Industry Analysis & Industry Trends
From manufacturing plants and construction sites to nuclear power plants, oil refineries and shipyards, nondestructive testing (NDT) is used for numerous applications across a wide range of industries. NDT services are used to detect flaws, cracks, variations and minute changes in structures and surface finish without damaging the products being tested. Rapidly changing technology and the increasing complexity of products and processes that need testing have boosted demand for industry services. More so, strict government regulation relating to health, safety and the protection of the environment continues to drive industry revenue growth.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
IBISWorld estimates that the Non-Destructive Testing Services industry is in the growth stage of its life cycle. Over the 10 years to 2018, industry value added (IVA), used to measure an industry's contribution to the economy, is projected to grow at an average yearly rate of 7.2%. IVA is expected to significantly exceed the overall economy, which is expected to grow an annualized 2.1% over the same 10 year period.
Federal requirements for testing activities are driving this growth. The federal government enforces certain rules and regulations on consumer products and manufacturing processes to ensure health and safety, and companies must abide by them. Revenue growth also comes from new product development... purchase to read more