Nondestructive Testing Market by Technology (Visual, Magnetic Particle, Electromagnetic, Liquid Penetrant, Radiography, Ultrasonic) & Application (Aerospace, Defense, Automotive, Oil & Gas, Infrastructure, Power Generation) - Global Trends & Forecasts to 2014 - 2020 Order report by calling marketsandmarkets at +1-888-600-6441 OR send an email on firstname.lastname@example.org with (Nondestructive Testing Market) / report name in subject line and your contact details. The nondestructive testing market is estimated to be $1400million in 2014 and is estimated to grow at a CAGR of 3.5% to reach $1720.96million by 2020 Nondestructive testing has been one of the few markets that performed impressively during the global economic downturn. It witnessed modest growth in 2010 Nondestructive testing is testing of objects for their flaws and imperfections in accordance with some standard norms. The stringent government safety regulations in the aerospace and defense industry and commercial industry will drive the growth of NDT market. Rapid infrastructural development in developed as well as developing economies has fuelled in the growth of the NDT market. The U.S. and Europe are the major revenue generating regions for NDT; these players have technical expertise .Latin America and AsiaPacific are the emerging markets for NDT. Brazil, India, and China are
the countries, which have immense growth potential for NDT. APAC will be the leading market for nondestructive testing, due to the high growth in sectors like infrastructure, power generation, and aerospace in countries like India and China.
Nondestructive Testing Market worth $1720.96 Million by 2020
The global nondestructive testing market is estimated to grow at a CAGR of 3.5% to reach $1720.96 Million by 2020. NDT aims at optimizing safety, reliability, and cost-effectiveness. NDT assures safety and reliability by identifying flaws and defects in products without disrupting operations or delaying processes. It has its applications in various industries such as aerospace and defense, automotive, oil & gas, infrastructure, and power generation. The report provides a description of the application of NDT. The market within this study has been classified on the basis of NDT technologies like visual testing, magnetic particle testing,
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electromagnetic testing, liquid penetrant testing, radiography testing, thermography testing and ultrasonic testing. The geographic segmentation consists of the market size and forecasting of NDT in North America, Latin America, Europe, AsiaPacific (APAC), and the Middle East. Stringent government safety regulations have created a huge demand for nondestructive testing. Huge demand for NDT in the aerospace and defense industry, in
power plants, in the oil & gas industry, the infrastructure industry, and the automotive industry are fuelling growth of the NDT market. The biggest restraints for the NDT market are the changes in the economy during microeconomic shocks, leading to high inflation and slowing GDP. NDT requires high efficiency; the nondestructive testing market faces a challenge in achieving efficiency in testing due to lack of skilled technicians and laborers. Traditionally, North America and Europe are the major revenue generating regions for the NDT market. However, in recent times, growth in the NDT market has been driven by developing countries in APAC, Middle East, and Latin America. In APAC, India and China are the fastest and the largest growing regional markets for NDT. In South America, Brazil is a leading growth market with growing demand in the aerospace y and power generation industry.
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Published on May 30, 2014
The global nondestructive testing market is estimated to grow at a CAGR of 3.5% to reach $1720.96 Million by 2020. NDT aims at optimizing s...