Nondestructive Testing Equipment Market worth USD 2223.40 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Nondestructive Testing Equipment Market by Testing Method (Ultrasonic Testing, Radiography Testing, Visual Inspection Testing, Magnetic Particle Testing & Electromagnetic Testing, Eddy-Current Testing, Liquid Penetrant Testing, and Others), by Technique (Volumetric Examination, Surface Examination, and Others), by Industrial Vertical (Oil & Gas, Energy & Power, Aerospace & Defense, Automotive & Transportation, Infrastructure, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global non-destructive testing equipment market was valued at USD 3,035.5 million in 2020 to USD 5549.01 million by 2027, at a CAGR of 9.0% from 2021 to 2027. The factor driving the growth of the NDT equipment market includes the need to extend machines' longevity. The cost and challenges of building the new infrastructure have encouraged the end-user industries to extend their operational life of the existing infrastructure. In addition, refineries in the Middle East region are increasing their utilization capacity due to their deficiency of refined oil in the global market. The scarcity of refined oil is on account of trade-related sanctions imposed by the United States on Iran. Operating the machines at advanced capacities might result in breakdowns. Inspection and maintenance to safeguard these aging assets and run them at high capacities have created a huge demand for NDT equipment globally. According to the INGAA, more than 60.0% of all active U.S. pipeline infrastructure was installed more than four decades ago.

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Global Nondestructive Testing Equipment Market Segmentation
The nondestructive testing equipment market has been segmented into the testing method, technique, industrial vertical, and region.

By Testing Method (Ultrasonic Testing, Radiography Testing, Visual Inspection Testing, Magnetic Particle Testing & Electromagnetic Testing, Eddy-Current Testing, Liquid Penetrant Testing, and Others)
By Technique (Volumetric Examination, Surface Examination, and Others)
By Industrial Vertical (Oil & Gas, Energy & Power, Aerospace & Defense, Automotive & Transportation, Infrastructure, and Others)
By Region (US, Mexico, Canada, UK, France, Germany, Italy, Spain, China, Japan, South Korea, India, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, Nigeria, Israel, UAE, Brazil, Argentina)
Volumetric examination technique, by techniques, is estimated to hold the largest market share during the forecast period

The non-destructive examination (NDE) techniques include volumetric examination, surface examination, and other techniques. Volumetric examination technique dominates the overall technique market by occupying 61.4% market share of total technique segment revenue. The growth is driven by increasing applications of radiography and ultrasonic testing in different industry verticals.

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The volumetric examination is conducted to investigate internal material defects by methods such as radiography and ultrasonic testing. Radiography and ultrasonic testing are the most used testing methods constituting most of the overall NDT equipment revenue market share in 2017. The growth of volumetric examination will be driven by the increase in applications of radiography and ultrasonic testing methods in various industries such as oil & gas, infrastructures, transportation, energy & power generation, chemicals & petrochemicals, and others.

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North America accounts for the largest market share during the forecast period in the nondestructive testing equipment market

The global non-destructive testing equipment market is segmented into North America, Asia Pacific, Europe, South America, and the Middle East and Africa, based on region. In 2020, 36.94% of market revenue was generated by North America in the global market of nondestructive testing equipment.

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North America is analyzed across the U.S., Canada, and Mexico. North America is one of the major contributors to the global NDT equipment market. Improvements in the NDT process using new technologies have attracted key players of this equipment market from various regions. Construction and manufacturing activity in this region has driven the non-destructive testing equipment market. The rapid growth of power generation, oil and gas, and aerospace and defense industries are the major factors driving the growth in the market. The growth of the non-destructive equipment market in the U.S. is primarily attributed to the increase in demand for power generation and oil and gas industries with new technologies.

Major companies operating in the global non-destructive testing equipment market are Olympus Corporation, SGS SA, Ashtead Technology Inc., Sonatest Ltd., Zetec Inc., Intertek Group PLC, General Electric, Mistras Group, Nikon Metrology Inc., and Carestream Health.

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