Dublin, Nov. 19, 2018 (GLOBE NEWSWIRE) -- The "Non-Destructive Testing (NDT) Market Size, Share & Trends Analysis Report By Vertical, By Test Method (Visual, Magnetic Particle, Eddy Current, Ultrasonic, Radiographic), And Segment Forecasts, 2018 - 2025" report has been added to ResearchAndMarkets.com's offering.
The global non-destructive testing market size is projected to reach USD 21.2 billion by 2025, progressing at a CAGR of 6% during the forecast period. Increasing manufacturing activities in developing as well as developed nations are poised to bolster market growth over the forecast period.
Use of non-destructive testing helps in detecting faults precisely, reducing product/component failure probability, and cutting down costs incurred in repairs of components. Use of NDT also speeds up the process of manufacturing as possible faults are eliminated beforehand.
Technological advancements in the field are leading to introduction of methods with improved efficiency, which is working in favor of the market. Improvements in techniques used to perform NDT tests are ensuring less complicated execution, thereby boosting the deployment of NDT techniques in numerous vertical segments.
The ultrasonic testing segment is likely to witness significant growth owing to ease of handling equipment, abundant availability of skilled technicians, and precise fault detection. Based on vertical, the manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to increasing awareness regarding their use and benefits.
Further key findings from the report suggest:
* The radiographic testing segment is estimated to expand at a CAGR of over 6.0% during the forecast period. The method offers benefits such as precise fault detection and provision of detailed analytic reports highlighting detected faults
* Rapid urbanization and industrialization in both developing and developed nations are leading to increase in activities pertaining to construction, manufacturing, and power generation. This is one of the key trends driving the overall market
* The manufacturing segment led the market in 2017. It is anticipated to register a CAGR greater than 7.0% over the forecast period, on account of immense potential for manufacturing activities in Asia Pacific
* Asia Pacific commanded approximately 21.0% share in the global arena. The region is slated to post the highest CAGR during the same period, owing to growing manufacturing, power generation, and construction projects
* Key players such as General Electric, Nikon Metrology NV; Olympus Corporation; Mistras Group, Inc.; Yxlon International GmbH; and Sonatest Ltd. dominated the market in 2017. Mergers and acquisitions are among the key strategies adopted by these players to consolidate their position in the market