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Global Non-Destructive Testing (NDT) And Inspection Market: Projected Growth Rate and Key Growth Drivers In Focus
Non-Destructive Testing (NDT) And Inspection Market
Surge in Urbanization and Investments in Aerospace & Oil Industry Significantly Driving the NDT and Inspection Market
What Is The Projected Market Size Of The Global Non-Destructive Testing (NDT) And Inspection Market And Its Growth Rate?
The Non-Destructive Testing (NDT) And Inspection Market has been experiencing a robust growth with following key figures:
•2024 Market Size: $9.61 billion
•2025 Market Size: $10.35 billion (7.7% CAGR)
•2029 Market Size: $14.12 billion (8.1% CAGR)
The key growth drivers for these projections are the rising urbanization, increased R&D activities, and a growing demand for NDT inspection services for power generation.
What Is Driving The Growth In The Non-Destructive Testing (NDT) And Inspection Market?
A significant propellant to the growth of the NDT and inspection market is the rapid industrialization and urbanization across the world. As per UN Trade and Development, the world's urban population surged by 56.9 billion in 2022. This environment catalyses manufacturing industries, such as aerospace sector, to invest in NDT and inspection services for quality inspections, infrastructure failure detections and more, thereby aiding in market growth.
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Who Are the Key Players Driving Non-Destructive Testing (NDT) And Inspection Market Growth?
•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
What Are The Key Trends In The Non-Destructive Testing (NDT) And Inspection Market?
Key trends driving 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
•Product innovations
What Are The Segments Of The Global Non-Destructive Testing (NDT) And Inspection Market?
•By Technique: Magnetic Particle Testing, Ultrasonic Testing, Visual Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, Other Techniques
•By Method: Visual Inspection, Surface Inspection, Volumetric Inspection, Other Methods
•By Vertical: Manufacturing, Oil and Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Other Verticals
Which Region Leads The Non-Destructive Testing (NDT) And Inspection Market?
Leading the NDT and inspection market as of 2024, North America, alongside other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa, have been observed to contribute significantly to the market.
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What Is Covered In The Non-Destructive Testing (NDT) And Inspection Market Global Market Report?
- Market Size Analysis: Analyze the Non-Destructive Testing (NDT) And Inspection Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Non-Destructive Testing (NDT) And Inspection Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Non-Destructive Testing (NDT) And Inspection Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Non-Destructive Testing (NDT) And Inspection Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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