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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
21-Dec-2020
Global
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Special Price $3,712.50 save 25 %
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
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
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)
Legal Disclaimer
Popular Topics
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
| 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 |