The global non-destructive testing (NDT) market is set to gain momentum from the ongoing technological advancement in wireless sensors and IoT for generating higher accuracy in testing results. In March 2021, for instance, Zetec Inc. unveiled a scanner named ElbowFlex for detecting flow accelerated corrosion and measuring wall thickness on pipe elbows. It can be used in industrial, manufacturing, petrochemical, and oil & gas applications. This information is given by Fortune Business Insights™ in a report, titled, “Non-Destructive Testing (NDT) Market, 2021-2028.” As per the report, the market size was USD 7,160.0 million in 2020. It is projected to grow from USD 6,300.0 million in 2021 to USD 14,800.0 million in 2028 at a CAGR of 12.98% in the forecast period.
Ultrasonic Testing Segment Held 27.23% in 2020: Fortune Business Insights™
By the technique, the market is segregated into ultrasonic testing, visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy current testing, radiographic testing, and acoustic emission testing. Amongst these, the ultrasonic testing segment procured 27.23% in terms of the non-destructive testing market in 2020. This growth is attributable to the surging utilization of this technique in weld inspection, mapping, pipeline corrosion, and composite applications.
A list of renowned non-destructive testing providers operating in the global market:
- Acuren Inspection Inc. (The U.S.)
- Ashtead Technology (The U.K.)
- Bosello High Technology Srl (Italy)
- Eddyfi (Canada)
- Fischer Technology Inc. (The U.S.)
- Fprimec Solutions Inc. (Canada)
- General Electric (The U.S.)
- Labquip NDT Limited (The U.K.)
Drivers & Restraints-
Urgent Need to Prevent Fatal Accidents will Accelerate Growth in Future
The aerospace industry has to maintain the highest quality standards regarding strength, structure, and materials as failure in checking leaks, or cracks can lead to fatal accidents. According to the International Air Transport Association (IATA), in 2020, the total number of accidents reached 38 from 52 in 2019. Similarly, the accident rate of IATA member airlines was 0.83 per million flights.
Presence of Fischer Technology and Magnaflux Corporation to Help North America Dominate
Geographically, North America earned USD 2,759.2 million in terms of revenue in 2020. It is expected to maintain its dominance throughout the forthcoming years because of the presence of various reputed NDT companies, such as Magnaflux Corporation, Acuren Inspection Inc., and Fischer Technology Inc. in the U.S. Europe, on the other hand, is anticipated to show a remarkable growth on account of the expansion of the automobile and aerospace industries in Germany and France, respectively.