New York, United States, July 14, 2022 (GLOBE NEWSWIRE) -- The non-destructive testing or NDT equipment performs a thorough and detailed inspection of materials, models, structures, components, etc. This examination of the materials is done to get a clear picture of the condition of that inspected material. Non-destructive testing is performed without destroying or damaging the material, through which the various properties of the material are examined, and defects or defaults are identified, if any. This helps the user to look for changes that could be done if the material is faulted or any repairment that could be made for the same.
The process which is involved in the testing of the materials includes inspection, evaluation of the material, then an examination of any default or disparity in its functioning so as it does not hamper the performance of the material in the future. The process of examination is completed without hampering any of the material’s parts. Such non-destructive evaluation plays a vital role in the procurement of an efficient, long-lived design of the material.
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Growing Demand to Maintain the Aging Infrastructure and Strict Regulations to Maintain Safety
Nowadays, with growing infrastructural development taking place around the globe, the various economies also implement several stringent measures to ensure the safety of those buildings and infrastructures. Regular checks of the same are to be done, which include strength evaluation, fire safety, etc.
This increased necessity for safety measures of the infrastructures urges the industries to use non-destructive testing equipment to check for any damage or default. Especially for areas of construction, defence and aerospace, military, it is extremely important to make sure that the equipment is safe for use, no damage is done to the materials in use, or any renovation is required. Such measures cannot be overlooked. Therefore, it pushes the industry into demanding more non-destructive testing equipment for the examination of their material.
Another factor that drives the growth of non-destructive testing equipment market is the regular maintenance of aging infrastructure. The older infrastructures require regular maintenance than other newly developed infrastructures. Hence, companies generally spend more on non-destructive testing equipment to ensure the operational and structural integrity of existing structures, as this equipment does not harm any of the infrastructure’s parts and examines it thoroughly.
Report Scope
| Report Metric | Details |
| Market Size | USD 4.02 Billion by 2030 |
| CAGR | 7% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By End-User, By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Olympus Corporation, Baker Hughes, Yxlon International Gmbh (Comet Holding Ag), OkoNDT Group, Applus Services, Mistras Group, Inc., Fujifilm Corporation, Bureau Veritas S.A., Nikon Metrology NV, Intertek Group Plc., Innospection Limited. |
| Key Market Opportunities | Increase in use of advanced Non-Destructive Testing Equipment |
| Key Market Drivers | Aging Infrastructure and their Advancing Need for Maintenance Stringent Measures Mandating Safety |
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Impact of COVID-19
With the outbreak of noble coronavirus, the Non-Destructive Testing Equipment Market witnessed declined demand. The nations across the globe were put under lockdowns with strict social distancing norms. This resulted in the breakage of the supply chain and disruption in the end-user industries like construction, power generation, oil and gas, automotive, etc.
These declines in the industries were made due to the ease of operation during the Covid era. Workers were not allowed to continue the operations, and all the markets and players were forced to shut down their operations, and thus it reduced the demand for the non-destructive testing equipment. Infrastructural projects were put on delay, growing demand for electricity fell, expansion projects slowed down, oil and gas companies cut down their investments due to the depressed oil prices during Covid, and even the companies operating in the non-destructive testing equipment market faced issues relating to lack of site access, all such factors brought negative repercussions upon the non-destructive testing equipment market.
Post the Covid era, the market made gradual improvement, complying with the WHO COVID-19 guidelines, businesses were allowed to resume their operations, which hiked the market. As activities started resuming in construction, manufacturing, and power generation, it also made the non-destructive testing equipment market back on track.
Regional Insights
Among all other regions, North America and Asia-Pacific held the largest revenue share in the global non-destructive testing equipment market.
With an expected revenue generation of USD 1815 million at a CAGR of 8% by the year 2030, North America holds the largest share.
The United States and Canada contribute the most to the growing share of the market. This region has some of the major market players with extensive research and developmental activities that result in wide-scale usage of non-destructive testing equipment. After the hit of Covid 19, the region saw a significant rise in the pharmaceutical, retail, and agriculture segments of the economy, pushing the demand for non-destructive testing equipment further. The region also comprises the most significant market for non-destructive testing equipment in the world for the aviation and defense sector. These factors lead to the demand for non-destructive testing equipment in the region.
The Asia-Pacific region is expected to have a market share of USD 1093 million by 2030 at a CAGR of 9%. Asia-Pacific has some of the most advanced and advancing nations in the world. This contributes to the growing need for non-destructive testing equipment for various applications in the economies. China contributes to this number the most, the country is the world’s largest producer of electricity, and ultimately a developing world would need to consume more energy, thereby provoking the growth in energy production. Non-destructive testing equipment in nuclear and renewable segments will gradually grow extensively in upcoming years. Such factors will push the growth of the non-destructive testing equipment market during the forecast period.
Key Highlights
- The ultrasonic test equipment segment is expected to show further rise during the forecast period, moving from USD 616 million in 2021, to USD 1121 million by 2030 at a CAGR of 7%
- The radiography test equipment segment likely to grow from USD 525 million in 2021, to USD 1120 million at a CAGR of 9%.
- The oil and gas segment to be valued at USD 796 million in 2021 to USD 1466 million by 2030 at a CAGR of 7%.
- The power and energy segment to be valued at USD 705 million at a CAGR 7% by 2030.
- North America to remain at top among the regional markets with USD 1815 million growing at a CAGR of 8% by 2030.
- The Asia-Pacific market to grow at a CAGR of 9%, will reach a valuation of USD 1093 million by 2030.
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Competitive Players in the Non-Destructive Testing Equipment Market
- Olympus Corporation
- Baker Hughes
- Yxlon International Gmbh (Comet Holding Ag)
- OkoNDT Group
- Applus Services
- Mistras Group, Inc.
- Fujifilm Corporation
- Bureau Veritas S.A.
- Nikon Metrology NV
- Intertek Group Plc.
- Innospection Limited.
Non-Destructive Testing Equipment Market: Segmentation
By Technology
- Radiography Testing Equipment
- Ultrasonic Testing Equipment
- Magnetic Particle Testing Equipment
- Liquid Penetrant Testing Equipment
- Visual Inspection Equipment
- Eddy Current Equipment
- Other Technologies Equipment
By End-Users
- Oil and Gas
- Power and Energy
- Aerospace and Defense
- Automotive and Transportation
- Construction and the
- Other End-user Industries
By Region
- North America
- Asia-Pacific
- Middle East and Africa
- Europe
- Latin America
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Non-Destructive Testing Equipment Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Technology Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Radiography Testing Equipment
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Ultrasonic Testing Equipment
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Magnetic Particle Testing Equipment
5.4.1 Market Size & Forecast (Value & Volume)
5.5 Liquid Penetrant Testing Equipment
5.5.1 Market Size & Forecast (Value & Volume)
5.6 Visual Inspection Equipment
5.6.1 Market Size & Forecast (Value & Volume)
5.7 Eddy Current Equipment
5.7.1 Market Size & Forecast (Value & Volume)
5.8 Other Technologies Equipment
5.8.1 Market Size & Forecast (Value & Volume)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Oil and Gas
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Power and Energy
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Aerospace and Defense
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Automotive and Transportation
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Construction and the
6.6.1 Market Size & Forecast (Value & Volume)
6.7 Other End-user Industries
6.7.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Olympus Corporation
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Baker Hughes
8.5 Yxlon International Gmbh (Comet Holding Ag)
8.6 OkoNDT Group
8.7 Applus Services
8.8 Mistras Group Inc
8.9 Fujifilm Corporation
8.10 Bureau Veritas S.A
8.11 Nikon Metrology NV
8.12 Intertek Group Plc
8.13 Innospection Limited
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/non-destructive-testing-equipment-market/toc
Market News
- 2021 March, Zetec Inc. launched a scanner named ElbowFlex for detecting flow accelerated corrosion and for measuring wall thickness on pipe elbows.
- Olympus Corporation launched RollerFORM XL scanner to accelerate inspection of composite components.
- April 2022, Applus Services acquired IDV and will operate its three statutory vehicle inspection stations in Madrid.
News Media
Increasing Defense Expenditure to Drive the Military Land Vehicles Market Growth
World’s Largest Aerospace and Defense Companies
Growth of Air Passenger Traffic & Mushrooming Civil and Military Airports to Drive the Adoption of Non-Directional Radio Beacons
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