Exploring the Non-Destructive Testing Equipment Market: Estimated Worth of US$ 31574.6 Million by 2032, Growing at a 6.2% CAGR

The demand for Non-Destructive Testing Equipment Market is projected to increase at a positive CAGR of 6.2% from 2022 to 2032, leading to a market valuation of US$ 31574.6 Million in 2032. The target market will most likely reach an estimated US$ 17324 Million by the end of 2022, driven by an increase in safety regulations for the safe and reliable performance of machines and for quality control purposes. The market for this equipment is anticipated to experience an increase in demand during the forecast period as it is used to evaluate and inspect various aspects of materials, components, and assemblies.

A surge in the number of safety regulations for quality control, safety, and reliable performance of machines is spurring the adoption of non-destructive testing equipment across multiple industry verticals during this period. With a growing emphasis on enhancing the quality and durability of various materials, the demand for non-destructive testing equipment is also anticipated to grow in the international market. A heightened need for maintaining quality and stemming breakdowns has also resulted in increased adoption of non-destructive testing equipment in different end-use industries.

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Furthermore, many vital opportunities are popping up for new-and-old players, alike, to differentiate their product offerings through innovation and competitive prices. In addition, there's a high demand for non-destructive testing equipment in various construction projects as non-destructive testing has become an essential part of the general process. The introduction of automatic and laser-based testing equipment will further open up new growth avenues for the target market.

factors like advancements in electronics, robotics, automation, the development of user-friendly software, and others have made this equipment more attractive to a wide range of end-users. The use of non-destructive testing equipment has been shown to ultimately lessen maintenance and repair costs, thus, driving the demand for the non-destructive testing equipment market during the forecast period.

"High demand in the expanding construction sector will likely propel the global growth of the non-destructive testing equipment market over the forecast period," says an FMI analyst.

Key Takeaways:

• High investment rates will likely hinder the estimated market growth during 2022-2032.

• The non-destructive testing equipment market in North America will hold about 28.5% of the global market share in 2022.

• Europe's non-destructive testing equipment market will account for 23.8% of the market share.

• Power generation activities with the use of shale oil coupled with the surging market competition will bolster growth opportunities for the target market in North America.

• The growth and development of industrial infrastructure will stimulate market prospects in Europe.

• Start-ups in this market are focusing on incorporating novel technologies into their products.

Competitive Landscape

Ashtead Technology, Eddyfi, Fischer Technologies Inc, General Electric, Nikon Corporation, Mistras Group, Olympus Corporation, Sonatest, YXLON International, Zetec, Inc, MME Group, TWI Ltd., among others are some of the major players in the non-destructive testing equipment market profiled in the full version of the report.

Leading market players are keen on utilizing new and advanced technologies to upgrade their product offerings. These businesses also engage in new product releases and product development to gain a competitive edge.

More Insights into Non-Destructive Testing Equipment Market Report

In its latest report, FMI offers an unbiased analysis of the global non-destructive testing equipment market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of end use verticals (petrochemical and pipe, manufacturing applications, government infrastructure, aerospace, automotive, public safety, power generation, others), services (training, inspection, consultation, others), technology (radiography testing, ultrasonic testing, visual testing, magnetic particle testing, liquid penetrant testing, others), and region.

According to the latest FMI reports, based on region, the non-destructive testing equipment market in North America will present substantial growth during 2022-2032. The target market in this region will account for 28.5% of the global market share. The presence of intense market competition and a swell in power generation activities with shale oil, particularly in Canada and the U.S., drive the growth of the non-destructive testing equipment market in North America. Besides, Europe too will demonstrate notable growth by accounting for 23.8% of the global non-destructive testing equipment market shares. Advancing industrial infrastructure will propel the target market growth in this region during the forecast period.

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Key Segments Covered in the Non-Destructive Testing Equipment Industry Analysis

By End Use Verticals:
• Petrochemical and pipe
• Manufacturing applications
• Government infrastructure
• Aerospace
• Manufacturing applications
• Automotive
• Public safety
• Power generation
• Others

By Services:
• Training
• Inspection
• Consultation
• Others

By Technology:
• Radiography Testing
• Ultrasonic Testing
• Visual Testing
• Magnetic Particle Testing
• Liquid Penetrant Testing
• Others

About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.