Asia-Pacific Non-destructive Testing Services and Equipment Market, By Type (Services, Equipment), Technique (Ultrasonic Testing (UT), Visual Testing, Magnetic Particle Testing (MPT), Liquid Penetrant Testing (LPT), Eddy Current Testing (ECT), Radiographic Testing (RT), Acoustic Emission Testing (AET)), Method (Visual Inspection, Surface Inspection, Volumetric Inspection), Vertical (Manufacturing, Oil and Gas, Aerospace and Defence, Public Infrastructure, Automotive, Power Generation) – Industry Trends and Forecast to 2029.
Non-destructive Testing Services and Equipment Market Analysis and Size
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Data Bridge Market Research analyses that the non-destructive testing services and equipment market which was growing at a value of 4.07 billion in 2021 and is expected to reach the value of USD 6.84 billion by 2029, at a CAGR of 6.70% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Non-destructive Testing Services and Equipment Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Services, Equipment), Technique (Ultrasonic Testing (UT), Visual Testing, Magnetic Particle Testing (MPT), Liquid Penetrant Testing (LPT), Eddy Current Testing (ECT), Radiographic Testing (RT), Acoustic Emission Testing (AET)), Method (Visual Inspection, Surface Inspection, Volumetric Inspection), Vertical (Manufacturing, Oil and Gas, Aerospace and Defence, Public Infrastructure, Automotive, Power Generation)
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Countries Covered
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Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific
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Market Players Covered
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Mistras Group Inc. (U.S.), Olympus Corporation (Japan), Nikon Metrology Inc. (U.S.), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Eddfyi Technologies (Canada), YXLON International GmbH (Germany), Sonatest Ltd. (U.K.), Carestream Health (U.S.), Intertek Group Plc (U.K.), and SGS SA (U.S.)
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Opportunities
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Market Definition
Non-destructive testing (NDT) results from measurement methods used to classify or detect defects and cut-off points in a material, component, or structure. Companies must have quality certification under standards such as the ISO 9001 quality management system and other quality control confidence endorsements. Furthermore, the number of businesses using non-destructive inspection (NDI) to improve procedures, reduce waste, and limit liability has increased significantly.
Non-destructive Testing Services and Equipment Market Dynamics
Drivers
- Fitness assessment of old infrastructures
There is always a challenge associated with the construction of new infrastructure in any industry, and the high cost of constructing those structures, combined with stringent environmental regulations, makes it challenging to find suitable construction sites. As a result, companies try to find new ways to extend the life of existing structures, which ultimately drives demand for non-destructive equipment. The existing and old infrastructures and materials that must be maintained compel companies to regularly and extensively test and check up on the materials, resulting in continuous company spending on non-destructive equipment and growth in the non-destructive equipment market.
- Stringent regulations on safety of infrastructure
The primary concern for operators in any process plant is safety. Stringent government regulations have been developed recently to ensure public safety and product quality. Codes defining best practices require asset owners to collaborate closely with NDT specialists to agree on an inspection regime that is both effective and cost-effective. Within the constraints of operational safety, plant operators strive to meet asset performance requirements at the lowest possible cost, avoiding asset breakdown and unplanned maintenance.
Opportunities
- High adoption from power generation industry
Large-scale infrastructure developments and an increase in demand for non-destructive testing services and equipment from the power generation vertical will provide additional opportunities for the growth of the non-destructive testing services and equipment market.
Restraints
- Complexity of machines
In the near future, the limited manufacturing activities and increased complexity of machines and structures may pose additional challenges to the growth of the non-destructive testing services and equipment market.
This non-destructive testing services and equipment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the non-destructive testing services and equipment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Non-destructive Testing Services and Equipment Market
However, due to the Covid-19 pandemic, the NDT equipment market is experiencing a decline in demand as end-user industries such as automotive, oil and gas, and construction have been impacted by lockdown and other social distancing norms. The impact of Covid-19 on gross value added in the construction, manufacturing, and mining sectors has accounted for -13.3%, -6.3%, and -14.7%, respectively, according to the Ministry of Statistics and Program Institute (MOSPI) India. As a result of the decline in the growth of these industries, the demand for NDT activities has decreased, affecting market growth.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- December 2020, Long Island City, NY; a local presence in the United States allows for greater reactivity and efficient communication with American customers. CMS, which already has a network of agents in more than 15 countries, is now aiming to develop the American market to meet the high demand for NDT. After establishing its presence in Mexico, CMS conducted market research in the United States and established relationships with local stakeholders.
- December 2020 - SAFCO, a leading construction testing and inspection services company based in Saudi Arabia, has agreed to be purchased by APPLUS+ laboratories for an initial consideration of USD 30 million.
Asia-Pacific Non-destructive Testing Services and Equipment Market Scope
The non-destructive testing services and equipment market is segmented on the basis of type, technique, method and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Services
- Equipment
Technique
- Ultrasonic Testing (UT)
- Visual Testing
- Magnetic Particle Testing (MPT)
- Liquid Penetrant Testing (LPT)
- Eddy Current Testing (ECT)
- Radiographic Testing (RT)
- Acoustic Emission Testing (AET)
Method
- Visual Inspection
- Surface Inspection
- Volumetric Inspection
Vertical
- Manufacturing
- Oil and Gas
- Aerospace and Defence
- Public Infrastructure
- Automotive
- Power Generation
Non-destructive Testing Services and Equipment Market Regional Analysis/Insights
The non-destructive testing services and equipment market is analyzed and market size insights and trends are provided by country, type, technique, method and vertical as referenced above.
The countries covered in the non-destructive testing services and equipment market report are Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Non-destructive Testing Services and Equipment Market Share Analysis
The non-destructive testing services and equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to non-destructive testing services and equipment market.
Some of the major players operating in the non-destructive testing services and equipment market are:
- Mistras Group Inc. (U.S.)
- Olympus Corporation (Japan)
- Nikon Metrology Inc. (U.S.)
- Magnaflux Corporation (U.S.)
- Zetec Inc. (U.S.)
- Eddfyi Technologies (Canada)
- YXLON International GmbH (Germany)
- Sonatest Ltd. (U.K.)
- Carestream Health (U.S.)
- Intertek Group Plc (U.K.)
- SGS SA (U.S.)
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