The global NDT and inspection market size is expected to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025; it is expected to grow at a CAGR of 7.0% during 2020–2025. Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are the key factors driving the NDT and inspection markets growth. The high adoption of IoT devices and the rising need to assess the health of aging assets are the other factors propelling the growth of the NDT and inspection market.
Major players in the NDT and inspection market include General Electric (US), Olympus Corporation(Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada). These players have adopted various growth strategies, such as product launches, expansions, acquisition, collaborations, agreements, and partnerships to achieve growth in the NDT and inspection market from 2018 to 2020, which helped them to strengthen their product portfolio and broaden their customer base.
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GE (US) was the leading player in the NDT and inspection market in 2019. The company focuses on product innovation and launches as its key business strategies to ensure its growth in the global NDT and inspection market. The company also focuses on research and development (R&D). For instance, GE launched an industrial CT scanner in March 2015. The solution is cost-effective and offers a simplified and automated workflow and improved scanning speed to control the output of many production lines. Also, the company focuses on other strategies, such as agreements and partnerships. Recently, the company signed various agreements to expand its network. GE has invested more than USD 10 million to launch a customer solution center (CSC) to meet the increasing demand for industrial and infrastructure inspection technology solutions.
Olympus Corporation (Japan) was ranked second in the NDT and inspection market in 2019. The company has a comprehensive range of products in the field of NDT and inspection. For instance, the company offers a wide range of product portfolio that includes ultrasonic flaw detectors and thickness gages, videoscopes, borescopes, microscopes, in-line and advanced NDT systems, XRF and XRD analyzers, interferometers, and a large selection of industrial scanners, probes, software programs, and instrument accessories. To retain its position in the market, the company is focused on product launches and developments. For example, the company launched the CIX100 inspection system, SZX2 stereo microscope, and IPLEX NX videoscope for NDT and inspection applications.
MITRAS Group (US) has been ranked third in the NDT and inspection market. The company has a comprehensive product portfolio to serve various industries, such as oil & gas, chemicals, power generation, aerospace & defense, pharmaceuticals, metals and metalworking, and transportation. The company’s performance is above average in terms of its technologically innovative products, highly innovative designs, and availability of various techniques that comprise acoustic emission, ultrasonic testing, visual inspection, electromagnetic, electrical resistivity, thermography, and vibration for NDT and inspection applications.
NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025
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