According to the International Air Transport Association (IATA), in 2020, the total number of accidents reached 38 from 52 in 2019. Similarly, the accident rate of IATA member airlines was 0.83 per million flights. This showcases an improvement in the prevalence of accidents. At the same time, the availability of various methods, such as radiographic, liquid penetration, eddy current testing, ground penetration, and acoustic emission testing would drive the NDT industry growth in the near future.
Cancellation of Commercial Aircraft Delivery to Hamper Growth
Aviation industry negatively because of the implementation of travel bans by governments of various countries worldwide. The International Bank for Reconstruction and Development (IBRD), for instance, declared that approximately 4.3 million air-passengers were carried globally in 2019. This number declined drastically in 2020. Also, cancellation or postponement of commercial aircraft delivery is hampering the demand for NDT.
Ultrasonic Testing Segment Held 27.23% in 2020
By the technique, the industry is segregated into ultrasonic testing, visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy current testing, radiographic testing, and acoustic emission testing. Amongst these, the ultrasonic testing segment procured 27.23% in terms of the non-destructive testing industry in 2020. This growth is attributable to the surging utilization of this technique in weld inspection, mapping, pipeline corrosion, and composite applications.
Urgent Need to Prevent Fatal Accidents Will Accelerate Growth in Future
However, workers operating NDT equipment should have various certifications and high training levels to handle complex tasks. Unavailability of these can obstruct growth. The aerospace industry has to maintain the highest quality standards regarding strength, structure, and materials as failure in checking leaks, or cracks can lead to fatal accidents.
The global non-destructive testing (NDT) market is set to gain momentum from the ongoing technological advancement in wireless sensors and IoT for generating higher accuracy in testing results. It can be used in industrial, manufacturing, petrochemical, and oil & gas applications. As per the report, the industry size was USD 7,160.0 million in 2020. It is projected to grow from USD 6,300.0 million in 2021 to USD 14,800.0 million in 2028 at a CAGR of 12.98% in the forecast period.
A list of renowned non-destructive testing providers operating in the global industry is Bosello High Technology Srl (Italy), Eddyfi (Canada), Fischer Technology Inc. (The U.S.), Fprimec Solutions Inc. (Canada), General Electric (The U.S.), LynX Inspection (Canada), Magnaflux Corporation (The U.S.), Mistras Group (The U.S.), NDT Global GmbH & Co. Kg (The U.S.), Nikon Metrology (Japan), Olympus Corporation (Japan) and others.
Presence of Fischer Technology and Magnaflux Corporation to Help North America Dominate
Geographically, North America earned USD 2,759.2 million in terms of revenue in 2020. It is expected to maintain its dominance throughout the forthcoming years because of the presence of various reputed NDT companies, such as Magnaflux Corporation, Acuren Inspection Inc., and Fischer Technology Inc. in the U.S. Europe, on the other hand, is anticipated to show a remarkable growth on account of the expansion of the automobile and aerospace industries in Germany and France, respectively.
Companies Focus on New Product Launches to Intensify Competition
The global industry for non-destructive testing contains various companies. Most of them are striving to launch innovative products to cater to the high consumer demand across the globe. A few others are participating in the collaboration strategy to compete with their rivals. Below is one of the latest industry developments:
- January 2021: Olympus introduced RollerFORM XL scanners to enhance the inspection of composite components possessing large surface areas. It can be used in the aerospace and defense industry.