Non-Destructive Testing Service Market in Radiography Technology to See 5% CAGR over 2019-2025 : Companies Like, SGS, Applus+, Bureau Veritas, TUV Nord
Non-Destructive Testing Service Market in aerospace sector is expected to register a growth rate of over 6% during the forecast time period.
Sellbyville, DE -- (SBWire) -- 05/14/2019 --Non-Destructive Testing Service Market in radiography sector is likely to witness a prominent CAGR in the forecast period. The rise in the number of infrastructural developments and the introduction of stringent regulations for the maintenance of various critical infrastructures have created myriad of opportunities for the growth of the radiography NDT services market. The technology is used in the automotive and aerospace manufacturing industries to manufacture high-tolerance components while reducing wastage. The time-consuming nature, high implementation cost of the technology, lack of trained professionals, and risks associated with the radiation exposure are restricting its adoption in certain industry verticals.
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The commercialization potential of non-destructive testing service market is set to witness renewed momentum owing to the evolving demands of the global industrial sector and the effect of digital transformation. These services are anticipated to reach a wider range of business verticals due to the rising number of disruptive innovations and the emergence of pathbreaking technologies such as AI and IoT.
Speaking of the growth of the non-destructive testing service market in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines – rolled out by European Union along with various local governments – mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.
The visual inspection segment accounted for over 20% non-destructive testing service market revenue in 2018, as the technique is easy to implement and usually eliminates the need for any further types to testing. These methods have proven to be inexpensive alternatives to volumetric & surface inspection methodologies. Some of the industry verticals, which use visual testing methodology include structural steel, automotive, petrochemical, aerospace, and power generation. The lack of skilled inspectors and inadequate training infrastructure have restricted its acceptance among various sectors.
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Elaborating further on the leading position of Europe, it has also helped that the region's aviation sector is on a roll with a clearance of a massive backlog of aircraft orders being concluded recently. To put things in perspective, prominent aircraft manufacturers such as Airbus and Boeing have a record backlog of more than 12,000 new aircraft that are to be manufactured by the year 2025, creating humongous growth opportunities for the Europe non-destructive testing service market in the forthcoming years.
The major players in the non-destructive testing service market are adopting inorganic growth strategies to increase their market share and gain an edge over their competitors. They are integrating the services offered by regional players to enhance their product portfolio to solidify their position in the market. They are concentrating on enhancing their presence across several end-markets in key geographies such as South America, Asia Pacific, and the U.S. For instance, in January 2019, ALS acquired MARSS International, a South America-based NDT service provider, to strengthen its distributional network. This acquisition will provide ALS access to crucial port locations of strategic importance to enhance its service to customers across various end-markets.
Considering the humble beginnings of the non-destructive testing service market, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the NDT service market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.
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