Affordability and Enhanced User Experience Create New Growth Opportunities
The global non-destructive testing (NDT) services market revenue in 2020 is $8,865.9 million and is expected to grow at a compound annual growth rate (CAGR) of 3.2% between 2020 and 2025. North America (NA) is the biggest market for NDT services, holding 32.4% of the global revenue. The Asia-Pacific (APAC) region is expected to witness the highest CAGR of 3.6% between 2020 and 2025. NA, however, is likely to continue being the biggest revenue contributor by 2025, with 32.2% of the global revenue share.
The ultrasonic testing technology is the most in use, with revenue of $3,874.4 million in 2020, and is expected to continue holding the majority revenue share during the forecast period. Radiography is the other more popular technique, comprising 25.8% of the market share in 2020, and is set to record a 3.1% CAGR between 2020 and 2025. The oil and gas vertical market is the biggest revenue contributor, with a 47.6% revenue share. Within oil and gas, the midstream business is the biggest revenue contributor, followed by upstream. The oil and gas downstream vertical market is the smallest segment within the oil and gas industry. Power is the second-biggest vertical, holding 17.4% of the total global revenue in 2020. The automotive vertical is witnessing a sharp decline in 2020 but is expected to grow at a CAGR of 6.3% between 2020 and 2025. The railways vertical market is likely to attain a CAGR of 4.3% between 2020 and 2025.
The NDT services market is highly competitive, with about 900 participants and the top 7 participants holding 44.1% of the market share globally. Services providers are consistently coming up with technologies and accurate and high-quality solutions. Most market participants offer ultrasonic and radiography testing technologies. Because of the increase in equipment cost and the requirement for highly skilled workforces, companies have begun outsourcing their NDT needs, resulting in NDT services market growth. Additionally, governments and industry regulatory bodies have strict mandates on industry safety norms that companies have to adhere to. This is also pushing companies to adopt NDT services. As the market is highly competitive, leading participants, Tier-II companies, and start-ups compete on similar solutions offerings. Companies demonstrating product innovation time and again have been able to stay ahead of their peers in the competitive environment. Market leaders also focus on inorganic growth to expand their product portfolio and customer base.
Key Issues Addressed
- Is the market growing? How long will it continue to grow and at what rate?
- What are the fast-growing key geographies and segments?
- What are the vertical markets with high demand and high growth opportunities?
- What are the emerging market trends?
- Which are the leading vendors and what is the competitive landscape like?
