With urbanisation spreading its whims all across the world, the cost of infrastructure is also rising. Moreover, owing to the creation of new and improved structures, the lifespan of the existing infrastructure is getting affected. The change that drove the growth for the NDT Services industry was when industries decided to protect and safeguard their existing assets. Because the maintenance cost for the new and improved infrastructures is very much less than the old ones, many industries have started investing on various services for asset protection in order to ensure the operational and structural integrity of what they already have.
In this light, it is worth mentioning that
governments all around the world have also introduced stringent guidelines for the respective departments for the non destructive testing of the existing assets in order to prevent any kind of reputational or financial loss. The market for the non-destructive testing services is projected to grow at a Compound Annual Growth Rate of six percent between the years of 2019-25 which now stands at a market valuation of USD 3 Billion.
Gradual automation and increasing complexities in the NDT processes have many businesses outsource this service from various third party service providers. The entrepreneurs and managements of businesses are more and more creating collaboration with third party service providers because they possess the needed technology and the workforce which has the required knowledge of engineering in order to come up with a solution for every need of the customer. By this, the industries can abide by the safety and guideline regulations without having spent a lot on it.
The NDT Services market in the Asia pacific region is likely to grow at a CAGR of 10 percent from between the years of 2019-25. The increasing number of safety regulations and guidelines by the governments and industrial standardisation on a wide scale has made it possible. On the other hand the North American region is anticipated to capture 20 percent of the whole Non Destructive Testing Services industry by 2020. This projection has been made because the governments in the North American countries have NDT compulsory.