NDT Inspection Services Market Leapfrogs due to Applications
DUBAI, UAE, July 27, 2020 /PRNewswire/ -- The global non-destructive testing (NDT) inspection services market is expected to reach a value of US$ 28 Bn by the 2030, concludes Future Market Insights.
The market is spiking due to rising investments in infrastructure spending by governments worldwide. As urbanization peaks, the need for housing, railways, highways and airports is increasing. Due to their exhaustive usage, these infrastructures require regular maintenance and upgradation to ensure safety. The detection of faults and component failures help prevent major accidents and implement pre-emptive measures.
Recently, significant technological advancements in healthcare and pharmaceuticals has up-scaled NDT inspection services applications to prevent product recalls and ensure patient safety. The coronavirus pandemic has especially heightened its application due to a high number of patients being admitted to hospitals for treatment.
Based on these widespread application, the market is anticipated to enjoy an impressive growth rate in the coming years.
"Emerging economies such as China & India shall generate immense growth opportunities for NDT inspection service providers, attributed to burgeoning medical tourism and infrastructure development," says an FMI analyst.
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Key Takeaways from FMI's NDT Inspection Services Market Study
- Ultrasonic testing shall occupy the highest seat in the global NDT inspection services market
- The oil & gas industry extensively employs NDT inspection services to assess the degree of pipe faults to avoid spillage, leaks and accidents
- Nuclear power generation emerges as a fertile ground for NDT inspection services market proliferation
- Global NDT inspection services market to surge at over 6% CAGR from 2020-2030
NDT Inspection Services Market- Key Trends
- Rail transportation shall services will employ a significant amount of NDT inspection services, attributed to increasing number of fatalities due to accidents
- Growing demand for light-weight and flexible materials for attaining fuel efficiency spurs usage across the aerospace industry
- Reserve engineering and preservation are the cornerstones of NDT service inspection services market proliferation
NDT Inspection Services Market- Region-wise Analysis
- Europe to pivot the market in the railroad segment due to rising incidence of fatalities and accidents
- Growing investments in the hydrocarbon sector to push up demand in North America
- Mushrooming healthcare and construction industries will generate immense growth opportunities in the Indian and Chinese markets
NDT Inspection Services Market- Competitive Landscape
Prominent market players in the NDT inspection services market are: Olympus Corporation, Sonatest Ltd, Nikon Metrology NV, Duemme SpA, Mistras Group, Industrial Radiographic Inspection Co., National Technical Systems, Inc., and Bureau Veritas to name a few.
These players concentrate on offering innovative products and technological solutions to expand their customer outreach. For instance, Nikon Metrology NV offers the MCT225 Metrology-CT Scanner for inside geometry, with an absolute accuracy of 9 + L/50 micrometers.
Collaborations are also helping market players expand their global outreach. For instance, in June 2020, Sonatest Ltd has announced an expansion of its partnership with MelcoNDT across Southeast Asia, especially across Thailand and Indonesia.
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NDT Services Market Taxonomy
- Non-destructive Testing Services
- Non-destructive Testing Equipment
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiographic Testing
- Oil & Gas
- Aerospace and Defense
- Power Generation
- Rest of Latin America
- Rest of Europe
- South Korea
Southeast Asia & Pacific
- Rest of Southeast Asia & Pacific
Middle East & Africa
- Northern Africa
- South Africa
- Rest of MEA
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More Valuable Insights on Global NDT Services Market
FMI's research on the global NDT inspection services provides an unbiased analysis of the prominent drivers impacting the long-term growth prospects for the assessment period 2020-2030. The report provides an incisive analysis of the revenue prospects, growth drivers, opportunities and constraints influencing the overall landscape. Moreover, a detailed section on key players' market strategies has been incorporated to paint a realistic picture in the forthcoming years.
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