HOME › Press Releases › NDT Services Market worth 8.55 Billion USD by 2022
NDT Services Market worth 8.55 Billion USD by 2022
According to the new market research report "NDT Services Market by Testing Technique (Ultrasonic, Radiographic, Eddy Current, Magnetic particle, Acoustic Emission, Terahertz Imaging), Type (Inspection, Renting, Training, Calibration), Vertical, & Geography - Global Forecast to 2022", the NDT services market is expected to reach USD 8.55 Billion by 2022, at a CAGR of 8.52% between 2016 and 2022. The major factors driving this market include the outsourcing of NDT services to third party service providers and aging infrastructure and increasing need for maintenance.
Browse 71 market data Tables and 50 Figures spread through 177 Pages and in-depth TOC on "NDT Services Market - Global Forecast to 2022"
Early buyers will receive 10% customization on reports.
Ultrasonic testing technique to hold the largest share in the NDT services market
The ultrasonic testing (UT) is expected to occupy the leading market share between 2016 and 2022. It uses high-frequency sound energy to examine and measure defects. UT can be deployed to inspect objects that are not easily accessible for inspection through direct contact, for example, for inspecting piping system buried under the earth surface. Some of the advanced technologies under UT such as immersion testing and guided-wave ultrasonic can be used for critical applications in sectors such as oil & gas and aerospace. This has enabled UT to be used as a substitute for other NDT techniques as well, making it the largest technique for NDT inspection.
The market for the manufacturing vertical is expected to grow at the highest growth rate
The NDT services in the manufacturing vertical are expected to grow at the highest CAGR during the forecast period. This vertical is receiving a boost from the emerging markets such as China, India, and South Africa. The various government initiatives such as “Make in India”, “Industry 4.0” in Europe, and “National infrastructure plan” in South Africa are designed to increase the manufacturing output from the respective regions.
North America is expected to hold the largest share in this market during the forecast period
North America has been a leading region in this market. UT technique accounted for the most used technique in this region. Construction and manufacturing activities in North America have driven the NDT services market in this region. Also, the rapid growth of transportation, power transmission and supply, oil & gas, and aerospace and defense vertical, and so on is driving the growth of this market. For instance, upcoming power plant construction projects such as coal power plant in California, Kanas, Missouri, and Texas are an opportunity for NDT services in the power generation market. The U.S. held the largest market share in the NDT services market in 2015 and is expected to be the leading player in North America.
The key players in the market include GE Oil & Gas Digital Solutions (U.S.), Ashtead Technology (U.K.), Mistras Group Inc. (U.S.), Zetec Inc. (U.S.), Intertek Group (U.K.), Yxlon international GMBH (Germany), and TUV Rheinland AG (Germany) among others.
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India