Knowledge Sourcing Intelligence launches the publication of a new report on “Non-Destructive Testing Market - Forecasts from 2019 to 2026” to their giving.
The prime factor driving the growth of the non-destructive testing market is the surging automation in the industrial infrastructure and manufacturing sectors which in turn has led to a substantial hike in the demand of flaw detection which has accounted to its growth.
As per the report, the Global Non-Destructive Testing Market is projected to grow at a CAGR of 7.93% to reach US$24.639 billion by 2026, from US$14.445 billion in 2019.
Non-destructive testing is the process or techniques which are used for analyzing in science and technology, minimizing the damage caused to any material, component or system. The stringent government regulations regarding worker's safety, rising complexities of machines and equipment’s, tight quality control requirements and stringent product usage specifications are fueling the demand of non-destructive testing in various industry sectors around the world. Moreover, the escalating costs of components or machine failures is fueling the demand of non-destructive testing in the global market.
Based on industry vertical, the global non-destructive testing market is fragmented as manufacturing, oil and gas, aerospace, automotive, energy and power and others. The rising demand of non-destructive testing in power generation due to the rapidly growing nuclear power plants and the increasing demand of components and machines in this nuclear plant have boosted the growth of non-destructive testing in the global market.
By test method, the non-destructive testing market is segmented into a magnetic particle, liquid penetrant, radiography, ultrasonic, visual, electromagnetic and others. The visual inspection has been a major driver in the growth of the non-destructive testing market as it accounts to the most commonly used technique for detecting faults in components. The rising adoption of ultrasonic in manufacturing processes is accounting to its rapid growth in the forecast period. Also, these detectors are easy to use, portable, and its accuracy as compared to traditional non-destructive testing techniques.
Based on geography, the on-destructive testing market is segmented into the North American region, the South American region, the Middle East and African region, the European region, and the Asia Pacific region. The Asia Pacific non-destructive testing market shows promising growth during the forecasted period owing to the rising adoption of automation in manufacturing industries in developing countries such as China and India and the ever-growing infrastructural developments in the region. Also, the growing manufacturing of aircrafts and defense is further boosting the market growth of non- destructive testing market.
As a part of the report, the major players operating in the non-destructive testing market, that have been covered are Olympus Corporation, GE Measurement & Control Solutions, Yxlon International Gmbh (Comet Holding Ag), Team Inc, Applus Services, Mistras Group, Inc., SGS Group, Fujifilm Corporation, Bureau Veritas S.A., Nikon Metrology NV.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/non-destructive-testing-ndt-market
This analytics report segments the global non-destructive testing market on the following basis