Non Destructive Testing (NDT) Equipment Market - Forecast(2021 - 2026)
Product testing is an important part of a product’s value chain. This process has provided impetus to the test and measurement market for a long time. According to IndustryARC’s expert analysis on the test and measurement market, the revenue will grow with a noticeable compound annual growth rate (CAGR) of 4% during the forecast period of 2019-2025.
A rapidly growing number of research institutes for testing a product before its release contributes to both destructive as well as non-destructive testing demand. Non-destructive testing is highly beneficial for products as it returns the product in the exact same condition as it was before undergoing testing. The non-destructive testing market will be driven by industries requiring methods of testing that can incite financial savings while enabling fruitful troubleshooting. During the forecast period of 2019-2025, the market will experience a normal growth with CAGR of 6.98%. In the year 2018, the market size was at $7.53 billion.
NDT Market Outlook:
Non-destructive testing is a group of techniques that test and analyze a product in order to review it for market release. This technique is preferred by the science and technology industries as it does not damage the product and returns it in its initial condition, thereby saving on both money as well as time.
Non-destructive examination (NTE) is of many different types including radiography testing, ultrasonic testing, magnetic particle testing, liquid penetrant testing, visual inspection, and eddy current.. Non-destructive testing has a plethora of end-user industries including automotive, infrastructure, aerospace, power generation, petrochemical, and mechanical. The segment of infrastructure is a prominent one and is expected to increase with a healthy CAGR of 7.73%. . North America with its innovation in every industrial sector is the leading user of the non-destructive testing market. In the year 2018, it held a remarkable regional share of 37.91%.
Non Destructive Testing Market Growth Drivers:
Product Testing Is An Important Step
Before revelation, any product or device undergoes a multitude of testing procedures in order to achieve success at commercial stages. Non destructive testing is essential because without proper supervision it is impossible to manufacture anything that has intrinsic value. Industrial startups are largely dependent on NDT market because it provides them with a testing method which does not involve damage of any products. This leads to market growth and invites innovation which disrupts it.
- A Wide End User Industry
Non-destructive testing enjoys a large end user industry. Nearly every industry requires test and measurement in order to assure that its product is popular amongst consumers. With increasing globalization, companies invest more time and resources in repetitive testing for absolute success at commercial stages. Some of the end-user industries requiring non-destructive inspection (NDI) at every stage are automotive, infrastructure, aerospace, power generation, petrochemical, and mechanical. Technological innovation in medical as well as the telecommunication sector are majorly driving this market’s growth.
Non Destructive Testing Market Challenges:
An existing and pertinent challenge in the NDT market is lack of development of faster, inexpensive and reliable methods of testing. NDT still relies on its traditional testing methodologies which are now outdated and require upgradation in accordance with the advancement in technologies. Key market players can combat this challenge by investing resources and capital in better testing methods which are more reliable and efficient in their materialization.
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