Non-Destructive Testing (NDT) Services Market to be Worth $16.83 Billion, at a CAGR of 8.9% by 2030

[Redding, California, January 25, 2024] - Meticulous Research®, a leading provider of market intelligence, has released its comprehensive analysis of the global Non-Destructive Testing (NDT) services market, highlighting its robust growth trajectory and the factors driving its expansion. The market is projected to surge at a remarkable CAGR of 8.9%, reaching a valuation of $16.83 billion by the year 2030, according to the report published recently.

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Non-destructive testing (NDT), encompassing non-destructive inspection (NDI) and non-destructive evaluation (NDE), stands as a pivotal technique employed by industries to meticulously evaluate the properties of materials, components, structures, or systems, ensuring the detection of characteristic differences and welding defects without causing any damage. Industries across the spectrum procure NDT services for various critical purposes, including flaw detection, dimensional measurement, chemical composition determination, stress and structure analysis, and physical properties estimation for their assets.

The growth of the NDT services market is attributed to stringent regulatory standards imposed by governments, emphasizing public safety and product quality. The increasing imperative to assess the structural integrity of aging infrastructure and assets further propels market expansion. Advanced NDT techniques are gaining significance in the industrial sector, driving the overall growth of the market. However, the market faces challenges due to the high cost associated with NDT services.

Despite challenges, the market presents ample opportunities fueled by increasing investments in infrastructure projects in developing economies and a rising trend towards outsourcing NDT processes. Nonetheless, challenges such as a shortage of skilled workforce and the growing complexity of machines and structures act as impediments to market growth. Prominent trends in the NDT services market include the growing use of robots for NDT and the integration of AI technology into the NDT process.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/non-destructive-testing-services-market-5118

The global NDT services market is extensively segmented based on type, method, application, and end-use industry. Noteworthy segments include inspection services, training services, calibration and evaluation services, equipment rental services, and consulting services. The market's method segmentation covers visual testing, ultrasonic testing, liquid penetrant testing, radiographic testing, electromagnetic testing, acoustic emission testing, and other methods. Furthermore, the study evaluates industry competitors and conducts a thorough analysis at regional and country levels.
In 2023, the ultrasonic testing segment is anticipated to dominate the global NDT services market, accounting for the largest market share. This dominance is attributed to its superior accuracy in detecting internal faults and thickness measurement, especially in parallel surfaces and the growing use of ultrasonic testing for pipeline evaluation.

The electromagnetic testing segment, on the other hand, is projected to record the highest CAGR during the forecast period. Its growth is driven by the benefits it offers across various end-use industries, increased focus on the development of electromagnetic testing equipment by NDT equipment manufacturers, and the growing application of electromagnetic tests in ensuring the integrity of aircraft and aircraft parts.

Geographically, Asia-Pacific is expected to hold the largest share of the global NDT services market in 2023, owing to increasing industrialization, a surge in power generation projects, and the growing need for inspection services in the oil and gas industry. However, the Middle East & Africa is anticipated to register the highest CAGR during the forecast period due to its leading position in the oil and gas industry and stringent regulations governing the inspection of industry assets.

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Key Players in the NDT services market include SGS SA (Switzerland), Bureau Veritas (France), DEKRA SE (Sweden), Intertek Group plc (U.K.), TÜV Rheinland (Germany), MISTRAS Group, Inc. (U.S.), TEAM, Inc. (U.S.), Waygate Technologies (Germany), Element Materials Technology (U.K.), Applus Services, S.A. (Spain), TÜV SÜD AG (Germany), Acuren (U.S.), Applied Technical Services, LLC (U.S.), Siemens Energy AG (Germany), PTS Group (U.K.), Vertech Group (Australia), TWI Ltd. (U.K.), NDT Group Inc. (Canada), Axess AS (Norway), Control Union (Netherlands), and Testia (France).

Mr. Khushal Bombe
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This release was published on openPR.