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Non-Destructive Testing Service Market in aerospace sector to observe 6% CAGR over 2019-2025

Author : Ronak Bora | Published Date : 2019-05-22 

Non-Destructive Testing Service Market in aerospace sector is poised to register lucrative growth during the projected timeframe, as NDT services offer an economical & efficient solution for a high-volume production of aviation components. The services provide an effective way to identify any surface & internal irregularities throughout the operational lifecycle of the components. The oil & gas industry held over 25% of the market revenue in 2018. The services safeguard the mechanical & structural integrity of the infrastructure and equipment used in oil & gas platforms by continuous monitoring to avoid any catastrophic failures.

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The commercialization potential of non-destructive testing service market is set to witness renewed momentum owing to the evolving demands of the global industrial sector and the effect of digital transformation. These services are anticipated to reach a wider range of business verticals due to the rising number of disruptive innovations and the emergence of pathbreaking technologies such as AI and IoT.

The visual inspection segment accounted for over 20% 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 have restricted its acceptance among various sectors.

The radiography market is expected to attain a growth rate of over 5% during the forecast timespan. 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.

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Europe is leading the non-destructive testing service market with over 30% share in 2018. The market is primarily driven by the increasing number of collaborative initiatives by players operating in the region and the presence of various regulatory guidelines mandating the implementation of services. The Asia Pacific market is expected to attain a growth rate of over 10% over the projected timeframe due to the widespread industrialization and introduction of safety polices. The rising demand for asset management services in the region is leading the foreign players to monetize on various growth opportunities in countries including China, India, and Japan. The lack of skilled inspectors and high costs of NDT services are restricting its usage in certain sectors.

Speaking of the growth of the non-destructive testing service market in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines - rolled out by European Union along with various local governments - mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.

Considering the humble beginnings of the non-destructive testing service market, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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