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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