Third-party NDT Technologies to Drive the Global NDT Inspection Services Market Growth, 2020

Third-party NDT Technologies to Drive the Global NDT Inspection Services Market Growth, 2020

Affordability and Enhanced User Experience Create New Growth Opportunities

RELEASE DATE
21-Dec-2020
REGION
Global
Research Code: K532-01-00-00-00
SKU: TM00650-GL-MT_24877
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Description

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 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 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?

Author: Nandini Bhattacharya  

RESEARCH: INFOGRAPHIC

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Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of Strategic Imperative 8™ on the NDT* Services Market

Growth Opportunities Fuel the Growth Pipeline Engine™

NDT Services Market Scope of Analysis

NDT Services Market Segmentation

Key Competitors for NDT Services Market

Key Growth Metrics for NDT Services Market

Growth Drivers for NDT Services Market

Growth Driver Analysis for NDT Services Market

Growth Driver Analysis for NDT Services Market (continued)

Growth Restraints for NDT Services Market

Growth Restraint Analysis for NDT Services Market

Forecast Assumptions—NDT Services Market

Revenue Forecast—NDT Services Market

Revenue Forecast by Technology—NDT Services Market

Revenue Forecast by Vertical Market—NDT Services Market

Revenue Forecast by Region—NDT Services Market

Revenue Forecast Analysis—NDT Services Market

Revenue Forecast Analysis by Technology—NDT Services Market

Revenue Forecast Analysis by Region—NDT Services Market

Revenue Forecast Analysis by Vertical Market—NDT Services Market

Revenue Forecast Analysis by Vertical Market—NDT Services Market (continued)

Competitive Environment—NDT Services Market

Market Share Analysis—NDT Services Market

Market Share Analysis—NDT Services Market (continued)

Key Growth Metrics—NDT Services Market: North America

Key Findings—NDT Services Market: North America

Revenue Forecast—NDT Services Market: North America

Revenue Forecast by Technology for NDT Services Market—North America

Revenue Forecast by Vertical Market for NDT Services Market—North America

Revenue Forecast Analysis—NDT Services Market: North America

Key Growth Metrics—NDT Services Market: Europe

Key Findings—NDT Services Market: Europe

Revenue Forecast—NDT Services Market: Europe

Revenue Forecast by Technology—NDT Services Market: Europe

Revenue Forecast by Vertical Market—NDT Services Market: Europe

Revenue Forecast Analysis—NDT Services Market: Europe

Key Growth Metrics—NDT Services Market: APAC

Key Findings—NDT Services Market: APAC

Revenue Forecast—NDT Services Market: APAC

Revenue Forecast by Technology—NDT Services Market: APAC

Revenue Forecast by Vertical Market—NDT Services Market: APAC

Revenue Forecast Analysis—NDT Services Market: APAC

Key Growth Metrics—NDT Services Market: Rest of the World

Key Findings—NDT Services Market: Rest of the World

Revenue Forecast—NDT Services Market: Rest of the world

Revenue Forecast by Technology—NDT Services Market: Rest of the World

Revenue Forecast by Vertical Market—NDT Services Market: Rest of the World

Revenue Forecast Analysis—NDT Services Market: Rest of the World

Growth Opportunity 1: IoT Connectivity and Digitalization Across Vertical Markets FOR Visibility and Profitability

Growth Opportunity 1: IoT Connectivity and Digitalization Across Vertical Markets FOR Visibility and Profitability (continued)

Growth Opportunity 2: AI and Big Data Analytics for Predicting the Life Cycle

Growth Opportunity 2: AI and Big Data Analytics for Predicting the Life Cycle (continued)

Revenue Share of Top 7 Participants—List of Other Companies

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

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Related Research
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 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 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.--BEGIN PROMO--

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?

Author: Nandini Bhattacharya  

More Information
No Index No
Podcast No
Predecessor K278-01-00-00-00
Author Nandini Bhattacharya
Industries Test and Measurement Instrumentation
WIP Number K532-01-00-00-00
Is Prebook No
GPS Codes 9404-A5,9594,9426