CHICAGO, Nov. 07, 2019 (GLOBE NEWSWIRE) -- MarketsandMarkets launched a study titled, “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 2024”. According to the study, the global non-destructive testing and inspection market size is estimated to be worth USD 8.3 billion in 2018 and is evaluated to reach USD 12.6 billion by 2024. The existence of stringent regulatory frameworks for public safety & product quality and continuous advancements in automation & robotics are the key factors driving the growth of the global non-destructive testing (NDT) and inspection market during the forecast period.
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The ultrasonic testing (UT) technique accounted for the largest share of the global NDT testing and inspection technique market in 2017. UT has evolved considerably over the last few decades and is the most important NDT method for identifying and quantifying surface and subsurface defects. However, ECT is likely to be one of the fastest-growing NDT techniques from 2018 to 2024. Recent advancements in the eddy-current technology have led to the development of techniques such as alternating current field measurement (ACFM), eddy-current array (ECA), and remote field testing (RFT). These new techniques facilitate more accurate detection of surface defects, making ECT a better alternative than the MPT technique.
Volumetric inspection is carried out by using UT and RT techniques. Among all the techniques used for NDT, UT, and RT together accounted for more than half of the NDT market share in 2017. Hence, the volumetric inspection method held the majority of the global non-destructive testing and inspection market share in 2017, and the trend is expected to continue during the forecast period. Olympus Corporation (Japan), GE Inspection (US), Gammatec NDT (South Africa), and Ashtead Technology. (Scotland) are among a few leading companies that offer volumetric testing equipment and services.
Browse and in-depth TOC on “Non-Destructive Testing and Inspection Market”
85 – Tables
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Inspection services held the lion’s share of the global non-destructive testing and inspection market, based on services, in 2017, and the segment is likely to portray the same trend during the forecast period. The training services market segment is expected to witness the highest CAGR from 2018 to 2024 due to the rising need for trained NDT inspectors.
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Oil & gas held the largest share of the global non-destructive testing and inspection market in 2017. Stringent safety norms by various governments and growing awareness about NDT are expected to increase the demand for NDT and inspection services in the oil & gas vertical. However, the NDT and inspection market for the manufacturing vertical is expected to grow at the highest CAGR from 2018 to 2024. The NDT and inspection technique is widely used in manufacturing to ensure the integrity of components produced. This technique is primarily employed for preventive maintenance and failure analysis, as well as for the post-care of the damages. Thus, NDT and inspection methods are adopted in this vertical to ensure continued safe operation of equipment.
North America was the largest consumer of NDT and held the largest share of the global non-destructive testing and inspection market in 2017. The demand for NDT techniques and services in this sector is driven mainly by the oil & gas and power generation verticals. Europe was the second-largest market in 2017, whereas APAC is estimated to surpass Europe in terms of growth rate during the forecast period. The demand for NDT techniques and services in APAC is expected to be driven by the high demand from power generation and manufacturing sectors.
In 2017, General Electric (US), Ashtead Technology (Scotland), Olympus Corporation (Japan), MISTRAS Group (US), and Nikon Metrology (Belgium) (US) were the top five players in the global non-destructive testing and inspection market. The global NDT and inspection market is highly competitive, with the presence of many players. Product launches, expansions, acquisition, collaborations, agreements, and partnerships are a few major strategies adopted by major players to achieve growth in the NDT and inspection market. For instance, in November 2017, Olympus introduced the Olympus GX53 inverted metallurgical microscope to deliver crisp images. It can be used in the steel, automotive, electronics, and other manufacturing industries. This microscope is combined with the OLYMPUS Stream image analysis software to improve productivity and streamline the inspection processes from observation to image analysis and reporting. Moreover, in October 2017, Avitas Systems, a GE venture, partnered with Kraken Robotics to advance subsea robotics inspection. The companies integrated autonomous underwater vehicles (AUVs), acoustic and laser sensor technology, and AI-based navigation software into subsea inspection solutions for the oil & gas, offshore renewable energy, and shipping industries.
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