Non-Destructive Testing (Ndt) In The Aerospace and Defense Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Global NDT in the Aerospace and Defense Market (henceforth, referred to as the market studied) was valued at USD 708.6 billion in 2019 and is expected to witness a CAGR of 8.24%, during the period of 2021-2026.
With the outbreak of COVID-19, the sudden decrease in air travel impacted revenue from new aircraft sales and replacement parts. The pandemic has also forced several aerospace companies to focus on considerable cost savings that include workforce reductions. The companies utilize this opportunity to take advantage of the financial and economic benefits of converting to an industrial digital radioscopy x-ray system from old film technology. Further, the outbreak of COVID-19 has significantly affected the aerospace industry as passenger traffic in airlines slumped due to regional and global air travel restrictions. Multiped airlines canceled orders for new aircraft and OEMs, such as Airbus and Boeing, reducing production forecasts up to 50%.
Key HighlightsThe NDT in the Aerospace and Defense Market is quite competitive and moderately fragmented. This is due to the presence of significant players such as Mistras Group, Fujifilm NDT Systems, GE Measurement and Control, NikonMetrology Inc., Magnaflux Corporation, etc. The prominent companies are entering into collaborations and are launching innovative solutions, to increase their market share.
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