Non-Destructive Testing (NDT) Market

General Electric (US) and Olympus Corporation(Japan) are leading players in NDT and Inspection Market

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, at a CAGR of 7.0% during the forecast period. Increased demand to assess health of aging assets and stringent government regulations regarding public safety and product quality are the key factors driving the NDT and inspection markets growth. The high adoption of IoT devices and the increased adoption of NDT and inspection equipment and services in electronics, automation and robotics industrial segments 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 organic and inorganic growth strategies, such as product launches, expansions, acquisition, collaborations, agreements, and partnerships to strengthen their position in the NDT and inspection market by enhancing their product portfolio and broadening their customer base.

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GE (US) is a leading player in the NDT and inspection market. The company offers power electronics, high-voltage equipment, automation and protection equipment, and software solutions to various industries such as oil & gas, telecommunication, water, and mining. A widespread customer base reduces GE’s dependence on a particular business, thus reducing its business risks. It has a strong global presence and revenue base across the Americas, Europe, Asia, the Middle East, and Africa. The company focuses extensively on product launches to ensure its growth in the global NDT and inspection market. 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. The company also focuses on other inorganic growth strategies, such as agreements and partnerships. For instance, 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) is a global leader in manufacturing optics and reprography products. The company utilizes its core competencies which include optical technologies, digital imaging technologies, and microscopic processing technologies, to develop solutions for its medical, life sciences, and industrial and imaging businesses. The company has a comprehensive product portfolio in the field of NDT and inspection. For instance, the company offers 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.

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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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