Use caution: Technological innovation will make nondestructive testing services more cost effective

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. Over the past five years, demand for non-destructive testing (NDT) services has expanded quickly. As the US economy recovered from the depths of the recession, corporate profit margins expanded and fueled capital expenditure. In the coming years, Continuing technological innovation will make NDT services more cost effective and efficient for end users, thus boosting demand for industry services...purchase to read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 11-16
-0.2%
Forecast Growth 16-21
Profit
Employment
23,786
Businesses
1,958

Industry Threats & Opportunities

  • The industry has grown strongly prior to recent dips in key markets
  • Technological advances have allowed for a wider range of easy-to-use radiography equipment
  • Increasing industry profitability is expected to attract new entrants over the next five years
  • Industry Report - Industry Analysis Chapter

    Over the past five years, demand for nondestructive testing (NDT) services has both expanded and contracted quickly. As the US economy continued its recovery, corporate profit margins expanded and fueled capital expenditure. This benefited the Nondestructive Testing Services industry, which performs inspection and assessment on equipment and facilities used in the energy, industrial processing and power generation sectors, among others. As infrastructure continues to age, businesses are also required by federal and state regulations to inspect materials and equipment for safety, which boosts industry revenue over the long-term. In recent years, however, declines in both utilities construction and demand for oil extraction have led to an anemic demand for industry services. Wit...purchase to read more.

    Additional Insights for the Nondestructive Testing Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Nondestructive Testing Services Industry are

  • Ability to accommodate environmental requirements
  • Access to multi-skilled and flexible workforce
  • Ability to quickly adopt new technology
  • IBISWorld analysts also discuss how external factors such as Industrial production index and Value of utilities construction in the Nondestructive Testing Services industry impact industry performance..

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    What's in this report

    What is the Nondestructive Testing Services Industry?

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

    Industry Products
  • Traditional NDT services
  • Advanced NDT services
  • Industry Activities
  • Ultrasound testing services
  • Radiation testing services
  • Acoustic, noise and vibration testing services
  • Optical testing services
  • Thermal testing services
  • Regulatory compliance testing services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Industrial production index
  • Value of utilities construction
  • Regulation
  • Prime rate

  • Current Performance
  • Industrial and energy markets
  • Technological developments
  • Labor shortages
  • Chart: Revenue Growth

  • Industry Outlook
  • Rapid expansion
  • Technology will drive growth
  • Oil and gas markets
  • Table: Nondestructive Testing Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Nondestructive Testing Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Construction
  • Petrochemical Manufacturing
  • Aircraft, Engine & Parts Manufacturing
  • Oil Pipeline Transportation
  • Public Administration

  • Key Selling Industries
  • Copier & Optical Machinery Manufacturing
  • Inorganic Chemical Manufacturing
  • Laboratory Testing Services
  • Organic Chemical Manufacturing

  • Products & Services
  • Traditional NDT services
  • Advanced NDT services
  • Chart: Nondestructive Testing Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Oil and gas
  • Infrastructure, including power generation
  • Aerospace and defence
  • Industrial processing
  • Other
  • Chart: Major Market Segmentation for the Nondestructive Testing Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Depreciation
  • Other costs
  • Chart: Cost Structure Benchmarking – Sector vs Nondestructive Testing Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Nondestructive Testing Services Industry

  • Industry Globalization
    Mistras Group Inc., Team Industrial Services, Rockwood Service Corporation,
  • Table: Mistras Group Inc. - financial performance
  • Table: Team Industrial Services - financial performance
  • Table: Rockwood Service Corporation - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Nondestructive Testing Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Nondestructive Testing Services Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Industrial production index (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Certification
  • Confirmation that a product has passed a certain test.
  • Materials Technology
  • A category that deals with the development of materials that can survive hostile environments, have greater strength-to-weight ratios or offer energy-saving applications.
  • Non-Destructive Testing Services
  • Also called Nondestructive examination (NDE), Nondestructive inspection (NDI), and Nondestructive evaluation (NDE), such inspections are conducted without damaging the subject.
  • Research And Development (R&D)
  • Creative work undertaken by a company in order to increase knowledge, which can then be applied to developing a new product or improving an existing one.
  • What Our Customers Say

    Why buy this report?

    The Nondestructive Testing Services industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

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    This report on Nondestructive Testing Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Nondestructive Testing Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Nondestructive Testing Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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