Press Release

Global Non-destructive Testing Instruments Market Worth US$ 5,500 Mn by 2025 | CAGR 5.1%

Date : Jun 18, 2019

In a new report we published Global Non-destructive Testing Instruments Market is anticipated to register a 5.1% CAGR during the forecast period 2018-2025. Titled “Global Non-Destructive Testing Instruments Market Research Report 2018,” the report includes a projection where the market is forecast to touch a US$ 5,500 Mn by the end of 2025, growing from a US$ 3,690 Mn reached in 2017.

The global non-destructive testing instruments market holds a considerable growth potential despite the limited market scale. High focus on safety is expected to encourage quick growth of the market.

Global Non-destructive Testing Instruments Market: Drivers and Restraints

Growing requirement of quality-assured machines and continuous evolution of key end-use industries are predicted to catapult the growth of the global non-destructive testing instruments market. A number of firms use non-destructive testing instruments to limit liability, reduce waste, and improve processes.

The need to optimize the maintenance and extend the life of old industrial infrastructure for quality and safety assurance and efficient operation is expected to significantly boost the market growth. On the other hand, the oil and gas and aerospace and defense industries are offering a promising rise to the global non-destructive testing instruments market.

However, lack of skilled technicians and expensive equipment cost are foretold to arrest the growth of the global non-destructive testing instruments market.

Nevertheless, there could be strong growth prospects created on the back of the rising adoption of advanced materials. Growing incidence of infrastructure failures resulting into the increasing implementation of stringent safety regulations by governments is foretold to propel the demand for non-destructive testing instruments.

Global Non-destructive Testing Instruments Market: Forecast by Product and End User

On the basis of product, the global non-destructive testing instruments market sees a classification into penetrant, radiography, visual inspection, magnetic particle, ultrasonic, and other test equipment.

By end user, the global non-destructive testing instruments market is classified into power generation, infrastructure, oil and gas, automotive, aerospace and defense, and other industries.

Global Non-destructive Testing Instruments Market: Forecast by Region

Accounting for a 38.79% of the total share, the U.S. is the largest market for non-destructive testing instruments. Europe and Japan tread upon the heels of the U.S. and secure a close to 43.0% share of the global non-destructive testing instruments market.

Besides a few other industrial countries, China is considered to be crucial for the growth of the global non-destructive testing instruments market. Its rapid economic growth is envisaged to augur well for the global non-destructive testing instruments market. Investors are also keeping a keen eye on India and Southeast Asia due to their impressive growth potential in terms of consumption. Besides this, India is a rapidly developing economy. 

Global Non-destructive Testing Instruments Market: Key Players

Some of the leading companies of the global non-destructive testing instruments market are Magnaflux, Nikon, Mistras, Olympus Corporation, and General Electric. With a view to sustain their market penetration, companies are adopting various competitive strategies such as acquisitions and collaborations. They are also capitalizing on untapped opportunities in China and India to see growth in the market.

The overall nature of the competitive landscape is consolidated.

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