.K.), Sonotron NDT (Israel), Bosello High Tech SRL ( Italy), Yxlon International GmbH (Germany), Fischer Technology Inc. (U.S.), Eddyfi NDT Inc. (Canada) among others.
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This research report categorizes the global non-destructive testing market on the basis of technique, method, service, vertical, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the NDT market. The Porter's Five Forces analysis has been included in the report with a description of each of its forces and their respective impact on this market.
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