According to a recent report published by Allied Market Research, titled,"Global Non-Destructive Equipment Market by Testing Method, Technique, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017 - 2025,"the global NDT equipment market was valued at $2,379.2 million in 2017 and is projected to reach $4,716.1 million by 2025, growing at a CAGR of 9.0% from 2018 to 2025.
NDT refers to the method of examining materials/components to detect the defects/discontinuity in component or material to avoid equipment failure. In addition, it is used to ensure safe utilization of engineering structures, product quality, and performance upon production. Increase in stringent government regulations across different geographical regions due to rise in incidence of infrastructure failures, need for extending the life of obsolete infrastructure, and maintenance optimization by various industries for efficient operations & quality/safety assurance are the factors that drive the growth of the NDT equipment market.
Among the industry verticals, energy & power was the foremost industry in 2017, owing to growth in number of power plants and equipment involved in the same. In the same year, the oil & gas industry contributed a significant revenue share of over 20% in the overall market. However, aerospace & defense is expected to witness the fastest growth during the forecast period.
Asia-Pacific is expected to hold largest market share in 2017, owing to increase in investment in oil & gas, aerospace & defense, and energy & power infrastructure to ensure safety and efficiency of the machines.
LAMEA region is expected to grow at the highest CAGR during the forecast period. The factors that drive the growth of the NDT equipment market in LAMEA are an increase in the number of construction projects and rise in industrialization. From a growth perspective, the Middle East market is expected to witness considerably higher growth rates during the forecast period.
Key Findings of the Non-Destructive Equipment Market:
- In 2017, the ultrasonic testing sub-segment generated the highest revenue in the global NDT equipment market.
- In 2017, the energy & power segment generated the highest revenue among the industry vertical in the global NDT equipment market.
The key players profiled in NDT equipment market report include Olympus Corporation, Intertek Group PLC, SGS SA, Ashtead Technology Inc., General Electric, Sonatest Ltd., Zetec, Inc., Nikon Metrology Inc., Mistras Group Inc., and Carestream Health. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration. For instance, In January 2019, Ashtead Technology entered into a partnership with 4Subsea to strengthen the groups capabilities. In this partnership, Ashtead will further enhance its inspection, maintenance, and repair (IMR) services by adding 4Subseas sensors to its portfolio and gaining access to 4Subseas domain experts within subsea production. Futhermore, in May 2017, General Electric opened its largest Customer Solutions Center (CSC) globally for its Inspection Technologies (IT) business. This brings BHGEs most advanced NDT technologies under one roof for the first time. This expansion invests $4 million and was developed to better support customers for NDT needs