Allied Market Research published a report, titled, "Global Industrial RT for Non-Destructive Testing Market by Component and Application: Opportunity Analysis and Industry Forecast, 2014–2022." The report states that the global industrial RT for non-destructive testing (NDT) market size would reach $1,088 billion by 2022, from $491 million in 2014, growing at a CAGR of 10.1% from 2016 to 2022.
In 2014, Portable NDT account for 34%, owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy. However, computed tomography system segment is anticipated to witness significant growth in the coming years, owing to its high accuracy and efficiency.
The inspection and testing segment held the largest market share of 52% in 2014, and is expected to grow at a CAGR of 9.9% during the forecast period.
In 2015, aerospace & defense sector contributed a significant revenue share of over 13.5% in the overall market.
Rise in applications of NDT in oil & gas and nuclear power industries, strict government regulations, and optimization of processes to improve safety & efficiency are factors that drive the growth in the market. However, scarcity of skilled professionals restricts the growth in the market. On the other hand, surge in demand for automated testing systems would offer new pathways in the market.
RT system is used for testing materials for defects to avoid equipment failure. These systems are used to maximize the efficiency of a product. Radiographic testing is conducted under stringent settings to avoid mishaps, without contaminating the tested products. It acts as a preventative measure in industries utilizing volatile or high-pressure equipment and machinery. In addition, RT systems are ensure reliability of equipment by eliminating the risk of oversight or inaccuracy. Thus, the impact of this factor is high, and is expected to maintain its effects of the market growth during the forecast period.
The aerospace & defense and oil & gas sectors constituted the largest market share in 2015, owing to the presence of large shale oil & gas reserves in countries such as the U.S., the UK, Germany, China, France, and Italy. Surge in operations in the aerospace & defense sector, particularly in the testing sector of the U.S. drives the RT system market, as NDT inspection plays a vital role in the functioning of aircrafts, satellites, and others. Presently, portable NDT segment holds the largest market share, as the adoption of computed tomography is expected to increase over the next five years due to enhanced accuracy and efficiency.
North America is projected to hold the largest market size in the global industrial RT for NDT market. The Asia-Pacific market is in its growth phase, owing to increase in infrastructure projects and power plants.