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Non-destructive Testing Market to Grow at an Impressive 6% CAGR During Forecast Period 2019 to 2029
Non-destructive Testing Market
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The global non-destructive testing market will grow at a positive 6% CAGR during the forecast period. Advancements in non-destructive testing methods such as digital ultrasonic testing and heightened portability furthers the adoption of non-destructive testing.
Economies across the globe are investing in cost effective and energy efficient testing of public infrastructure and aerospace & defense instruments. There is a lack of technical expertise among non-destructive testing inspectors in the market.
Leading market players are hence keen on global footprint expansion by forging strategic partnerships with local players and mergers & acquisitions in developing economies.
Key Takeaways of Non-destructive Testing Market Study
North America and Europe collectively account for a lion’s share of the total market value with over 59% of global sales concentrated in these regions. Multiplying demand for high-performance smart devices across end-uses propel the demand for non-destructive testing that ensure consistent quality.
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South Asia & Oceania offer the most remunerative opportunities with a meteoric 9.5% CAGR through 2029. Booming digital economies such as Indonesia,and Singapore are investing heavily on modern infrastructure development which employs comprehensive non-destructive testing.
Manufacturing end-uses bolster demand from various industries.
The segment accounts for more than 20% of the total market revenues with a strong 6% CAGR during the forecast period.
Aerospace & defense offers the most lucrative revenue opportunities on the back of increasing demand for upgradation and enhancement of air-force, military, and naval capabilities.
Among testing methods, ultrasonic testing methods maintain their supremacy in the market with over 1/4th total market value share. Increasing efficiency and adaptability of ultrasonic testing methods are driving the demand for this type of testing.
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Increasing innovation in non-destructive testing products are decreasing the price of testing equipment. The non-destructive testing equipment segment records the highest growth among market offerings during the projection period.
The Non-destructive Testing market report provides the readers with the below-mentioned insights:
• Key trends, including ecological conservation, patented solutions, and globalization.
• Consumption pattern of each segment of the market in every region.
• Detailed study of the factors (positive and negative) impacting the growth of the global Endobronchial Valves market.
• Critical analysis of R&D activities performed by market players to expand their production footprint across various industries.
• Thorough research of effect of the market across various end use industries.
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The Non-destructive Testing market report gets rid of the following queries:
1. Which end use has the highest rate of consumption and why?
2. Which regions are the market players targeting to gain a competitive edge?
3. What is the growth forecast of the global market in region?
4. What is the Y-o-Y growth rate of the global market?
5. Which segment will have the maximum share of the global market by the end of year?
And so on…..
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