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With 9.6% CAGR, NDT and Inspection Market Growth to Surpass USD 18.4 billion

05-23-2024 08:59 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

With 9.6% CAGR, NDT and Inspection Market Growth to Surpass USD

The NDT and inspection market is expected to reach USD 18.4 billion by 2029 from USD 11.6 billion in 2024, at a CAGR of 9.6% during the 2024-2029 period.

One of the key drivers in the NDT and Inspection market is elevated demand for NDT and Inspection solutions driven by increased adoption in electronics, automation, and robotics industries. Non-Destructive Testing (NDT) finds application throughout the manufacturing lifecycle, from production to in-service equipment. In manufacturing, NDT inspections ascertain the fitness of parts for their intended function, ensuring they meet specific longevity or cycle requirements. During operations, NDT inspections assess equipment's current state, monitor damage mechanisms, and guide decisions for evaluating the remaining equipment's life. The global rise in awareness of industrial NDT and inspection methods employed to extend equipment lifespan, enhance production efficiency, and improve product quality has led to a surge in demand for NDT and inspection equipment and services.

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Key sectors like electronics, automation, and robotics are becoming pivotal revenue generators for companies providing NDT and inspection solutions. Automated robotic inspections offer diverse benefits, ranging from integrating NDT techniques into manufacturing complex components to periodic overhauls of large structures in petrochemicals and aerospace. The increased adoption of robotics across various industries, such as medical, electronics, and automation, has opened new avenues for NDT and inspection applications.
Factors like the rise of automated NDT and inspection equipment and the miniaturization of electronic products are contributing to the global growth of the NDT and inspection market. Automated tools are preferred in large-scale industries because they provide accurate results quickly, particularly in sectors like power generation, energy, mining, and aerospace. The increasing adoption of NDT and inspection equipment across service industries is poised to propel market growth in the coming years.

Based on technique, the ultrasonic testing technique is projected to lead the market. Ultrasonic testing, uses high-frequency sound energy to scrutinize and assess defects, stands as the most dependable and widely employed technique for object testing. Its widespread adoption by numerous firms is propelling the growth of the NDT and inspection market. Across various industries, ultrasonic testing plays a pivotal role in quality control for concrete materials. It provides essential information on evaluating detected flaws, encompassing thickness, dimensional measurements, depth, and identifying flaws within inspected components or high-speed rotating engine parts.

Based on service, the training services are projected to grow at the highest CAGR. The NDT training services market is experiencing a surge in demand driven by the increased need for NDT and inspection equipment. The operation of such equipment requires skilled technicians, and in recent years, there has been a shortage of qualified NDT technicians, particularly in countries like the US and Canada. This scarcity is accentuated by the shift from radiography testing to phased array ultrasonic testing (PAUT) for weld inspections.

Based on method, the volumetric inspection method is projected to lead the NDT and inspection market. Volumetric inspection is employed to detect both surface and internal defects and assess the structural integrity of components. The welding process may introduce internal defects that are not visible through visual inspection, potentially compromising weld strength and leading to issues like fatigue cracks or corrosion.

Various techniques, such as ultrasonic testing, radiographic testing, and acoustic emission testing, are applied in volumetric inspection to scrutinize a diverse range of components crafted from different materials. Key industry players like Olympus Corporation (Japan), GE Inspection (US), Gammatec NDT (South Africa), and Ashtead Technology (Scotland) offer advanced volumetric testing equipment and services.

Based on vertical, the manufacturing end-user vertical is expected to grow at the highest CAGR as NDT and inspection methodologies find extensive application in the manufacturing sector to validate the integrity of produced components. Primarily utilized for preventive maintenance, failure analysis, and post-care evaluations, these techniques play a crucial role in ensuring the continuous and secure operation of diverse equipment. Consumer durables, non-durables, electronic components, and equipment must undergo regulatory standard testing before entering the market. Industries like mining, iron foundry, piping, tube manufacturing, heavy engineering, agriculture, and metals are experiencing a notable demand for NDT and inspection equipment and services to monitor regular damages and conduct inspections based on specific parameters and standards.

Based on Region, the North America region is projected to lead the NDT and inspection market by having the largest market share in the forecast period. The North American market has been segmented into the US, Canada, and Mexico. Increased construction and manufacturing activities in the region have led to a heightened demand for NDT and inspection techniques. The rapid expansion of key industries such as automotive, power generation, oil & gas, and aerospace is a primary driver for the widespread adoption of NDT equipment and a surge in demand for associated services in North America. Within the public infrastructure sector, the demand for NDT equipment and inspection services is expected to rise, given the numerous ongoing construction projects. Notably, power plant construction endeavors like Vogtle 3 present lucrative opportunities for players in the NDT and inspection market, particularly those offering services and equipment to the power generation vertical. In the automotive industry, manufacturers of electric cars leverage NDT techniques for tasks such as dimensional measurement and vibration analysis of vehicle components.

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Key players in the NDT and Inspection market are General Electric (US), MISTRAS Group (US), Olympus Corporation (Japan), Ashtead Technology (Scotland), Nikon Metrology NV (UK), SGS Société Générale De Surveillance SA, (Switzerland), Magnaflux (US), Eddyfi Technologies (Canada), Sonatest (UK), Intertek Group plc (UK), Applus+ (Spain), Bureau Veritas (France), Comet Group (Switzerland), TUV Rheinland (Germany), FISCHER TECHNOLOGY INC. (US), Acuren (US), CREAFORM (Canada), Vidisco Ltd. (Israel), DEKRA (Germany), Team, Inc. (US), Labquip NDT (US), Cygnus Instruments Ltd. (UK), FPrimeC Solutions Inc. (Canada), Carestream Health (US), and Element Materials Technology (UK).

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