A recently published report by Fact.MR reveals that the global non-destructive testing market is projected to grow at a CAGR of 6% during the forecast period (2021-2031), expected to surpass US$ 15 Bn by the end of the said timeframe. Surging demand for enhanced accuracy, cost efficiency, and non-intrusive testing to evaluate the properties of materials or components across industries will drive the demand for non-destructive testing.
Historical data reveals that the market experienced steady growth, registering a CAGR of 4% between 2016 and 2020. Prospects took a backseat amidst the COVID-19 pandemic, given major contractions experienced in the global manufacturing sector. By the 2nd quarter of FY 2020-21, global manufacturing output declined by over 10%, limiting uptake of NDT to a major extent. However, with an anticipated recovery rate of over 7% in 2021, prospects will eventually rebound.
Economies across the globe are investing in cost-effective and energy-efficient testing of public infrastructure and aerospace & defense instruments. There is a lack of technical expertise among non-destructive testing inspectors in the market. Leading market players are hence keen on global footprint expansion by forging strategic partnerships with local players and mergers & acquisitions in developing economies.
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Key Takeaways from the Market Study
- Manufacturing to be the primary end user of NDT, accounting for 20% of global revenues
- Aerospace & defense and power generation to register CAGRs of 8% and 7.5% respectively
- Non-destructive ultrasonic testing to account for 1/4th of global revenue share
- North America to account for 32% of the global non-destructive testing demand
- Asia to emerge as the fastest growing market, clocking a CAGR of 9.5% until 2031
“The growing adoption of non-destructive testing methods is aligned with the developments in nanotechnology, displays, and processing capabilities are set to transform the competitive landscape. Market players stand to gain by investing in improving the quality of services by adding support services and streamlining reporting procedures,” says a Fact.MR analyst.
Emphasis on Improving Equipment Efficiency Increasing Non Destructive Testing Uptake?
Advancements in detection of de-lamination, crushed cores with minimal or no structural invasion are helping manufacturers differentiate product offerings and make the market more competitive. Adaptability of non-destructive testing methods in detecting structural integrity of carbon-fiber, glass-fiber, foam, metal, and glare will strengthen the demand for non-destructive testing within the manufacturing end-use during the forecast period.
Consumer trends such as demand for improved product performance and technology enabled devices are supporting the growth of non-destructive testing to ensure product performance. Non-destructive testing services will continue to lead in terms of demand through 2031. Market players are hence investing in partner training programs to increase the quality of non-destructive testing services. Organizations in developing economies will continue to provide continuous growth opportunities for non-destructive testing services amid surging consumer demand for quality over quantity.
Mushrooming Construction Activities to Spur NDT Deployment in North America?
North America accounts for 32% of the total revenue in the market for non-destructive testing. Growth is primarily attributed to a flourishing real estate sector, which is providing massive tailwinds to the growth of the domestic construction industry.
According to the National Association of Realtors, over 5 million existing homes were sold in 2020. Furthermore, the Association of Real Estate License Law Officials estimates that there are over 3 million active real estate licensees in the U.S. In addition, as of 2019, the construction industry generated US$ 2 trillion in revenue.
In order to ensure these success rates, prominent construction and real estate contractors have leveraged highly efficient construction material, as well as advanced testing facilities to detect and eradicate any defects in the material. This has prompted increased inflow of non-destructive testing service providers. Genesis Environmental Solutions, for instance, received a contract in 2019 to construct a new Kansas City International Airport Terminal worth US$ 1.5 billion, set to be completed by 2023.
Category-wise Insights
Why is NDT for Manufacturing Purposes Highly Sought After?
Manufacturing is a prime source of revenue with over 20% share of the total market value. Consumer demand for advanced technologies such as the internet of things (IoT), artificial intelligence (AI), and machine learning (ML) in smart devices increases the need for non-destructive testing of products.
On a similar plane, aerospace & defense, and power generation present high-growth prospects with impressive growth trajectories of 8% and 7.5% respectively. Investments in developing advanced military inventories and the need for electricity to power booming digital economies are heightening the demand for non-destructive testing across these domains.
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Competitive Landscape
Some of the key players in the market include General Electric, Nikon Metrology NV, Olympus Corp., Zetec Inc., Eddyfi, Fisher Technologies Inc., Ashtead Technology Ltd., Mistras Group Inc., Yxlon International GmbH, and Sonatest Ltd.
- In May 2021, Nikon Metrology’s industrial micro focus X-ray CT inspection solutions announced a new offset CT reconstruction algorithm to deliver unrivaled scan speed and image resolution. When using X-ray CT (computed tomography) for non-destructive quality control of larger components like aluminum castings or battery modules for electrical vehicles, the challenge is to shorten inspection cycle times without compromising resolution.
- In August 2021, Eddyfi Technologies/NDT announced the initiation of a definitive agreement to acquire Zetec, a subsidiary of Roper Technologies Inc. Expected to close by the year-end, the acquisition will permit Eddyfi to extend their market coverage through innovation and a customer-focused approach
Key Segments Covered
· Application
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- Non Destructive Testing Services
- Non Destructive Testing Equipment
· Test Method
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- Non Destructive Visual Testing
- Non Destructive Magnetic Particle Testing
- Non Destructive Liquid Penetrant Testing
- Non Destructive Eddy Current Testing
- Non Destructive Ultrasonic Testing
- Non Destructive Radiographic Testing
· End Use
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- NDT for Oil & Gas
- NDT for Manufacturing
- NDT for Aerospace & Defence
- NDT for Construction
- NDT for Automotive
- NDT for Power Generation
- NDT for Other End Uses
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