Non-destructive testing or NDT is a broad term for various analysis techniques that evaluate material, precuts and system properties without causing any sort of damage to them. This is a highly valuable technique across various industries, majorly because it does not harm the components. Growing range of applications of these techniques is the strongest driver for the global non-destructive testing market. Despite various challenges, the global industry is set to make a steady growth, which is considered to be a positive sign for the existing businesses. Changing influx of demand from the emerging markets and new marketplaces are attracting major potential investors. Technological advancements on the other hand are also set to play a significant role in the overall growth of the market.
Drivers and Restraints for NDT Market
Nondestructive testing assures safety and productivity of the components, systems or products. They also help the identification of defects and troubles in the working mechanisms of the products. As mentioned before, the global non-destructive testing market is strongly driven by the applications segment. The changing pattern of applications of these testing techniques across various industries is expected to contribute to the growth rate in this market. The major industries with key applications of NDT include automotive, aerospace and defense, power generation and utilities, infrastructure and oil and gas.
Stringent government safety regulations and growing demand from the end-user segments are also driving the industry. Aging infrastructure across the developing countries and their deteriorating conditions are also boosting the demand in the NDT industry. The major restraints for the industry include the impact of macroeconomic shocks on the industrial growth and regulatory as well as bureaucratic hurdles for the industry. According to the experts, labor and growing complexity of the machinery are expected to be the burning issues in the market.
Segments and Forecasts
The non-destructive testing market is segmented on the basis of the types of technologies, which include electromagnetic, magnetic particle, visual, radiography, ultrasonic, thermography, and liquid penetrate testing. Based on the geographic regions, this industry is divided into North America, Latin America, Asia Pacific, Middle East and Europe. The end-user segments of the market include oil and gas, defense, power generation, automotive, and aerospace. Analysis of all these segments provides details about the current trends and future growth of the companies.
According to the latest market research reports, the global non-destructive testing market is expected to grow at a slow yet steady CAGR of over 3% from 2014 to reach past $1720.96 million by the end of the year 2020. The ability of the NDT technologies to optimize cost-effectiveness, reliability and safety of the products, these methods are adopted from various industrial verticals. This rapid rate of adoption is also driving the technological advancements in the industry. During the forecasting period, huge demand form aerospace and defense industry is expected to drive the market.