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Editing: 18; Published: February 2022
Executive Pool: 4327
Companies: 173 – Players covered include Ashtead Technology Ltd. ; Carestream Health Inc.; General electricity company; Intertek Group plc; Mistras Group, Inc.; Nikon Metrology SA; Olympus Company; SGS SA; Sonatest Ltd. ; Zetec Inc. and others.
Cover: All major geographies and key segments
segments: Technical (ultrasound test, X-ray test, magnetic particle test and electromagnetic test, visual inspection test, eddy current test, penetrant test, other techniques); End use (manufacturing, oil and gas, power generation, construction, automotive and transportation, aerospace and defense, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Non-Destructive Testing (NDT) Equipment Market to Reach $4.3 billion by 2026
Non-destructive testing (NDT) equipment represents tools used to inspect and evaluate different properties or characteristics of assemblies, components and materials. The equipment guarantees that they do not damage the materials/components evaluated and therefore qualified as “non-destructive”. The equipment performs tests to identify differences, discontinuities and weld defects among other defects in products and structures. The inspection process with NDT is called non-destructive inspection (NDI) or non-destructive evaluation (NDE). NDT encompass a wide variety of equipment including flaw detectors, material condition testers, thickness gauges, visual inspection tools, eddy current instruments, acoustic emission testers and other devices for measuring corrosion, conductivity and resistivity, among others. The market is influenced by factors such as government regulations in countries around the world regarding product quality and public safety; and continued advances in robotics, automation and electronics. The growing number of IoT devices and growing need to assess aging infrastructure and public assets are also driving the market growth. The increasing number of product failure incidents has compelled industries to make greater use of such tests throughout manufacturing cycles. Compared to other examination methods, testing using NDT equipment is safer and gets the job done in much less time. Faster throughput makes the tools lucrative for a number of industries. Testing tools also examine thickness and internal structure, which are added benefits. Other beneficial aspects relating to NDT equipment methods, including continuous data collection capability, data storage, online inspection, advanced real-time data simulation and data interpretation, also contribute to market growth.
Amid COVID-19 Crisis, Global Non-Destructive Testing (NDT) Equipment Market Estimated at US$3.3 billion in 2022, is expected to reach a revised size of US$4.3 billion by 2026, growing at a CAGR of 6% over the analysis period. Ultrasound testing, one of the segments analyzed in the report, is expected to grow at a CAGR of 7% to reach US$1.4 billion at the end of the analysis period. After an in-depth analysis of the business implications of the pandemic and induced economic crisis, X-ray testing segment growth is readjusted at a revised CAGR of 5.5% for the next 7-year period. This segment currently accounts for a 17.5% share of the global non-destructive testing (NDT) equipment market. The increase in the use of more advanced materials also offers lucrative growth opportunities in the market. Machines have become more complex lately. This, combined with the increasing demands for more precise product specifications, creates a scenario of high demand growth for NDT equipment. Governments have also made labor safety and product quality regulations more stringent, thereby increasing the demand for NDT equipment and services. In addition, evidence of costly infrastructure failures, including nuclear refinery leaks, explosions and pipeline explosions, has also compelled governments to tighten safety regulations.
The US market is estimated at $1.2 billion in 2022, when China is expected to reach $539.3 million by 2026
The Non-Destructive Testing (NDT) Equipment Market in the United States is estimated at US$1.2 billion in 2022. The country currently accounts for a 37.01% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$539.3 million in 2026 with a CAGR of 7.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 5.2% and 5.6% respectively over the analysis period. In Europe, Germany is expected to grow at around 5.6% CAGR while the rest of the European market (as defined in the study) will reach US$581.8 million at the end of the analysis period. Over the next few years, manufacturing activities will increase in both developed and developing countries, which will be a major growth driver of the market. In the US market, the increase in the number of power generation products and oil and gas products is expected to drive the market growth. In the US market, the Oil & Gas and Energy & Power industries have been the largest users of NDT equipment in recent years due to significant exploration activities for oil reserves and shale gas and the commissioning of nuclear power plants. The nuclear reactors of United States produce approximately 800 TWh of electricity.
Segment of magnetic particle testing and electromagnetic testing to be achieved $645.8 billion by 2026
NDT techniques such as magnetic particle testing find use in various applications in automotive production and assembly lines as well as on-road applications. NDT helps automotive companies accelerate the delivery of defect-free parts that enter automotive manufacturing and facilitates cost reduction by eliminating waste generated by disassembly methods. In the global Magnetic Particle Testing and Electromagnetic Testing segment, UNITED STATES, Canada, Japan, China and Europe will drive the CAGR of 5.9% estimated for this segment. These regional markets representing a combined market size of US$371 million will reach a projected size of US$555.6 million at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$66.1 million by 2026, while Latin America will grow at a CAGR of 6.4% over the analysis period. After
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