It is estimated to be valued at USD 12.98 Billion in 2015 and is projected to reach USD 18.88 Billion by 2020, at a CAGR of 7.78% from 2015 to 2020.
With the increase in automation in the industrial manufacturing and infrastructure sectors, there has been a substantial hike in the demand for flaw detection related to cracks, porosity, manufacturing disorders, and so on. Adherence to industrial safety norms is also a significant factor behind the growth of global NDT market.
Visual inspection segment is expected to be the major contributor to the overall NDT market
Visual inspection is considered as the primary and easiest NDT technique due to the fact that any defect can first be noticed by monitoring the components while operations. Visual inspection technique is applicable to aerospace & defense, automotive, oil & gas, petrochemical, power generation, industrial manufacturing, infrastructure, marine, offshore, and various other industries since it is a very common process of detecting faults which would lead to equipment failure. The simplicity as well as the economic benefits of visual inspection makes it a major contributor to the NDT market.
The oil & gas and power generation sectors registered the highest growth in almost all G7 countries
Huge shale oil & gas reserves in countries such as the U.S., the U.K., Germany, France, and Italy have increased the NDT market in these particular countries phenomenally as NDT inspection deters equipment failures which would lead to high economic repercussions in oil and gas extraction industries.
BRICS to witness highest growth in NDT market during the forecast period
The recently discovered shale gas reserves in China are expected to pose huge potential for non-destructive testing market. Russia, China, and India spend huge amounts of their GDP as defense expenditure hence these countries are also expected to drive the overall aerospace & defense end use segment of the non-destructive testing market in BRICS.
The major players in the NDT equipment and service market include MISTRAS (U.S.), Olympus Corporation (Japan), GE Inspection Technologies (U.S.), Intertek Group PLC (U.K.), and SGS SA (Switzerland).
