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NDT Services Market Report 2024 - Non-Destructive Testing Market Size, Trends, And Opportunities
NDT Services Market
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According to The Business Research Company's, The ndt services market size has grown rapidly in recent years. It will grow from $14.84 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to infrastructure development, skills development, environmental concerns, cyclical industry trends.
The ndt services market size is expected to see strong growth in the next few years. It will grow to $23.75 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to aerospace industry growth, renewable energy expansion, safety and quality assurance, digitalization and industry 4.0 integration, cost-effective solutions. Major trends in the forecast period include market consolidation, focus on asset management, quality assurance requirements.
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Market Drivers and Trends:
Increasing oil and gas projects is expected to propel the growth of the NDT services market going forward. Oil and gas project refer to a comprehensive undertaking that involves the exploration, extraction, processing, and production of oil and natural gas resources. The oil and gas industry expands and evolves, the need for regular inspections and quality assurance through NDT services. according to EIA, (Energy Information Administration) the rapid pace of technical improvement in the oil and gas industry will result in higher per well recoveries and the shales gas output. The percentage of natural gas will rise from 34% to 39% by 2050 due to increased drilling activity. Therefore, an increase oil and gas projects is driving the growth of the NDT services market.
Technological advancements have emerged as a key trend gaining popularity in the NDT services market. Major companies operating in the NDT services market are focused on innovating new technologies to sustain their position in the market. For instance, in October 2022, ICR Integrity, a UK-based company operating in NDT services, unveiled a new innovative NDT technique, INSONO, for the inspection of composite repairs applied to metallic components. This technology has been developed to validate the condition and integrity of composite repairs that provide operators with assurance in the application and long-term performance. This can also detect defects within the composite material and reductions in the steel substrate.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Mistras Group Inc., Olympus Corporation, Nikon Metrology NV, TÜV Rheinland Group, Intertek Group plc, TEAM Inc., General Electric Company, Ashtead Technology Ltd., Zetec Inc., Yxlon international GMBH, ALS Limited, Applus+, Bureau Veritas SA, Dekra SE, Fischer Technologies Inc., Previan Technologies, SGS SA, Det Norske Veritas, Registro Italiano Navale, NDT Global Limited, NDT Kit Inc., NDT Systems Inc., Sonatest plc, Eddyfi Technologies Inc., HMT Inspection Inc., NDT Solutions Inc., Carl Zeiss Industrial Metrology GmbH, American Bureau of Shipping, Lloyd's Register, NDT Services Limited
NDT Services Market 2024 Key Insights:
• The ndt services market size is expected to see strong growth in the next few years. It will grow to $23.75 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Green Power Surge Accelerating Ndt Services Market Growth Through Increased Renewable Energy Utilization
• Innovative Horizons Transformative Technological Advances In The Ndt Services Market
• North America was the largest region in the NDT services market share in 2023
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