NDT and Inspection Market Growth, Analysis, Latest Trends and Forecast till 2028

The NDT and Inspection market size is estimated to be USD 10.3 billion in 2023 and projected to reach USD 18.5 billion by 2028, at a CAGR of 10.1% during the forecast period.
The market is driven by factors such as the large-scale infrastructural developments in Asia-pacific, Europe, and South America, increased demand for NDT in the power generation sector, technological advancements in NDT, and inspection techniques with the rise of new applications.

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The UT and the RT segments account for significant shares of the NDT and inspection market as these techniques can identify several defects in test objects in terms of weld cracks and thickness variations, even in the active phase of the assembly line of every industry, including steel, metallurgy, manufacturing, aerospace, infrastructure, power generation, automotive, and transportation. The magnetic and electromagnetic testing methods test flaws in raw materials and machine parts.

The Inspection Services are useful for fixing defective components in the initial stage rather than detecting them later. The defect detection process using NDT technology can be carried out at an earlier stage instead of wasting time and money on further processing faulty materials; it also helps maintain the uniform standard and quality of a product. It not only ensures the prevention of calamities but also endorses the safety of workers and equipment.

The market for visual testing for the method type segment of the NDT and Inspection market tends to hold a significant market share owing to its ease and convenience. Visual testing is the most widely used method of NDT. It is the cheapest NDT method and is applicable to all stages of construction and manufacturing plants.

Based on vertical, power generation contributes to a larger market share owing to the increasing need for public safety and rising government advisories and regulations for the same. As in power generation plants, safety should be highest; hence, regular inspections should be carried out. This need for testing and inspection leads to a higher market share of this sector in the NDT and Inspection market.

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Based on region, the NDT and Inspection market has been divided into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The market in North America holds the largest market share owing to the already established technological advancements in the region, such as in power generation, automotive, public infrastructure, etc. The US is one of the largest markets for NDT and inspection techniques and services in North America. The NDT and inspection market in the US is expected to witness lucrative growth because of the increasing defense spending and growing aircraft production. The automotive industry in the US has recorded phenomenal growth in the previous decade. Power generation (especially the nuclear energy sector) and oil & gas industries in the US are evolving rapidly, witnessing a high demand for NDT and inspection equipment and services in the country.

News also Covered: https://www.prnewswire.com/news-releases/ndt-and-inspection-market-worth-18-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301716283.html

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This release was published on openPR.