There is no surprise that in this economy some of the best investments are going to be new technologies, but recent market studies are showing that an old favorite is primed to make big gains in the next six years. The kicker is it is something that you are very familiar with

There is good news for investors in the non destructive testing market. According to new market projections the non destructive testing market is expected to hit record highs. New projections are estimating that the NDT industry is slated to reach about $11 billion by the year 2022. The estimated rate of growth per year is estimated to be just over 8% for the years leading up to 2022.

What is Non Destructive Testing?


Non destructive testing (NDT) is a process that involves in which the testing, analysis or overall evaluation of parts, materials, or is undertaken using technology which does not disturb the overall integrity of the tested material. A common use of NDT that most people are familiar occurs so regularly that you probably aren?t aware of it. At the airport NDT is used every day to screen packages using x-ray inspection services, which makes travel screening safer and more efficient.


How Does NDT work?
NDT testing is not only relegated to the use of x-rays. There are several NDT testing methods. For example, some types of NDT testing can test the resonance of materials by using sound waves. Other types employ the use of microscopy and electro microscopy. Since these methods are highly efficient and important to so many different fields and disciplines, the technology is constantly advances. For example a new 3d camera was recently created that could give real time video by using microwaves. This would be a big leap in the security industry due the ability to look through walls and asses situations in real time. Health wise microwaves are also safe than the use of conventional x-ray machines.


What are the Applications of NDT?


Non destructive testing industry has various applications. In metallurgy and construction NDT is used to identify flaws in welds and structures. NDT testing is also used on sea faring vessels to assess damage. The versatility of Non destructive testing is a staple in the marine, defense, automotive and aerospace industries, just to name a few.


Safety is Driving the NDT technology market


In the market study the projections the industries that seem to be contributing the most to the overall prosperity of the NDT inspection market were the oil and gas. This has to do with the demand for NDT technologies in the every burgeoning domestic hydraulic fracturing operations. Hydraulic fracturing or fracking has become more prevalent as a source of energy. While fracking has reduced the United State’s dependency on foreign fuel sources, it has also raised concerns of environmentalists and public health officials. There are currently studies linking fracking operations to higher rates of asthma attacks. There are also several other studies that are determining the long and short term effects of residents that live in close proximity to fracking wells. Because of these issues, there is an increased pressure on oil and gas industry leaders focus on maintaining a high level of safety to mitigate accidents and environmental issues such as oil spills. Demand for new NDT technologies is also expected to grow in the area of city planning projects such as power generating facilities.


Currently the North American market has the strongest presence in the NDT market. Early projections show that the North American market share is expected to grow in the next six years. As is the usual case with these markets, new technology drives the interest up. More than ever it would seem like a good time for the savvy investor to get reacquainted with a technology that is used in almost every field and shows no sign of slowing down. It looks like it is time to bet on the advancing technology in the non destructive testing market.