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Global NDT services market to top $4.5bn by 2025

DUBAI, June 13, 2019

Global non-destructive testing (NDT) services market is set to grow from its current market value of more than $3 billion to over $4.5 billion by 2025; according to a new research report by Global Market Insights.

Due to the high costs associated with the repair & maintenance and the limited construction of new infrastructure, the existing infrastructure is experiencing high usage, leading to increased stress & deterioration of the existing infrastructure.

These dynamic costs are encouraging infrastructure owners to focus on repairs, maintenance, and upgrade more quickly. For instance, the rising demand for refined petroleum products coupled with high plant utilization rates will drive refineries to upgrade their facilities to enable efficient operations and increase the production capacity. In order to sustain the high utilization rates, companies are adopting NDT services to ensure the safety & integrity of assets.

The owners & operators of infrastructure assets have to face a number of stringent government regulations and safety requirements. Failure to comply with these guidelines and standards can result in significant financial liabilities, increased scrutiny by the regulatory bodies, tarnished corporate brand value, and higher insurance premiums.

The increasing number of industrial accidents, including explosions and fires, over the last decade has caused significant damages to the reputation of many companies. As a result, the infrastructural owners & operators are using NDT services to help them comply with the safety regulations.
 
The visual inspection segment accounted for over 20 per cent non-destructive testing service market revenue in 2018, as the technique is easy to implement and usually eliminates the need for any further types to testing.

These methods have proven to be inexpensive alternatives to volumetric & surface inspection methodologies. Some of the industry verticals, which use visual testing methodology include structural steel, automotive, petrochemical, aerospace, and power generation. The lack of skilled inspectors and inadequate training infrastructure has restricted its acceptance among various sectors.

The radiography market is expected to attain a growth rate of over 5 per cent during the forecast time span. The rise in the number of infrastructural developments and the introduction of stringent regulations for the maintenance of various critical infrastructures have created myriad of opportunities for the growth of the radiography non-destructive testing service market.

The technology is used in the automotive and aerospace manufacturing industries to manufacture high-tolerance components while reducing wastage. The time-consuming nature, high implementation cost of the technology, lack of trained professionals, and risks associated with the radiation exposure are restricting its adoption in certain industry verticals.

The aerospace non-destructive testing service market is expected to register a growth rate of over 6 per cent during the forecast time period. NDT services provide effective & economical solutions for high-volume & low-cost production of various aerospace components.

They are used for monitoring and testing safety-critical components without affecting their structural integrity. The services provide a highly effective way to detect minuscule imperfections or damage in components or materials throughout their operational lifecycle.

They are used to detect geometrical irregularities such as material thickness, bond line & wielding defects, delamination, porosity, foreign objects, cracks, and corrosion. – TradeArabia News Service




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