Non-Destructive Testing and Inspection Market Analysis Highlights the Impact of COVID-19 (2020-2030) | Launch Of Innovative Products to Boost Market Growth | insightSLICE

Non-Destructive Testing and Inspection is widely used as a preventive maintenance of stationary machinery and auxiliary systems. It is performed for careful and thorough evaluation of material and machinery across wide industries and plays a vital role in ramification of potential catastrophic failure. Periodic non-destructive testing and inspection procedures result in significantly lowering the cost associated with machine breakdown. The export form Asia Pacific is rising rapidly with Europe and the United States being the largest importers.

Consequently, the manufacturing industry across Asian Countries such as China, India, and Southeast Asian countries is expanding rapidly owing to low labour and raw material cost. This is anticipated to offer prominent opportunities to the non-destructive inspection service providers to increase the uptime of the industrial equipment in coming years. The Global Non-Destructive Testing and Inspection Market was valued at US$ 8.9 billion in 2019 and is anticipated to expand at a CAGR close to 8.0% during the forecast period 2020-2030.

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Radiography testing equipment & services to drive growth of global non-destructive testing and inspection market

The global non-destructive testing and inspection market is segmented based on technology, method, service, industry vertical, and geography. Based on technology, the global non-destructive testing and inspection market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, eddy-current testing, ultrasonic testing, radiographic testing, acoustic emission testing, and others. The ultrasonic testing contributed the largest share in the global non-destructive testing and inspection market in 2018 owing to high measurement accuracy in identifying the defects along with identifying the magnitude of severity of defect. Additionally, guided wave ultrasonic testing and ultrasonic immersion testing is widely used in oil & gas and aerospace & defense applications for inspection and testing of critical equipment.

Expanding aerospace & defense industry fueled by rise in number of passenger movement to bolster the non-destructive testing and inspection market

Based on industry vertical, the global non-destructive testing and inspection market is segmented into automotive, oil & gas, aerospace & defense, manufacturing, energy & utility, and others. The aerospace and defense is anticipated to be the fastest growing market for non-destructive testing equipment during forecast period owing to rising aircraft manufacturing and testing facilities across the globe. Additionally, the volatility in oil & gas industry and geopolitical unrest across Middle East countries is anticipated to impact the market in coming years.

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Based on geography, the global non-destructive testing and inspection market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global non-destructive testing and inspection market owing to the presence of major equipment manufacturers across the region along with strong demand from aerospace, and oil & gas applications. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to rising demand from expanding aerospace & defense, and manufacturing industry. Moreover, rising investment in infrastructure in China and India is another factor fuelling the demand for non-destructive testing and inspection equipment and services from building and construction industry.

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This release was published on openPR.