Nondestructive Testing Market categorizes global market by Technology (Visual testing, Magnetic particle testing, electromagnetic testing, Liquid penetrant testing, Radiography testing, Ultrasonic testing, Thermography testing, acoustic emission testing), Application, End user(Aerospace and defense industry,Automotive industry, Oil&gas industry, Infrastructure industry, Power generation) & Geography.
Dallas, TX -- (SBWIRE) -- 12/05/2014 -- The nondestructive testing market is estimated to be $1400 Million in 2014 and is estimated to grow at a CAGR of 3.5% to reach $1720.96 Million by 2020. Nondestructive testing has been one of the few markets that performed impressively during the global economic downturn. It witnessed modest growth in 2010.
Nondestructive testing relates to the examination of materials for flaws without harming the object being tested. Non-destructive testing provides a cost effective means of testing while protecting the object's usability for its designed purpose. The technique can be applied on a sampling basis for individual investigation or may be used for 100% checking of material in a production quality control system.
There are some existing nondestructive testing technologies such as visual testing, ultrasonic testing, radiography testing and electromagnetic testing current testing capture most of the market. Ultrasonic testing has been the first choice of the end users for flaw determination.NDT has its application in wide areas apart from flaw detection. This report describes the nondestructive testing technologies and their application for testing the flaws of objects.
The biggest restraints for the NDT market are the changes in the economy during microeconomic shocks, leading to high inflation and slowing GDP. NDT requires high efficiency; the nondestructive testing market faces a challenge in achieving efficiency in testing due to lack of skilled technicians and laborers. Traditionally, North America and Europe are the major revenue generating regions for the NDT market. However, in recent times, growth in the NDT market has been driven by developing countries in APAC, Middle East, and Latin America. In APAC, India and China are the fastest and the largest growing regional markets for NDT. In South America, Brazil is a leading growth market with growing demand in the aerospace y and power generation industry.
Nondestructive testing market is in its maturity period however some technologies of it are still in their growth stage. Technologies are integrating with asset management, integrity solution and decision making tools with the advancement in automation. The report provides revenue forecast and analysis for North America, Latin America, Europe, Asia-Pacific and, Middle-East.
The major drivers for the NDT market are strong government safety regulations, rapid infrastructural development and growing demand for NDT from end users. The report also provides information about the challenges and opportunities in the NDT market. The report describes the regional, end user, technology and consolidation trends in the NDT market. The infrastructure sector is rapidly growing all over the globe; especially in Brazil, India, and China. This creates an opportunity for the automation provider companies in the NDT market.
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