New Report Available: Non Destructive Testing (NDT) Market - Global Forecast to 2020

Non Destructive Testing (NDT) Market by Method (UT, RT, LPT, MPT, ECT, VI), End-User (Aerospace & Defense, Power Generation, Infrastructure, Oil & Gas, Automotive), Technique, Application & Region (G7, BRICS, RoW) - Global Forecast to 2020

The non-destructive testing market is estimated to be valued at USD 12.98 billion in 2015 and is projected to reach USD 18.88 billion by 2020, at a CAGR of 7.78% from 2015 to 2020. NDT equipment and services have been in high demand in the oil & gas, power generation, automotive, aerospace & defense, and infrastructure sectors in recent years. The NDT service market is witnessing growth due to high infrastructure cost, which discourages companies from buying and setting up NDT equipment. The service segment is also witnessing growth owing to stringent government rules and regulations. Increased investment in oil shale plays and new nuclear power projects are driving the NDT market in North America, the largest contributor to the global NDT industry.

Full Report Details at
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Outsourcing of non-core activities and technical resource constraints

The NDT service industry has great potential to invest and grow since most of the leading players in the NDT market prefer to outsource NDT inspection to third-parties. As a result, many companies that were involved in in-house inspection in the past have now started outsourcing these services to providers that have the necessary technical workforce and expertise to conduct these tests more efficiently. Government safety regulations, increased investment in developing oil & gas shale plays, and new power generation projects in the U.S. are some of the significant drivers for the growth of the U.S. and global NDT market.

"Oil & Gas industry fuels the NDT market, globally"

Oil & gas industry has been the largest end user of NDT techniques, globally. Several nations have engaged their research, development, test and evaluation (RDT&E) activities towards NDT for oil & gas industry, which shows the huge growth potential of the NDT market in the near future. Moreover, the industrial and economic growth of developing countries has increased the demand for oil & gas non-destructive testing.

"G7 nations hold a dominant market share in the global NDT market"

The NDT market, by region, is led by the G7 nations segment which includes the U.S., the U.K., Germany, Japan, France, Canada, and Italy. The G7 nations hold a significant share of the global NDT market in 2015. Extensive investments in shale oil & gas exploration along with focus towards generating nuclear energy by the major developed countries are the prime reasons behind the growth of the NDT market.

Break-up of profile of primary participants for the NDT report:

* By Company Type - Tier 1 - 55 %, Tier 2 - 20% and Tier 3 - 25%
* By Designation - C level - 60%, Director level - 25%, Others - 15%

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