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    Nondestructive Test Equipment Market Report

    Nondestructive Test Equipment Market Report
    Report code - SR1431 Delivery - 2 Weeks
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    Nondestructive Test Equipment Market Trends, Dynamics & Market Insights
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    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.

    Figure: Nondestructive Test Equipment Market Size, 2020-2026 (USD Billion)

    Non-Destructive-Test-Equipment-Market-Forecast

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    What is non-destructive tasting?

    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.

    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) and Wesdyne NDE Products Group (US).

    Market Dynamics

    The growth of the nondestructive 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.

    Segments' Analysis

    Application Trends

    By application, the nondestructive 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

    By region, 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.

    COVID-19 Impact on Nondestructive Test Equipment Market

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

    Critical Questions Answered in the Report

    • What are the key trends in the Nondestructive Test Equipment market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the Nondestructive Test Equipment market?
    • What are the key strategies adopted by the major vendors to lead in the Nondestructive Test Equipment market?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the nondestructive test equipment market hopes to have the greatest opportunity to convert-

    • Nondestructive test equipment distributors
    • Nondestructive test equipment suppliers
    • Nondestructive test equipment manufacturers
    • Logistics organizations
    • Government bodies

    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 at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

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

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

    Increasing use across verticals including aerospace, automotive, power generation, and petrochemical is the prime factor driving the growth of non-destructive test equipment market.

    The manufacturing segment accounted for the largest share in the non-destructive test equipment market in 2020.

    North America is expected to grow at robust CAGR in the non-destructive test equipment market in the coming years.

    Nondestructive test equipment distributors, Nondestructive test equipment suppliers, Nondestructive test equipment manufacturers, Logistics organizations, Government bodies are the target audience in the non-destructive test equipment market.