Fort Collins, Colorado, April 11, 2024 (GLOBE NEWSWIRE) --
Rising Focus on Quality Standards in Manufacturing Industries fuels the NDT industry.
The growing focus on safety and quality standards across diverse industries such as aerospace, automotive, manufacturing, and construction has prompted the implementation of stringent regulatory frameworks. For instance, in the aerospace sector, the Federal Aviation Administration (FAA) mandates comprehensive testing procedures to ensure the safety and reliability of aircraft components. Compliance with such standards necessitates adopting Non-Destructive Testing (NDT) techniques to identify flaws and defects in critical components.
Furthermore, the growing emphasis on asset management and predictive maintenance drives the expansion of the non-destructive testing market. Industries increasingly recognize the importance of proactive maintenance strategies to minimize downtime, optimize asset performance, and reduce operational costs. NDT plays a pivotal role in asset management by facilitating early detection of defects, corrosion, and structural weaknesses in equipment, pipelines, and infrastructure. For instance, in the oil and gas sector, advanced NDT methods like ultrasonic testing (UT) and magnetic particle inspection (MPI) help identify potential integrity issues in pipelines, thus averting costly failures and environmental hazards.
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Segmentation Overview:
The non-destructive testing (NDT) market has been segmented into offering, testing technology, end-use, and region.
The oil and gas segment accounted for a significant market share in 2023.
- The end-user industry segment is further categorized into oil and gas, power and energy, construction, automotive and transportation, aerospace, defense, and others. The oil and gas segment leads the market growth. Equipment safety, integrity, and reliability requirements are expanding, as is the importance of various environmental protection laws and regulations.
Ultrasonic testing is a widely adopted NDT technique.
- Based on testing technology, the non-destructive testing market comprises radiography testing, ultrasonic testing, magnetic particle testing, liquid penetrant testing, visual inspection testing, eddy current testing, and other testing technologies. Ultrasonic testing is one of the most widely used NDT techniques, particularly for inspecting materials and components made of metals, composites, and plastics.
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Non-destructive Testing (NDT) Market Report Highlights:
- The non-destructive testing (NDT) market growth is anticipated at a CAGR of 7.2% by 2032.
- Technological innovations have significantly enhanced the capabilities and efficiency of NDT methods, further creating substantial growth opportunities.
- North America dominated the non-destructive testing (NDT) market share due to its advanced industrial infrastructure, stringent regulations regarding safety standards, and a strong focus on technological innovation.
- Some prominent players in the non-destructive testing (NDT) market report include Previan Technologies, Inc., Bureau Veritas, Fischer Technology Inc. (Helmut Fischer), MISTRAS Group, Comet Group (YXLON International), MME Group, TWI Ltd., Nikon Corporation, Olympus Corporation, Sonatest, Acuren, Intertek Group plc, CREAFORM, Vidisco Ltd., and SGS S.A
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