What is Non Destructive Testing (NDT) in Aerospace & Defense Market?
The global non destructive testing (NDT) in aerospace & defense market is expected to grow at a sluggish pace during the forecast period, according to the AMA study. Increasing production of aircraft & military equipment, increasing investments in the research & development of aerospace components are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness decline in the growth during the next few years due to the current pandemic but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Ultrasonic Testing, Resonance Testing, Immersion Testing, Magnetic Particle Testing, Penetrant Testing, Leak Detection Testing, Shearography & Thermography, Stress & Structure Testing and Others), by Application (Commercial Aerospace, Military Aerospace and Others) and major geographies with country level break-up.
Applus+ (Spain), Element Materials Technology (United Kingdom), FLIR Systems, Inc. (United States), FUJIFILM Holdings America Corporation (United States), GMS Instruments BV (Netherlands), Intertek Group PLC (United Kingdom), Magnaflux (United States), MISTRAS Group, Inc. (United States), Nikon Metrology NV (Belgium), Olumpus Corporation (United States), SGS SA (Switzerland) and X-R-I Testing (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Non Destructive Testing (NDT) in Aerospace & Defense market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Non Destructive Testing (NDT) in Aerospace & Defense market by Type, Application and Region.
On the basis of geography, the market of Non Destructive Testing (NDT) in Aerospace & Defense has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Production of Aircraft and Military Equipment
- Rising Demand for Periodic Maintenance, Repair & Overhaul Services in the Aerospace & Defense Industry
- Increasing Investments in the Research & Development of Aerospace Components
Market Trend
- Rising Adoption of IoT-based Devices in Aerospace & Defense Industry
- Development of Advance Material-based Components
Restraints
- Scarcity of Skilled and Qualified Personnel for Inspection Services
Opportunities
- Opportunities in the Asia Pacific Region
Challenges
- The Current Economic Crisis in the Aerospace & Defense Industry Leading to Fall in Investments in the Industry for the Next Few Years
Stringent Regulations & Standards in the Non Destructive Testing Industry and Stringent Government Regulations for Suspension of Operations in the Aerospace and Defense Industry