NDT Services Market in aerospace application is expected to register a growth rate of over 6% during the forecast time period. NDT services provide effective & economical solutions for high-volume & low-cost production of various aerospace components. They are used for monitoring and testing safety-critical components without affecting their structural integrity. The services provide a highly-effective way to detect minuscule imperfections or damage in components or materials throughout their operational lifecycle. They are used to detect geometrical irregularities such as material thickness, bond line & wielding defects, delamination, porosity, foreign objects, cracks, and corrosion.
The operators and owners of infrastructural establishments are constantly facing several stringent policies & safety standards. Failure to adhere with these guidelines can result in significant financial liabilities, higher insurance premiums, tarnished brand value, and scrutiny by regulatory bodies. The growing frequency of industrial accidents such as explosions & fires over the last decade caused substantial damage to the reputation of various enterprises in the NDT services market. This has led infrastructural operators and owners along with their associated stakeholders to invest on various advanced asset management services, such as NDT, to protect their infrastructure and comply with various safety regulations.
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The commercialization potential of NDT services market is set to witness renewed momentum owing to the evolving demands of the global industrial sector and the effect of digital transformation. These services are anticipated to reach a wider range of business verticals due to the rising number of disruptive innovations and the emergence of pathbreaking technologies such as AI and IoT.
The radiography market is expected to attain a growth rate of over 5% during the forecast timespan. The rise in the number of infrastructural developments and the introduction of stringent regulations for the maintenance of various critical infrastructures have created myriad of opportunities for the growth of the radiography NDT services market. The technology is used in the automotive and aerospace manufacturing industries to manufacture high-tolerance components while reducing wastage. The time-consuming nature, high implementation cost of the technology, lack of trained professionals, and risks associated with the radiation exposure are restricting its adoption in certain industry verticals.
The volumetric inspection market holds over 50% share in the global NDT services market. The increasing use of lower grade raw material and feed stock, particularly in the oil & gas industry, and the adoption of advanced manufacturing practices in various business verticals are promoting the use of volumetric inspection services. The surface inspection market is projected to grow at a CAGR of over 6% due to the rising pressure on manufacturing establishments to reduce the number of external defects and irregularities. The surface inspection services have been extensively adopted in the aerospace industry due to need to conduct maintenance & repair operations over short durations.
Europe is leading the NDT services market with over 30% share in 2018. The market is primarily driven by the increasing number of collaborative initiatives by players operating in the region and the presence of various regulatory guidelines mandating the implementation of services. The Asia Pacific market is expected to attain a growth rate of over 10% over the projected timeframe due to the widespread industrialization and introduction of safety polices. The rising demand for asset management services in the region is leading the foreign players to monetize on various growth opportunities in countries including China, India, and Japan. The lack of skilled inspectors and high costs of NDT services are restricting its usage in certain sectors.
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