Non-Destructive Testing Service Market 2025 - Future Challenges and Industry Growth Outlook
The Non-Destructive Testing Service Marketreport documentation encompasses numerous aspects of the pointers such as industry size, growth opportunities spanning various regions, important vendors in the market, driving forces and restraints, segmental evaluation, as well as the competitive landscape.
Non-Destructive Testing Service Market size is projected to surpass USD 4.5 billion by 2025. Significant aging of the existing organizational infrastructure along with growing costs associated with building new infrastructures has been driving the market trends. Such key challenges which force utilizing the existing infrastructures has led organizations to search for new ways of maintaining and extending the infrastructure lifecycle. This is where the non-destructive testing comes into play, which assist in testing the potential flaws which can lead toward reducing the infrastructural life.
The infrastructural operators and owners have to consistently follow stringent safety standards imposed by the governmental bodies. Any failure in doing so results in significant financial liabilities related to higher insurance premiums and scrutiny by regulatory bodies. This not only wipes off some percentage of the revenue, but also impacts the brand value. Increasing frequency of industrial accidents including fires and explosions have believed to be hampered reputation of several organizations.
Owing to the high cost related with the repair and maintenance of the aging out public and private establishments, there have been growing investments toward more advanced asset protection services to safeguard the structural integrity, which will further fuel non-destructive testing (NDT) Service market outlook over the forecast period.
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Considering services segment, the volumetric inspection services holds over 50% share in the global non-destructive testing services market, owing to the increasing adoption of advanced manufacturing practices across several business verticals. The growing use of lower grade raw materials in oil & gas industry is supposed to promote the adoption of volumetric inspection services over the forecast period.
Followed by the volumetric inspection method, the surface inspection market ranks second in terms of the market share. The growth in adoption of surface inspection services is attributed toward the rising number of external defects and irregularities in the infrastructural establishments. Surface inspection market is anticipated to witness significant growth rate at over 6% during the forecast timeframe.
The radiography testing market is anticipated to grow over 5% during the forecast period. The segmental growth is driven by increasing number of infrastructural developments coupled with the implementation of strict safety guidelines. In addition to this, the technology finds widespread utilization across the aerospace and automotive sectors in order to manufacture some extremely tolerant components those influence the prime functions of the products.
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The global non-destructive testing services market size from aerospace applications is very likely to achieve a significant growth rate of over 6% through 2025, owing to the extensive use of these services to ensure the quality of aviation components throughout their operational lifecycle. Also, the benefits of lower cost and higher efficiency provided by industry tends to be economical owing to the high volume production of aerospace components.
Europe non-destructive testing services market is projected to account for a majority of market share owing to the increasing presence of prominent players in the region. Europe enjoys the presence of some major players such as Intertek, Bureau Veritas and SGS which are undergoing several collaborations to adhere various regulatory standards imposed by the European union. The Europe market accounted for over 30% of the industry share in 2018.
Some of the players present in the non-destructive testing services market include Applus+, TUV Nord, ALS, Bureau Veritas, Dekra, Intertek, MIstras Group, NDT Global, Nikon Metrology, NVI, SGS, TUV Rheinland, and Zetec.
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