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Non-Destructive Testing (NDT) And Inspection Global Market Report 2024 To 2033 | SGS Group, TEAM Inc., Applus Services, Baker Hughes Company, Mistras Group Inc., Acuren Inspection Inc
Non-Destructive Testing (NDT) And Inspection Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Seegene Inc, DiaSorin SpA, Thermo Fisher Scientific Inc, Bio-Rad Laboratories Inc, Qiagen NV, Abcam Plc, PerkinElmer Inc, Hologic Corporation, Meso Scale Diagnostics, Merck KGaA, Roche Diagnostics India Pvt Ltd, bioMérieux India, Becton Dickinson Private Limited, Danaher Corporation, Johnson & Johnson, Simens Healthcare, Beckman Coulter Inc. India, Ortho Clinical Diagnostics, Sysmex Corporation, Siemens Healthineers Ukraine, TestLine Clinical Diagnostics s.r.o., Cepheid, F. Hoffmann-La Roche Ltd., Hologic, Bayer AG, Cantel Medical Corporation, Meridian Bioscience, Dexcom Inc., Medtronic Inc., Senseonics Holdings Inc., Adavium Medical, DK Diagnostics, Crosmed, Ortopedia Alemana, Simed, Ab Enzymes Gmbh, Bluestar Adisseo Co., BASF SE, Chr. Hansen Holding, Novozymes, BiotechAfrica, Faizyme Laboratories, Alere Inc., Bangs Laboratories Inc, The Merck Group, Takara Bio Inc, Qiagen, Spherotech Inc, Geneaid Biotech Ltd, Rockland Immunochemicals Inc, GenScript Biotech Corporation
Non-Destructive Testing (NDT) And Inspection Market 2024 Key Insights:
• 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%.
• Global Industrialization And Urbanization Fueling Growth In Ndt And Inspection Market
• Technological Advancements Drive Evolution In The Ndt And Inspection Market
• North America was the largest region in the NDT and inspection market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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