LONDON, Jan. 18, 2017 /PRNewswire/ --
"The non-destructive testing market is projected to grow at a CAGR of 8.24% from 2016 to 2022"
The non-destructive testing market is estimated to be USD 15.06 billion in 2016 and is projected to reach USD 24.23 billion by 2022, at a CAGR of 8.24% from 2016 to 2022. The non-destructive testing market is witnessing growth due to increasing demand for new infrastructures and the growing need to renovate the existing aging infrastructure. Outsourcing of non-destructive testing operations to third-party vendors and emergence of Industrial Internet of Things (IIoT) are additional factors propelling the growth of this market. However, the non-destructive testing market faces a series of challenges with respect to high cost of advanced non-destructive testing equipment and lack of skilled technicians.
"The oil & gas segment is estimated to account for the largest market share"
Based on end user, the oil & gas segment is estimated to account for the largest share of the non-destructive testing market in 2016. The aerospace & defense segment of this market is projected to grow at the highest CAGR from 2016 to 2022, owing to the extensive use of non-destructive techniques to detect flaws and imperfections in aerospace components. Moreover, factors such as safety, increased service intervals, reducing tolerance to disruption, low emission targets, and innovative materials have further contributed to the increased demand for non-destructive testing techniques in the aerospace & defense sector.
"The services segment is estimated to account for the largest market share"
Based on component, the non-destructive testing market has been segmented into equipment and services. The services segment is estimated to account for the largest share of the non-destructive testing market in 2016. The equipment segment of this market is expected to grow at the highest CAGR from 2016 to 2022, owing to increased quality awareness and the subsequent rise in demand for highly advanced products.
"The ultrasonic testing segment is estimated to account for the largest market share"
Based on method, the non-destructive testing market has been segmented into visual inspection, magnetic particle testing, liquid penetrant testing, ultrasonic testing, radiography, and eddy-current testing. The visual inspection segment is estimated to account for the largest share of the non-destructive testing market in 2016. The ultrasonic testing segment of this market is expected to grow at the highest CAGR from 2016 to 2022. Ultrasonic testing is used to measure the thickness of a wide range of metallic and non-metallic materials, and it is applicable in varied industries such as steel, manufacturing, aluminum construction, infrastructure, and power generation.
"Non-destructive testing market in BRICS countries is projected to grow at the highest CAGR from 2016 to 2022"
The BRICS countries are expected to lead the non-destructive testing market during the forecast period. BRICS countries that include China, India, Russia, Brazil, and South Africa collaboratively account for a significant share of the global non-destructive testing market in 2016. Increased spending on infrastructure and aerospace & defense sectors, coupled with the growing focus towards generation of nuclear energy is driving the growth of the non-destructive testing market.
Break-up of profile of primary participants for the non-destructive testing market:
- By Company Type - Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
- By Designation – C level – 35%, Director level – 25%, and Others – 40%
- By Region – North America – 45%, Europe – 20%, Asia-Pacific – 30%, and RoW – 5%
Key companies operating in the non-destructive testing market include Olympus Corporation (Japan), MISTRAS Group, Inc. (U.S.), Intertek Group Plc. (U.K.), SGS S.A. (Switzerland), GE Measurement and Control (U.S.), Nikon Metrology, Inc. (U.S.), Ashtead Technology, Inc. (U.S.), Sonatest Ltd. (U.K.), Bosello High Technology S.R.L. (Italy), and Fujifilm Holding Corporation (Japan).
The report analyzes the non-destructive testing market on the basis of component, application, end user, method, and technique, and maps these segments and subsegments across G7 Nations, BRICS, and rest of the world. The report provides an in-depth market intelligence regarding the market dynamics and major factors that influence the growth of the non-destructive testing market (drivers, restraints, opportunities, and industry-specific challenges), along with an analysis of micromarkets with respect to individual growth trends, future prospects, and their contribution to the overall non-destructive testing market.
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends,), market share analysis of top players, supply chain analysis, and company profiles, which comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments; high-growth regions and countries and their respective regulatory policies; government initiatives; and market drivers, restraints, opportunities, and challenges for the non-destructive testing market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on non-destructive testing service and equipment offered by top 10 players in the non-destructive testing market
- Market Sizing: Market sizes for financial year, 2014-2015 and during the forecast period, 2016 to 2022
- Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities prevailing in the non-destructive testing market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for non-destructive testing across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading market players
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