At 8+% CAGR, Non-Destructive Testing Market (NDT) Potentially Worth $24.23 Billion by 2022 Dominated by Ultrasonic Testing Segment

PUNE, India, Jan. 8, 2017 /PRNewswire-iReach/ -- The non-destructive testing market in BRICS countries is projected to grow at the highest CAGR from 2016 to 2022. The BRICS countries are expected to lead the non-destructive testing market during the forecast period. BRICS countries that include China, India, Russia, Brazil, and South Africa collaboratively account for a significant share of the global non-destructive testing market in 2016. Increased spending on infrastructure and aerospace & defense sectors, coupled with the growing focus towards generation of nuclear energy is driving the growth of the non-destructive testing market. Complete report on "Non-Destructive Testing (NDT) Market" spread across 220 pages, profiling 10 companies and supported with 89 tables and 62 figures is now available athttp://www.rnrmarketresearch.com/non-destructive-testing-ndt-market-by-component-equipment-services-method-ultrasonic-radiography-liquid-penetrant-magnetic-end-user-oil-gas-aerospace-defense-automotive-infra-technique-applicatio-st-to-2022-market-report.html .

Based on component, the non-destructive testing market has been segmented into equipment and services. The services segment is estimated to account for the largest share of the non-destructive testing market in 2016. The equipment segment of this market is expected to grow at the highest CAGR from 2016 to 2022, owing to increased quality awareness and the subsequent rise in demand for highly advanced products.

Based on end user, the oil & gas segment is estimated to account for the largest share of the non-destructive testing market in 2016. The aerospace & defense segment of this market is projected to grow at the highest CAGR from 2016 to 2022, owing to the extensive use of non-destructive techniques to detect flaws and imperfections in aerospace components. Moreover, factors such as safety, increased service intervals, reducing tolerance to disruption, low emission targets, and innovative materials have further contributed to the increased demand for non-destructive testing techniques in the aerospace & defense sector.

The ultrasonic testing segment is estimated to account for the largest market share. Based on method, the non-destructive testing market has been segmented into visual inspection, magnetic particle testing, liquid penetrant testing, ultrasonic testing, radiography, and eddy-current testing. The visual inspection segment is estimated to account for the largest share of the non-destructive testing market in 2016. The ultrasonic testing segment of this market is expected to grow at the highest CAGR from 2016 to 2022. Ultrasonic testing is used to measure the thickness of a wide range of metallic and non-metallic materials, and it is applicable in varied industries such as steel, manufacturing, aluminum construction, infrastructure, and power generation.

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Key companies operating in the non-destructive testing market include Olympus Corporation (Japan), MISTRAS Group, Inc. (U.S.), Intertek Group Plc. (U.K.), SGS S.A. (Switzerland), GE Measurement and Control (U.S.), Nikon Metrology, Inc. (U.S.), Ashtead Technology, Inc. (U.S.), Sonatest Ltd. (U.K.), Bosello High Technology S.R.L. (Italy), and Fujifilm Holding Corporation (Japan). Make an Inquiry on "Non-Destructive Testing (NDT) Market by Component (Equipment, Services) Method (Ultrasonic, Radiography, Liquid Penetrant, Magnetic) End-User (Oil & Gas, Aerospace & Defense, Automotive, Infra) Technique, Application & Region - Global Forecast to 2022" research report at http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=807939 .

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (55%), Tier 2 (20%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (35%) and Directors Level (25%) and others (40%) from various key organizations operating in the non-destructive testing market. The primary interviews were conducted worldwide covering regions such as North America (45%), Europe (20%), APAC (30%) and RoW (5%).

Research Coverage: The report analyzes the non-destructive testing market on the basis of component, application, end user, method, and technique, and maps these segments and sub segments across G7 Nations, BRICS, and rest of the world. The report provides an in-depth market intelligence regarding the market dynamics and major factors that influence the growth of the non-destructive testing market (drivers, restraints, opportunities, and industry-specific challenges), along with an analysis of micro markets with respect to individual growth trends, future prospects, and their contribution to the overall non-destructive testing market.

On a related note, another research titled Non-Destructive Testing and Inspection Market Global Forecast to 2022says, the non-destructive testing and inspection market size is expected to be valued at USD11.39 billion by 2022, at a CAGR of 8.30% between 2016 and 2022. The manufacturing sector is expected to grow rapidly during the forecast period between 2016 and 2022. The market in APAC is expected to grow at a high CAGR between 2016 and 2022. Companies such as General Electric Company (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), Nikon Corporation (Japan), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Sonatest Ltd. (U.K.), Sonotron NDT (Israel), Bosello High Tech SRL ( Italy),  Yxlon International GmbH (Germany), Fischer Technology Inc. (U.S.), and Eddyfi NDT Inc. (Canada) have been profiled in this 176 pages research report available at http://www.rnrmarketresearch.com/global-non-destructive-testing-ndt-equipment-market-by-technology-ultrasonic-eddy-current-electromagnetic-radiography-thermography-verticals-manufacturing-petrochemical-aerospace-automo-market-report.html .

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