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) -- 10/31/2014 -- Non-destructive Testing Market by Technology (Visual, Magnetic Particle, Electromagnetic, Liquid Penetrant, Radiography, Ultrasonic) & Application (Aerospace, Defense, Automotive, Oil & Gas, Infrastructure, Power Generation) - Global Trends & Forecasts to 2014 - 2020
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.
Browse more than 53 market data tables with 68 figures spread through 175 pages and in-depth TOC on "Nondestructive Testing Market by Technology (Visual, Magnetic Particle, Electromagnetic, Liquid Penetrant, Radiography, Ultrasonic)"
North America is the main contributor to revenues, due to high government safety regulations stipulating that inspection be carried out regularly, even during the downturn. Europe is the second largest contributor to revenues in the nondestructive testing market. With the U.S. economy still recovering from the effects of economic downturn and the European economy being disturbed by a sovereign debt crisis, the primary regions of Asia Pacific and Latin America are the emerging markets.
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The rapid rate of infrastructure development in emerging economies such as India, China, and Brazil is driving the demand for NDT. In Latin America, Brazil has been at the front line of the market recovery. The Brazilian economy is the largest in Latin America, with oil and gas, power generation, aerospace and automotive sectors being the main revenue generators. In this region, the majority of the revenues came from the oil and gas end user segment.
NDT in aerospace and defense industry is a must. During the manufacture of aircraft components and parts NDT is done to ensure safety in long run. Due to stringent government safety regulation in other industries like oil & gas industry, automotive industry, infrastructure industry and power generation there is a rising demand for NDT in these industries.
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.
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There are some existing nondestructive testing technologies such as visual testing, ultrasonic testing, radiography testing and electromagnetic testing which 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 report segments the NDT market on the basis of application, technology, end user and geography. The report provides a revenue forecast and analysis for the regions of North America, Latin America, Europe, APAC and, Middle East. The emerging markets for NDT inspection services are Brazil, China, India. The emerging growth markets for NDT inspection services are experiencing high growth amidst a difficult economic environment and are expected to continue growing over the next 6 years.
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