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Non-Destructive Testing Services Market to Surpass $4.5 Billion by 2025

Global Market Insights, Inc., June 12, 2019

According to a new research report by Global Market Insights, the global non-destructive testing (NDT) services market is set to grow from its current market value of more than $3 billion to over $4.5 billion by 2025. Due to the high costs associated with the repair & maintenance and the limited construction of new infrastructure, the existing infrastructure is experiencing high usage, leading to increased stress & deterioration. These dynamic costs are encouraging infrastructure owners to focus on repairs, maintenance, and upgrade more quickly. For instance, the rising demand for refined petroleum products coupled with high plant utilization rates will drive refineries to upgrade their facilities to enable efficient operations and increase the production capacity. In order to sustain the high utilization rates, companies are adopting NDT services to ensure the safety & integrity of assets.

Owner-operators have to face a number of stringent government regulations and safety requirements. Failure to comply with these guidelines and standards can result in significant financial liabilities, increased scrutiny by the regulatory bodies, tarnished corporate brand value, and higher insurance premiums. The increasing number of industrial accidents, including explosions and fires, over the last decade has caused significant damage to the reputation of many companies. As a result, owner-opertors are using NDT services to help them comply with the safety regulations.

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.

The radiography market is expected to attain a growth rate of over 5% during the forecast timespan. 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 non-destructive testing service 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.

 

Click here to read the full article from Global Market Insights, Inc..


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