DUBLIN, January 15, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/qtnwsb/non_destructive) has announced the addition of the "Non Destructive Testing (NDT) Market 2015 - Global Forecast to 2020" report to their offering.
The non-destructive testing market is estimated to be valued at USD 12.98 Billion in 2015 and is projected to reach USD 18.88 Billion by 2020, at a CAGR of 7.78% from 2015 to 2020
The growth of this market is driven by the increased interest from end users in order to gain operations efficiency. Technological advancements have increased the overall industrial development within a wide range of sectors. Aerospace & defense, power generation, oil & gas, and automotive are some of the leading sectors which use NDT techniques to ascertain the quality of end products as well as related material during manufacturing. The growth of this market is propelled by government safety regulations in G7 nations and BRICS ecosystem.
The oil & gas and power generation sectors registered the highest growth in almost all G7 countries. Huge shale oil & gas reserves in countries such as the U.S., the U.K., Germany, France, and Italy have increased the NDT market in these particular countries phenomenally.
The increased power generation operation, especially in the nuclear energy sector in the U.S., is also driving the NDT market significantly since NDT inspection plays an important role in the functioning of the power generation sector.
The aviation industry in France, the U.K., and Italy is progressing at a high rate due to substantial tourism growth in these countries. This is contributing majorly towards the growth of the NDT market since NDT techniques are applicable in the aerospace/aviation industry at every level, right from manufacturing to the periodic maintenance programs. Therefore, NDT equipment market has a huge potential to grow in the collective market of G7 nations.
The NDT market, by region, is led by the G7 nations segment which includes the U.S., the U.K., Germany, Japan, France, Canada, and Italy. The G7 nations hold the largest market share of the global NDT market in 2015. Extensive investments in shale oil & gas exploration along with focus towards generating nuclear energy by the major developed countries are the prime reasons behind the growth of the NDT market.
The high cost of equipment and lack of qualified technicians are some of the key factors that limit the growth of this market globally. In addition to this, reluctance towards the adoption of new inspection methods poses a key challenge for industry players.
The global NDT market is diversified and competitive, with the majority of players from the North American and European regions. The market is dominated by companies based on their core competencies. New product launch is the key strategy being adopted by industry players to grow in the NDT market. Companies are focusing on accuracy and precision of non-destructive testing devices. Advancement in technology is helping them produce detailed images of various anomalies.
Key players in this market include MISTRAS (U.S.), Olympus Corporation (Japan), GE Inspection Technologies (U.S.), Intertek Group PLC (U.K.), and SGS SA (Switzerland).
For more information visit http://www.researchandmarkets.com/research/qtnwsb/non_destructive
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