Dublin, Dec. 20, 2018 (GLOBE NEWSWIRE) -- The "Global Non Destructive Testing (NDT) in Aerospace & Defense Market - Segmented by Type(Service, Equipment ), Technology (Radiography Testing, Ultrasonic Testing), and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
In 2017, the non-destructive testing market was valued at USD 2,115.4 million in 2017 and is expected to register a CAGR of 10.3% during the forecast period (2018-2023) to reach USD 3,835.4 million by 2023.
Growing Passenger Travel a Major Factor Driving the NDT Market in A&D
The collapse of oil prices since 2014 have spurred airline profitability. At the same time, it was widely believed that lower oil prices led to even higher growth in air traffic, as fuel savings translate into lower fares and individuals shift the savings they receive from lower energy costs towards discretionary spending such as leisure travel. Demand for air travel is exponentially increasing.
In fact, over the next 20 years, around 40% of all new aircraft deliveries are expected to be for replacement purposes. However, the extended periods of depressed fuel prices may encourage aircraft operators to defer replacement of fuel-guzzling aircraft, without incurring higher operations costs.
The requirement for new aircraft directly influences the non-destructive testing market in its manufacturing industry. Later when the new fleet gets into in-service, it has to go through NDT in regular intervals of time, which is expected to direct trigger to take off in the coming years.
Ultrasonic Testing is Dominating the Market among Other Testing Techniques
The ultrasonic testing segment in the aerospace industry is expected to grow at a high pace, owing to its usage in sub-surface inspection method. In the aerospace & defense sector, the common sub-surface inspection technique is an ultrasonic testing to locate voids, cracks, and laminations, as well as to inspect welds and measure thickness.
Carbon fiber reinforced plastic has become important in the aerospace industry, as an increasing number of military and civilian aircraft designs are being based around the lightweight and high-strength properties of advanced composites. These materials are subjected to cracking, hence, ultrasonic testing is used to ensure the quality of the materials to provide structural integrity. In turbine maintenance, the ultrasonic testing is used to the detect damages that are caused by erosion on the blade surfaces.
North America Undoubtedly the Leader in the Aerospace & Defense Sector
In North America, the United States holds nearly 80% and Canada occupies the rest of the market share. The aerospace industry has occupied the position of a market leader since ages, which has now reached its saturation point. The market share of this end-user industry is slipping toward the Asia Pacific, where China is expected to be a market leader by 2035.
Due to growing regional tensions in the Middle East, North Korea, and the South China Sea, the demand for defense products is growing, which may lead to an increase in defense budgets. To conclude, the North American aerospace & defense industry is anticipated to witness a slump in the market share over the coming years.
Key Developments in the Market
- November 2017 - Olympus Corporation partnered with Librestream and started offering Librestream's Onsite platform to provide additional functionality to its product portfolio. Using Onsight, Olympus customers in industries, like aerospace, manufacturing, and oil & gas, can share live visuals from remote visual inspection (RVI) and non-destructive testing (NDT) instruments with remote experts for rapid decision making in the field.
- November 2017 - Applus advanced its capabilities of the industrial grade UAV drone systems, by acquiring a new state-of-the-art UAV-based LiDAR scanner. It expanded the company's payload capabilities, which already include various RGB imaging sensors, radiometric infrared, multispectral sensors, gas monitoring, payload delivery, test-sample collection, and haul-line delivery.
- April 2017 - Mistras acquired Semiray Inspection Services, which is NDT service provider, based out of Phoenix, Arizona. Semiray operates in the aerospace, military, electronics, and commercial manufacturing industries. The company is NADCAP-accredited and holds approvals from various aerospace manufacturers, like Boeing, General Electric, Honeywell, Lockheed Martin, etc. The acquisition strengthened MISTRAS' presence in the southwestern United States.
- August 2016 - Mistras entered a strategic partnership with Safran Aircraft Engines, a Safran Group company, for ten years. It will serve as the primary provider of nondestructive (NDT) and destructive testing (DT) services for the company.
Topics Covered
1. Introduction
1.1 Scope of the Study
1.2 Executive Summary
2. Research Scope and Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Porter's Five Forces Model
4. Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
5. Technology Snapshot
6. Global NDT in Aerospace & Defense Market Segmentation - By Type
6.1 Service
6.2 Equipment
7. Global NDT in Aerospace & Defense Market Segmentation - By Technology
7.1 Radiography Testing
7.2 Ultrasonic Testing
7.3 Magnetic Particle Testing and Electromagnetic Testing
7.4 Liquid Penetrant Testing
7.5 Visual Inspection
7.6 Eddy Current
8. Global NDT in Aerospace & Defense Market Segmentation - by Geography
8.1 North America
8.2 Europe
8.3 Asia-Pacific
8.4 Latin America
8.5 Middle East & Africa
9. Competitive Intelligence - Company Profiles
9.1 Mistras Group
9.2 Fujifilm NDT Systems
9.3 GE Measurement & Control
9.4 Magnaflux Corporation
9.5 Nikon Metrology Inc.
9.6 Olympus Corporation
9.7 SGS Group
9.8 Intertek Group PLC
9.9 Applus Services S.A.
9.10 Yxlon International GmbH
9.11 Team Inc.
9.12 TV Rheinland AG
9.13 Gould-bass Co.
9.14 FLIR Systems Inc.
10. Investment Analysis
11. Future of the Market
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