The commercialization potential of non-destructive testing service 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.
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The volumetric inspection market holds over 50% share in the global Non-destructive testing service 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.
The aerospace industry is projected to grow at a CAGR of over 6% during the forecast timespan, as NDT services offer an economical & efficient solution for a high-volume production of aviation components. The services provide an effective way to identify any surface & internal irregularities throughout the operational lifecycle of the components. The oil & gas industry held over 25% of the Non-destructive testing service market revenue in 2018. The services safeguard the mechanical & structural integrity of the infrastructure and equipment used in oil & gas platforms by continuous monitoring to avoid any catastrophic failures.
Speaking of the growth of the Non-destructive testing service market in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines – rolled out by European Union along with various local governments – mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.
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Elaborating further on the leading position of Europe, it has also helped that the region’s aviation sector is on a roll with a clearance of a massive backlog of aircraft orders being concluded recently. To put things in perspective, prominent aircraft manufacturers such as Airbus and Boeing have a record backlog of more than 12,000 new aircraft that are to be manufactured by the year 2025, creating humongous growth opportunities for the Europe Non-destructive testing service market in the forthcoming years.
Considering the humble beginnings of the NDT service industry, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the Non-destructive testing service market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.
Some Points From Table Of Content: –
Chapter 7. Global Non-destructive testing service market, By Application
7.1. Key trends, by end-use
7.2. Oil & Gas
7.2.1. Market estimates and forecast, 2014 – 2025
7.3.1. Market estimates and forecast, 2014 – 2025
7.4.1. Market estimates and forecast, 2014 – 2025
7.5.1. Market estimates and forecast, 2014 – 2025
7.6.1. Market estimates and forecast, 2014 – 2025
7.7.1. Market estimates and forecast, 2014 – 2025
7.8.1. Non-destructive testing service market estimates and forecast, 2014 – 2025
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