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  • Nondestructive Test Equipment Market Analysis | 2021-2026

    Nondestructive Test Equipment Market Analysis | 2021-2026

    Nondestructive Test Equipment Market Analysis | 2021-2026
    Report code - SR1431 Delivery - 2 Weeks
    Nondestructive Test Equipment Market Growth, Trends, Dynamics & Market Insights: 2021- See more...

    Market Insights

    "The nondestructive test equipment market is projected to grow from USD 3.2 billion in 2020 to USD 5.2 billion by 2026 at a CAGR of around 8.6% during the forecast period."

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    What is non-destructive testing?

    Non-destructive testing (NDT) is a testing and analysis technique that is used by industries to evaluate the properties of a component, material, structure, or system for characteristic differences or welding defects and discontinuities without causing damage to the original part. Some of the commonly used testing methods are ultrasonic, eddy current, electromagnetic, and radiography among others.

    Non-destructive Test Equipment Market Report Overview

    Market Size in 2020

    USD 3.2 Bn

    Market Size in 2026

    USD 5.2 Bn

    CAGR (2021-2026)

     8.6%

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Key Players

    Key players operating in the Nondestructive Test Equipment Market are:

    • Centurion NDT, Inc. (US)
    • Zetec Inc. (US)
    • FLIR Systems, Inc. (US)
    • Extech Instruments Corp. (US)
    • Olympus Corporation (US)
    • GE Measurement & Control (US)
    • Everest VIT Inc. (US)
    • Gould-Bass Company, Inc. (US)
    • Hamamatsu Photonics K.K. (Japan)
    • Insight NDT Equipment Ltd. (UK)
    • ibg NDT Systems Corporation (US)
    • INSTITUT DR. FOERSTER GMBH & CO. KG (Germany)
    • KARL DEUTSCH Pruef- und Messgeraetebau GmbH + Co KG (Germany)
    • KARL STORZ GmbH & Co. KG (Germany)
    • Magnetic Analysis Corporation (US)
    • MISTRAS Group, Inc. (US), NDT Systems, Inc. (US)
    • NDTS India (P) Limited (India), NIKON CORPORATION (Japan)
    • Wesdyne NDE Products Group (US).

    Market Dynamics

    The growth of the non-destructive test equipment market is primarily driven by increasing use across verticals including aerospace, automotive, power generation, and petrochemical among others. Expanding the manufacturing sector in both developed and developing countries is likely to drive market growth at a significant rate during the review period. In addition to this, surging demand for advanced nondestructive test equipment is likely to create lucrative opportunities for the players operating in the global nondestructive test equipment market in the coming years.

    COVID-19 Impact

    The COVID-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the non-destructive test equipment market negatively as the imposition of complete lockdown and restrictions on trade affected the supply of the product for a short period.

    Segment Analysis

    Application Insights

    "The manufacturing segment accounted for the largest market share."

    The non-destructive test equipment market has been bifurcated into manufacturing, petrochemical, aerospace, automotive, power generation, and others. The manufacturing segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.

    Regional Trends

    "The North American market accounted for the largest market share."

    The North American market accounted for the largest market share in 2020 and is projected to grow at a robust CAGR during the review period. This can be attributed to the high product adoption rate in the end-use industries coupled with the presence of key market players such as Centurion NDT, Inc. (US) and Zetec Inc. (US). The market growth in Asia-Pacific is expected to be driven by expanding industrialization in developing countries, particularly China and India.

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    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Nondestructive Test Equipment Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

     

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By Method Type

    • Ultrasonic
    • Eddy Current
    • Electromagnetic
    • Radiography
    • Thermography
    • Others

    By Technique Type

    • Volumetric Examination
    • Surface Examination
    • Others

    By Application Type

    • Manufacturing
    • Petrochemical
    • Aerospace
    • Automotive
    • Power Generation
    • Others

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Italy, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, The UAE, Saudi Arabia, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Non-destructive testing (NDT) is a testing and analysis technique that is used by industries to evaluate the properties of a component, material, structure, or system for characteristic differences or welding defects and discontinuities without causing damage to the original part. Some of the commonly used testing methods are ultrasonic, eddy current, electromagnetic, and radiography among others.

    The non-destructive test equipment market size is expected to reach USD 5.2 billion in the foreseeable future.

    The non-destructive test equipment market is expected to witness an impressive growth of 8.6% CAGR in the coming years.

    The manufacturing segment accounted for the largest share in the market in 2020.

    North America is expected to grow at robust CAGR in the market in the coming years.

    Centurion NDT, Inc. (US) Zetec Inc. (US) FLIR Systems, Inc. (US) Extech Instruments Corp. (US) Olympus Corporation (US) GE Measurement & Control (US) Everest VIT Inc. (US) Gould-Bass Company, Inc. (US) Hamamatsu Photonics K.K. (Japan) Insight NDT Equipment Ltd. (UK) ibg NDT Systems Corporation (US) INSTITUT DR. FOERSTER GMBH & CO. KG (Germany) KARL DEUTSCH Pruef- und Messgeraetebau GmbH + Co KG (Germany) KARL STORZ GmbH & Co. KG (Germany) Magnetic Analysis Corporation (US) MISTRAS Group, Inc. (US), NDT Systems, Inc. (US) NDTS India (P) Limited (India), NIKON CORPORATION (Japan) Wesdyne NDE Products Group (US).

    The growth of the non-destructive test equipment market is primarily driven by increasing use across verticals including aerospace, automotive, power generation, and petrochemical among others. Expanding the manufacturing sector in both developed and developing countries is likely to drive market growth at a significant rate during the review period. In addition to this, surging demand for advanced nondestructive test equipment is likely to create lucrative opportunities for the players operating in the global nondestructive test equipment market in the coming years.

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