Press release
NDT Services Market: Major Trends Reshaping the Future of the Industry
NDT Services
What Will the NDT Services Industry Market Size Be by 2025?
The market size of ndt services has seen a swift expansion in the past few years, and it is projected to escalate from $16.3 billion in 2024 to $18.02 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.6%. The substantial growth during the historic period can be credited to aspects such as infrastructure advancement, talent enhancement, environmental concerns, along with cyclical industry trends.
What's the Long-Term Growth Forecast for the NDT Services Market Size Through 2029?
The market size for ndt services is predicted to witness substantial expansion in the coming years, escalating to a figure of $26.15 billion by 2029 with a 9.8% compound annual growth rate (CAGR). The predicted growth during the forecast period is credited to factors such as the development of the aerospace industry, expansion of renewable energy, focus on safety and quality assurance, digitalization, and the integration of industry 4.0 as well as cost-effective solutions. Key trends for the forecast period include a consolidation of the market, increased emphasis on asset management, and quality assurance requirements.
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What Are the Key Growth Drivers Fueling the NDT Services Market Expansion?
The rising demand for renewable energy resources is forecasted to boost the NDT services market's expansion. Renewable energy is derived from naturally replenishing resources that redevelop faster than their rate of consumption. Non-destructive testing plays a vital role in renewable energy production, for example in the examination of wind turbines via sound waves. Reportedly in 2022, India experienced the most significant annual growth in additional renewable energy resources at 9.83%, according to Invest India, the National Investment Promotion and Facilitation Agency. As a result, the escalating consumption of renewable energy resources is fueling the NDT services market's growth.
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What Are the Key Trends Driving NDT Services Market Growth?
In the NDT services market, technological innovations stand out as a significant trend, earning widespread acceptance. Many leading companies in this market are pouring resources into creating new technologies to maintain their competitiveness. As proof of this, ICR Integrity, a company from the UK offering NDT services, launched an innovative NDT method - INSONO - in October 2022. This approach is used for inspecting composite repairs done on metallic elements. The specific tech aids in verifying both the condition and integrity of composite repairs, providing operators with confidence about their application and enduring performance. Moreover, it can spot defects in the composite material and any reduction in the steel substrate.
How Is the NDT Services Market Segmented?
The ndt servicesmarket covered in this report is segmented -
1) By Type: Inspection Services, Equipment Rental Services, Training Services, Calibration Services
2) By Testing Technique Model: Visual Inspection, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission, Terahertz Imaging
3) By Vertical Type: Manufacturing, Oil And Gas, Aerospace, Government Infrastructure And Public Safety, Automotive, Power Generation, Other Verticals
Subsegments:
1) By Inspection Services: Visual Inspection, Ultrasonic Testing, Radiographic Testing, Magnetic Particle Testing, Eddy Current Testing
2) By Equipment Rental Services: NDT Inspection Equipment Rental, Calibration Equipment Rental
3) By Training Services: NDT Certification Training, In-House Training Programs, Online Training Courses
4) By Calibration Services: Instrument Calibration, On-Site Calibration, Laboratory Calibration
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Which Companies Are Leading the Charge in NDT Services Market Innovation?
Major companies operating in the NDT services market are 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
Which Regions Are Leading the Global NDT Services Market in Revenue?
North America was the largest region in the NDT services market share in 2024. The regions covered in the NDT services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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