NDT Inspection Services - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global NDT Inspection Services Market is accounted for $10.21 billion in 2021 and is expected to reach $21.48 billion by 2028 growing at a CAGR of 11.2% during the forecast period. Non-destructive testing (NDT) inspection services are primarily used in engineering industries for evaluating different properties of structures, equipment, components, and materials without causing any damage. NDT Market and inspection is an extremely valuable technique for timely evaluation and diagnosis of faults in products. It is an important quality control tool in the manufacturing process as it allows for early detection of surface and subsurface defects in finished and work-in-progress (WIP) goods. NDT is also used for detecting faults and structural integrity in industrial assets and public infrastructures such as factory buildings, platforms, bridges, railway lines, piping systems, and industrial machinery.

Market Dynamics:

Driver:

Strict Government Regulations Regarding Public Safety and Product Quality

Increasing complexity of machinery, growing requirements of precise product usage specifications, ongoing stringent implementation of government regulations to ensure the workforce's safety, and rising stringent quality control requirements are the key factors that augment the growth of the market. Prior evidence of infrastructure failures such as leakages in nuclear refineries, pipeline explosions, and refinery blasts has prompted governments worldwide to impose stringent safety regulations, which have fueled the demand for market.

Restraint:

Lack of Skilled & Qualified Personnel for Inspection Services

A skilled workforce with the mandatory NDT and inspection skillset is a strategic concern for companies. Strict government regulations and the high complexity of NDT and inspection techniques lead to the rising requirement of skilled testers and inspectors. NDT can be done only with high-value advanced instrumentations. The operation of analysis to find cracks, and leakages and troubleshooting requires advanced machinery and instrumentations for the highest accuracy. Hence, a shortage of quailed and skilled workforce to operate the testing instruments is projected to restrain the market growth. The equipment usage requires a high level of training and several cortication's to handle instrumentations which incur high costs for service providers operating in the market.

Opportunity:

Large-Scale Infrastructural Developments

Developing economies such as Malaysia, China, India, and Brazil are undergoing rapid infrastructural developments such as constructing new bridges, dams, railways, power plants, and refineries. This drives the demand for NDT and inspection services and equipment, which, sequentially, is predictable to accelerate the growth of the companies providing NDT and inspection services & equipment and creating ample opportunity.

Threat:

Limited Manufacturing Activities and Supply Chain

The main issue being faced by the manufacturing industry is supply chain disruptions. Numerous rules and regulations imposed by governments of different countries of the world to contain the spread of the COVID-19 include restrictions on the export and import of products and raw materials. This has led to significant supply chain issues throughout the world, causing a shortage of raw materials in various industries. As various industries, cannot resume their operations, the demand for NDT and inspection equipment and solutions has also reduced. Hence, the NDT and inspection market is facing a drop in its size in the present situation.

Ultrasonic testing (UT) segment is expected to be the largest during the forecast period

The UT (ultrasonic testing) technique is anticipated to be leading contributor in Market. It is currently the most popular NDT technique, owing to its ability to detect defects and accurately determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can be used for critical applications in the oil & gas and aerospace industries, among many others.

The oil & gas industry segment is expected to have the highest CAGR during the forecast period

In the oil & gas industry, safety is of supreme importance to instill confidence & reassurance in several stakeholders associated with the sector due to the highly-unstable nature of raw materials used. NDT inspections are conducted for upstream (explorations/production) operations, midstream (transportation through the pipelines) operations, and downstream (refining) activities. The services ensure the structural & mechanical integrity of offshore structures, such as oil & gas platforms, that need monitoring continuously to guarantee the safety of the rig's employees and the aquatic environment.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, due to the increasing number of safety regulations and widespread industrial standardization. The rapid industrialization in numerous developing economies has led foreign players to develop their operations in the province to capitalize on its growth opportunities. Growing investments in the defence sector by countries including China, Japan, and India are predicted to increase the use of NDT services. The rising use of renewable energy sources and aging infrastructure has opened several avenues for the market. Countries in the Asia Pacific are involved in the manufacturing of defence aircraft, which is expected to increase NDT and inspection equipment and services in the defence & aerospace industry.

Region with highest CAGR:

North America is projected to have the highest CAGR; North America is going to have lucrative growth during the forecast period, owing to the growing application of NDT techniques across numerous end-use sectors. Also, the obtainability of a skilled workforce and the presence of numerous NDT training institutes in the province are affecting the market share. Power generation using shale oil in the U.S. and Canada is also likely to positively impact the growth of the regional market. Moreover, the introduction of various supportive regulations by the government, mandating companies to use NDT services, the presence of several oil refineries, and the increasing domestic production of natural gas & oil have resulted in the widespread adoption of NDT services. The penetration of various advanced technologies across various industry sectors is also promoting the use of NDT solutions.

Key players in the market:

Some of the key players profiled in the NDT Inspection Services Market include Acuren Inspection Inc, Ashtead Technology, Cygnus Instruments Ltd, Eddyfi, General Electric, Magnaflux Corporation, Mistras Group, Nikon Metrology, Olympus Corporation, Sonatest Ltd, YXLON International GmbH, Zetec Inc.

Key developments:

In May 2018: Olympus launched the IPLEX G Lite ultra-portable industrial videoscope, which is useful for inspecting hard-to-reach areas of aircraft and piping. The device is highly efficient and easy to control. The IPLEX G Lite videoscope is the successor to the compact IPLEX UltraLite model. The new videoscope retains the small size and light weight of IPLEX UltraLite for easy one-handed operation but improves upon its predecessor with several key features.

In October 2019: Olympus Corporation launched its latest series in OmniScan instruments that are recognized globally as the benchmark for portable phased array ultrasonic testing (PAUT) owing to their power, reliability and ease of use.

In September 2019: MISTRAS Group acquired New Century Software (US), a leading provider of pipeline integrity management software and services to energy transportation companies. This acquisition aligns with MISTRAS' mission of delivering value-added, integrated, smart data solutions to its customers.

Technique's Covered:

• Ultrasonic Testing (UT)
• Visual Inspection Testing (VT)
• Magnetic Particle Testing (MPT)
• Liquid Penetrant Testing (LPT)
• Eddy-Current Testing (ECT)
• Radiographic Testing (RT)
• Acoustic Emission Testing (AET)
• Terahertz Imaging
• Near-Infrared Spectroscopy

Methods Covered:

• Visual Inspection Method
• Surface Inspection Method
• Volumetric Inspection Method

Services Covered:

• Inspection Services
• Equipment Rental Services
• Calibration Services
• Training Services

End Users Covered:

• Aerospace
• Automotive and Transportation
• Manufacturing
• Marine
• Medical and Health
• Oil & Gas
• Plastics & Polymers
• Power Generation
• Public Infrastructure

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances