The Global NDT market is valued at USD 7.04 billion in 2016 and is expected to reach a value of USD 11.34 billion by the end of 2022 , growing at a projected CAGR of 8.26 % during the forecast period of 2017 – 2022 . The NDT solutions are techniques used to test objects for flaws and inadequacies in the materials , components or system , without causing damages to it . In the recent years , governments across the globe are focusing on the safety issues and needs , to prevent accidents in the region . This equipment assures the reliability by evading the jeopardy of over-sightedness and is expected to aid in elevating the industry demand . It also assures safety for both the tester and tested products .
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Market Dynamics : Aging infrastructure , in developed countries like the US , the United Kingdom , Germany and France is increasingly in need of maintenance . Growing complexity of machines and structures and increasing demand from the power & energy and oil & gas industries are some of the factors driving the growth of the market . Moreover , increasing incidences of infrastructure failures like leakages in the nuclear reactor , pipeline explosion and refinery blasts , have provoked governments across the world to enact stringent safety regulations , thus driving the demand for NDT solutions . However , lack of experienced and technical workforce , economic downturn in some of the regions , lack of awareness about the solutions and high upfront costs of the equipment are some of the challenges hindering the growth of the market .
The rapid development in infrastructure and power generation in emerging economies such as India , China and Brazil are driving the demand for the market . An increasing number of infrastructure projects and government safety regulations , combined with the environmental mandates due to increasing pollution levels , have made NDT mandatory in the emerging countries . These countries are expected to have the highest growth in the equipment industry . Whereas , higher revenue from oil and gas , power generation , aerospace and automotive sectors in emerging economies , shows the extent of growth potential these economies have for the NDT market .
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