Press release
Global Non-Destructive Testing (NDT) And Inspection Market: Outlook, Trends, and Growth Analysis 2024-2033
Non-Destructive Testing (NDT) And Inspection Market
Non-Destructive Testing (NDT) And Inspection Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $13.01 billion In 2028 At A CAGR Of 7.7% :
The non-destructive testing (ndt) and inspection market size has grown strongly in recent years. It will grow from $8.97 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing adoption of ndt in the aerospace industry and high demand for ndt methodology in the oil and gas industry.
The non-destructive testing (ndt) and inspection market size is expected to see strong growth in the next few years. It will grow to $13.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rising urbanization, a rise in the research and development activities and growing demand for ndt inspection services for power generation. Major trends in the forecast period include advancements in digital radiography, increasing ultrasonic testing (ut) innovations, increasing use of robotics and automation, use of infrared thermography, focus on digital ndt and data analytics, and product innovations.
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Non-Destructive Testing (NDT) And Inspection Market Major Segments
The non-destructive testing (ndt) and inspection market covered in this report is segmented -
1) By Technique: Magnetic Particle Testing, Ultrasonic Testing, Visual Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, Other Techniques
2) By Method: Visual Inspection, Surface Inspection, Volumetric Inspection, Other Methods
3) By Vertical: Manufacturing, Oil and Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Other Verticals
Key Driver - Global Industrialization And Urbanization Fueling Growth In Ndt And Inspection Market
Rapid growth in industrialization and urbanization across the globe is expected to propel the growth of the NDT and inspection market in the coming years. For instance, according to The International Institute for Environment and Development, the world's urban population increased to 4.4 billion in 2021. The high-pace manufacturing industries including the aerospace sector, are investing in NDT and inspection services for frequent quality inspections, detection of infrastructure failures, and others. The companies are also collaborating with NDT service providers to carry out training to maintain production efficiency by providing high-quality training and education. For instance, according to a statistical report published in August 2022 by Eurostat, a Luxembourg-based publisher of statistics for the European Union, in 2021, the EU's industrial production increased by 8% over the previous year 2020. Furthermore, in 2021, the value of sales for industrial production in the European Union was $5429.08 billion (€5 209 billion), up by nearly 14% from $477.45 billion (€4 581 billion) in 2020. Therefore, the rapid growth in industrialization and urbanization across the globe propels the growth of the NDT and inspection market.
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Prominent Trend - Technological Advancements Drive Evolution In The Ndt And Inspection Market
Technological advancement is a key trend shaping the NDT and inspection market. Major companies operating in the NDT and inspection field are focused on developing technological solutions for NDT and inspection to strengthen their position. For instance, in April 2022, VCxray Inspection Service, an NDT division of VisiConsult, a specialist in industrial X-ray technology, launched x.OS, is an X-ray operating system used for non-destructive testing (NDT). It is an innovative software solution for industrial X-ray inspection.
Non-Destructive Testing (NDT) And Inspection Market Players
Major companies operating in the non-destructive testing (ndt) and inspection market report are SGS Group, TEAM Inc., Applus Services, Baker Hughes Company, Mistras Group Inc., Acuren Inspection Inc., Intertek Group Plc., Bureau Veritas S.A., Yxlon International Gmbh, MME Group, Arora Technologies (P) Limited, Fischer Measurement Technologies (India) Pvt. Ltd., General Electric Company, Nikon Corporation, Olympus Corporation, Magnetec Inspections Inc., Hojin Industrial Co. Ltd., Dan Dong Hua Ri Science Electric Co Ltd., CGN Nuclear Technology Development Co. Ltd., TWI Ltd., Ashtead Technology, Eddyfi UK Limited, TSC Subsea Limited, Sonatest Ltd., Energodiagnostika Co. Ltd, Magnaflux Corp, Scanna MSC, Fprimec Solutions Inc ., Applied Technical Services, TCR Arabia Company, NDT Corrosion Control Services Co., HQTS Group, Sigma Specialized Inspection Co LLC, Pfinder Chemie, Sonatest, Ashtead Technology, Zeiss
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Largest And Fastest Growing Region In The Market
North America was the largest region in the NDT and inspection market in 2023. The regions covered in the non-destructive testing (ndt) and inspection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Non-Destructive Testing (NDT) And Inspection Market Report Structure
3. Non-Destructive Testing (NDT) And Inspection Market Trends And Strategies
4. Non-Destructive Testing (NDT) And Inspection Market - Macro Economic Scenario
5. Non-Destructive Testing (NDT) And Inspection Market Size And Growth
…..
27. Non-Destructive Testing (NDT) And Inspection Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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