The U.S. market for nondestructive testing equipment was valued at over $2.4 billion in 2010. That value is projected to rise and fall over the next five years, settling at just under $2.4 billion in 2015, yielding a five-year compound annual growth rate (CAGR) of -0.9%, according to “Nondestructive Testing,” a new report from BCC Research.
If transportation security equipment is taken out of the equation, the remaining total market for nondestructive testing (NDT) equipment was worth $1.4 billion in 2010. In 2015, that value is expected to reach $1.8 billion, growing at a CAGR of 5.4%.
Nondestructive testing is performed to evaluate the internal and/or external condition of materials, components, and/or structures. It allows an assessment of an item or items for desired characteristics or qualities without damaging or interfering with their continued usefulness. NDT has continued to play a leading role in a number of key industries. New industries that only recently have begun to use NDT techniques are becoming significant consumers of this technology. The potential market for nondestructive testing equipment continues to expand, with emphasis on product quality, lean manufacturing, just-in-time inventory practices, advances in nanomaterials and related manufacturing, and testing.
Research and development in materials science, computers, electronics, automation and related fields continue to reshape the nondestructive testing industry. The drive to integrate several nondestructive testing methods will continue. The remaining companies in the NDT industry have enhanced their market positions through mergers and acquisitions.
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Nondestructive Testing Market to Fluctuate
September 6, 2011