Nondestructive Testing Services in the US - Industry Market Research Report

Nondestructive Testing Services in the US - Industry Market Research Report

Nondestructive Testing Services in the US

Nondestructive testing (NDT) is used for numerous applications across a wide range of markets, from manufacturing plants and construction sites to nuclear power plants, oil refineries and shipyards. NDT services are used to detect flaws, cracks, variations and minute changes in structures and surface finish without damaging the products being tested. Overall, the industry has benefited from rapidly changing technology and the increasing complexity of products and processes that need testing have boosted demand for industry services. Although, industry performance was undermined by the COVID-19 pandemic and the economic volatility in oil prices. Companies experienced severe losses during 2020, with profit margins, measured as earnings before interest and taxes, falling into the negative. Still, industry revenue has been growing at an average annualized 6.1% over the past five years and is expected to total $5.8 billion in 2023, when revenue will jump an estimated 15.2%.

This industry includes companies that primarily perform nondestructive tests and inspections on industrial assets. It excludes medical tests and nondestructive testing equipment manufacturing.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.