According to the new market research report "Non-Destructive Testing and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Geography - Global Forecast to 2023", the non-destructive testing (NDT) market is expected to be worth USD 12.06 Billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. Factors that are driving the market growth include continuous advancements in electronics, and automation and robotics, growing adoption of IoT solutions, and need to prolong the lifespan and increase the capability of aging assets.
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Some of key players in this market are
- General Electric Company (US),
- Olympus Corporation (Japan),
- Ashtead Technology Ltd. (UK),
- MISTRAS Group Inc. (US),
- Nikon Corporation (Japan),
- Magnaflux Corporation (US),
- Zetec Inc. (US),
- Sonatest Ltd. (UK),
- Sonotron NDT (Israel),
- Bosello High Tech SRL ( Italy),
- Yxlon International GmbH (Germany),
- Fischer Technology Inc. (US),
- Eddyfi NDT Inc. (Canada).
The ultrasonic testing technique to hold the largest share of the non-destructive testing market.
Ultrasonic testing accounted for the largest market share in 2016. It is a fast, reliable, and versatile technique of inspection which has helped expand the boundaries of NDT inspection. It can detect internal and hidden discontinuities such as lack of fusion, cracks, and lack of bond. The rapid infrastructural development and aging infrastructure is fueling the growth of the ultrasonic testing technique in NDT market.
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Market for the manufacturing vertical expected to grow at the highest rate during 2017-2023
The market for the manufacturing vertical is expected to grow rapidly between 2017 and 2023. This sector is expected to be driven by government policies and safety awareness for non-destructive testing. Also, the increasing demand for the manufacturing of aircraft, electronic equipment would raise the need for NDT inspection.
North America expected to hold the largest market share during the forecast period
North America has been a leading player in NDT market in 2016. The oil and gas vertical accounted for the largest share of the market in North America. The reason behind this growth is the increasing demand for NDT services for subsea pipelines applications as they are used to inspect corrosion, cracking, manufacturing flaws, welds, and deposits. The US held the largest share of the North American NDT market in 2016.
This research report categorizes the global non-destructive testing market on the basis of technique, method, service, vertical, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the NDT market.
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