Pune, July 12, 2024 (GLOBE NEWSWIRE) -- Non-Destructive Testing Market Size & Growth Analysis:
“According to SNS Insider, The Non-Destructive Testing Market size was valued at US$ 20.04 Billion in 2023 and is projected to reach over US$ 38.32 Billion by 2032 with an increasing CAGR of 7.47% Over the Forecast Period of 2024-2032.”
The Non-Destructive Testing (NDT) Market affects to the utilization of specialized techniques for the purpose of assessing the properties of a material, component, or structure devoid of any harm to the same. That is, NDT approaches guarantee the structural integrity and identification of any concealed flaws or faults within the material. The market for brilliant NDT methods such as radiography, ultrasonic, magnetic particle, and liquid penetrant among others is increasing for various reasons: greater industrialization, stricter safety standards, and technological advancements in the realm of NDT.
Overview of the Non-Destructive Testing Market
The growth of the non-destructive testing market is caused by the increasing demand for NDT in the various industries for product quality and safety control. Moreover, another factor contributing to the stimulations is the adoption of automation into the processes taking place at industries and factories that raise the demand for sophisticated flay detection approaches. Policymakers, as well as business owners, are significant drivers of the non-destructive testing market. The development of advanced technologies has resulted in the elaboration of new NDT methods aimed at detecting the maximum number of problems while ensuring the safety of the approaches used. There are also more and more manufacturers in the world, and more policymakers come to see the benefits of NDT, thus promoting the high performance of the technology.
For Instance, according to British Institute, more than 25,000 inspections are made in the UK at factories and on the site to detect various types of flaws and damage in the products, infrastructure, and equipment.
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Major Players Analysis Listed in this Report are:
- 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.
- SGS S.A.
- General Electric
- Ashtead Technology
- Other Players
Non-Destructive Testing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 20.04 Billion |
| Market Size by 2032 | US$ 38.32 Billion |
| CAGR | CAGR of 7.47% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America |
| Key Growth Drivers | • As the price of production grows, a lot more businesses are dependent on eco-friendly energies to generate electrical energy to power all of their processes. |
The global increase in the demand for flaw detection is another factor contributing to the Non-Destructive Testing Market. The growth in the adoption of automation in industrial manufacturing and infrastructure development is one of the major reasons for the demand for flaw-detecting approaches that are used to identify cracks, porosity, and other manufacturing defects in infrastructure and products. As a result, the non-destructive testing market is stimulated by the growing demand in adhering to industrial safety regulations.
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Segmentation Analysis
The services segment accounted for the highest revenue share with over 78% in 2023, and this dominance is expected to continue. The reasons leading to the high penetration of services segment are the huge initial investment needed to acquire NDT equipment and technologies. It is not only the investment capital that is huge but, also the complexity in technology resulting in demanding deployment procedures and installations required for NDT facilities cutting across all end-users. The scarcest NDT’s skilled personnel capable of running NDT operations pose a challenge still limiting the exploration of NDT facilities and technology in many end-user industries worldwide. Outsourcing NDT in many end-users offers cheaper alternatives compared the cost or purchasing and installation of NDT facilities for an end-user.
Ultrasonic testing is considered to be the most popular NDT method, accounting for over 34% of the revenue share in 2023. It uses high-frequency ultrasonic sound waves to inspect and examine the internal structure of a material very carefully. The segment is likely to remain leading on the market because of the robust infrastructure development worldwide. In addition, there are a large number of standards that necessitate the technical inspection of any construction and installation works and infrastructure. The development of ultrasonic testing is highly likely to be driven by the strict regulations that command the performance of NDT on infrastructure development projects.
The manufacturing vertical is the most important segment for the Non-Destructive Testing Market in 2023, and it is estimated to be responsible for more than 23.2% of the share of the revenue. The segment is leading due to the fact that the level of industrial development has a tendency to grow throughout the modern world. In addition, there is a very good chance the manufacturing industry will use more NDT to maintain the machinery equipment that involves heavy usage loads. It is interesting to mention that NDT was historically extensively applied in the oil and gas sector for many purposes.
Non-Destructive Testing Market Key Segmentation:
By Offering
- Services
- Equipment
By Test method
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiographic Testing
By Vertical
- Oil & Gas
- Manufacturing
- Aerospace and Defense
- Construction
- Automotive
- Power Generation
- Others
Key Regional Developments
North America has established itself as the dominant region within the Non-Destructive Testing Market, securing over 38% of the total revenue in 2023. This regional dominance can be ascribed to several factors. Firstly, NDT is recognized as a crucial aspect in various industrial sectors within the region. Secondly, North America boasts a skilled workforce and a robust network of Non-Destructive Testing institutes and training centers. Furthermore, the substantial growth witnessed in the power generation sector across the United States and Canada is a significant contributor to market.
The Asia-Pacific region is anticipated to witness a market growth of approximately 9.5% during the forecast period. This growth is intricately linked to the burgeoning industrial activities and their expanding scope within the region. While the lack of a sufficiently skilled workforce might pose a temporary challenge for local market participants, this is expected to be mitigated in the coming years as a growing number of individuals are receiving training and embarking on careers in the NDT field.
Recent Developments
In February 2023: Sonatest collaborated with Echobolt, a UK-based service provider specializing in operations and maintenance. This collaboration leverages Sonatest's advanced hardware solutions with Echobolt's innovative services to offer Phased Array Ultrasonic Technology (PAUT) to the wind industry. This technology provides a solution for inspecting bolts within wind turbine.
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Key Takeaways
- The increase in focus on industrial safety and the development of infrastructure is driving the demand for non-destructive testing services in various industries. This necessitates the adoption of non-destructive testing techniques to achieve specific goals effectively.
- Technological advancements have propelled growth in the NDT market by leading to the development of more advanced and user-friendly non-destructive testing equipment and techniques. As a result, all industrial players are increasingly adopting non-destructive testing services to ensure their continued growth.
- The increasing emphasis on sustainability as a current goal has been a major driver of non-destructive testing as an effective technique for the evaluation of assets, making informed decisions on their repair or replacement.
- The tendency to use lighter materials in different industries also drives the development of several non-destructive testing techniques that are specialized to evaluate such materials.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Non-Destructive Testing Market Segmentation, By Offering
8. Non-Destructive Testing Market Segmentation, By Test Method
9. Non-Destructive Testing Market Segmentation, By Vertical
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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