Press release
Meticulous Research® Unveils Exclusive Insights: Non-destructive Testing (NDT) Services Market Projected to Reach $16.83 Billion by 2030
[Redding, California, March 07, 2024] - Meticulous Research®, a premier provider of in-depth market analysis, has released an exclusive report titled 'Non-destructive Testing (NDT) Services Market by Type (Inspection, Training, Others), Method (Radiographic, Ultrasonic, Others), Application (Flaw Detection, Others), End-use Industry (Oil & Gas, Manufacturing, Others) & Geography-Forecasts to 2030', forecasting substantial growth for the non-destructive testing (NDT) services market, poised to achieve a valuation of $16.83 billion by 2030, at an impressive Compound Annual Growth Rate (CAGR) of 8.9% from 2023 to 2030.Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5118
Empowering Industries with Non-destructive Testing (NDT)
Non-destructive testing (NDT) serves as a pivotal technique embraced by industries worldwide to assess the integrity, quality, and reliability of materials, components, and structures without causing damage. Industries rely on NDT services for flaw detection, dimensional measurement, chemical composition determination, and stress and structure analysis, among others, ensuring adherence to stringent regulatory standards and safeguarding public safety and product quality.
Market Dynamics: Driving Forces and Growth Opportunities
The accelerated adoption of advanced NDT techniques, stringent regulatory standards, and the imperative to evaluate aging infrastructure underpin market growth. However, challenges such as the high cost of NDT services and data security vulnerabilities pose obstacles to market expansion. Nevertheless, the rising significance of calibration and evaluation services and the growing focus on electromagnetic testing underscore untapped growth opportunities in the NDT services landscape.
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Unlocking Growth Opportunities Across Segments
The NDT services market is segmented by type, method, application, end-use industry, and geography, offering a comprehensive view of industry dynamics and growth prospects.
Based on type, the global NDT services market is segmented into inspection services, training services, calibration and evaluation services, equipment rental services, and consulting services. In 2023, the inspection services segment is expected to account for the largest share of the global NDT services market.
However, the calibration and evaluation services segment is expected to record the highest CAGR during the forecast period. The need to keep equipment calibrated as per industry standards and the growing need for equipment calibration to broaden service capabilities for customers is expected to drive the growth of this segment in the coming years. In addition, regular calibration of NDT equipment is essential for accurate measurements and inspections, enabling informed decision-making and maintaining quality standards in operations. Such requirements contribute to the growth of this segment.
Based on method, the global NDT services market is segmented into visual testing, ultrasonic testing, liquid penetrant testing, radiographic testing, electromagnetic testing, acoustic emission testing, and other methods. In 2023, the ultrasonic testing segment is expected to account for the largest share of the global NDT services market.
However, the electromagnetic testing segment is expected to record the highest CAGR during the forecast period. The benefits of electromagnetic testing across end-use industries, the increasing focus of NDT equipment manufacturers in the development of electromagnetic testing equipment, and the growing use of various electromagnetic tests for testing the integrity of aircraft and aircraft parts are expected to drive the growth of this segment in the coming years. In addition, the growing focus of NDT equipment manufacturers on of development of NDT devices is contributing to the growth of this segment. For instance, in November 2022, UniWest (U.S.), a leader in the sensing technology industry, launched an EddyView II portable eddy current flaw detector.
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Based on application, the global NDT services market is segmented into flaw detection, dimensional measurement, chemical composition determination, stress and structure analysis, and physical properties estimation. In 2023, the flaw detection segment is expected to account for the largest share of the global NDT services market.
Moreover, the flaw detection segment is expected to record the highest CAGR during the forecast period. The increasing use of NDT testing in manufacturing for flaw detection due to extreme temperatures, stress, fatigue, and dynamic loads, and the implications and increasing initiatives of companies for the development of NDT equipment for flaw detection, is expected to drive the growth of this segment in the coming years. In addition, various NDT equipment manufacturers are focusing on the development of NDT devices for the detection of flaws. For instance, in June 2020, Eddyfi Technologies launched its PAUT flaw detector with TFM.
Based on end-use industry, the NDT services market is segmented into oil & gas, aerospace, power generation, healthcare and medical devices, manufacturing, military and defense, supply chain and transportation, public infrastructure, water and waste management, and other end-use industries. In 2023, the manufacturing segment is expected to account for the largest share of the global NDT services market.
Based on geography, the NDT services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global NDT services market. However, the Middle East & Africa is expected to record the highest CAGR during the forecast period. Factors such as the region's leading position in the oil and gas industry, government focus on increasing production of oil and gas, growing integration of robots for inspection of oil and gas infrastructure, stringent regulations for inspection of oil & gas industry assets and infrastructure are expected to drive the growth of the NDT services market in the coming years.
Quick Buy - Non-destructive Testing (NDT) Services Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/88811880
Key Players:
Some of the key players operating in the NDT services market are 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).
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