Global Non-Destructive Testing Services Market Business Revenue, Future Scope

Posted by shweta raj on May 18th, 2021

Global Non-Destructive Testing Services Market Research Report: By Product, Type (Ultrasonic, Radiography, Liquid Penetrant, Magnetic Particle, Eddy-Current, Visual Inspection), Application, Vertical - Forecast Till 2027

Market Overview

The global non-destructive testing services is a booming sector that is destined to ensure accident prevention and promote safety aspects within the industries upon the use of machinery. The increasing demand for the implementation of heavy machinery and its upgrades is one of the major driving factors for the non-destructive testing services market. Along with that, the maximized use of renewable sources of energy is also helping the market growth with high potential within the present forecast years. 

There are major key players putting up their immense efforts and collaboration into helping the market grow with higher demands, applications, and revenue. With the fast-growing industrial world, the use of IoT-oriented industrial applications is also bringing up the need for non-destructive testing services. Certain government regulations are also being formulated in the present era to give a productive demand rise to the global non-destructive testing services market. 

The report focuses on the overall growth and potential of the global non-destructive testing services market. It highlights the key market segmentation based upon different attributes and explains the regional impact of the market as well. Along with that, the report also enlightens upon the idea of how key players are playing their role in helping the market grow. The size or revenue generated by the global Non-Destructive Testing (NDT) Services market was higher in the previous period. But, as the demand is higher in the present era, the market size is expected to rise higher than before, with a CAGR of 8% within the forecast period 2017-2023. 

Market Segmentation

Based on the type segmentation, the global Non-Destructive Testing (NDT) Methods are divided into 6 types that are named as ultrasonic testing services, magnetic particle testing services, liquid penetrant testing services, radiography testing services, visual inspection services, and eddy-current testing services. 

Based on product segmentation, the global non-destructive testing services market offers different products with functionality that includes traditional and advanced non-destructive testing services. 

Based on application segmentation, the global non-destructive testing services market is used for performing diverse applications. The applications include leak detection, flaw detection, dimensional measurement, chemical composition determination, physical properties estimation, stress analysis, and structural analysis. 

Based on vertical segmentation, the global non-destructive testing services are segmented into oil & gas, power, infrastructure, automotive, defense, and aerospace.

Regional Segmentation

Based on the regional classification, the global non-destructive testing services are widely spread across various regions of the globe, including North America, Europe, Asia Pacific, and other parts of the globe. As per the surveys and reports are concerned, North America holds the major share of the market, but the Asia Pacific is picking up the pace with a high rate of growth for the present forecast years. 

North America has witnessed many technological advancements, as a result of which the adaptation of non-destructive testing services has also increased across diverse industry verticals. Therefore, it is expected to generate maximum revenue for the global market in the present years. 

Industry News

The collective effort of key players is what has helped this industry make a good amount of money in the previous forecast period. But, with collective progress implemented by the key players in the present years, the global non-destructive testing services market is expected to grow even higher in the present forecast years. 

Some of the top key players offering non-destructive testing methods and applications are MISTRAs Group Inc. of US, Olympus Corporation of Japan, GE Inspection Technologies of US, and others. All the key players for different parts of the world are putting in their collective effort to ensure that the market demand and supply are productively increased on a larger scale.   

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