New York, Feb. 27, 2023 (GLOBE NEWSWIRE) -- “The Non-destructive testing Market size was valued at US$ 18.65 Bn in 2022, and is projected to reach US$ 33.19 Bn by 2030, with a growing healthy CAGR of 7.47% during the forecast period 2023-2030.”
Modern technology for identifying and analyzing material faults is non-destructive testing. Using NDT helps find faults precisely, reducing the risk of product/component failure as well as the cost of component repairs. By addressing probable flaws in advance, NDT speeds up manufacturing. On working equipment as well as during or after manufacture, NDT can be carried out.
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Significant investments in NDT and inspection equipment are a restraint.
The high investment costs for NDT tools and technologies like computed tomography, infrared thermography, radiography, etc. may tend to limit this market's expansion. Some developing and underdeveloped nations cannot afford the high expenses of equipment. This could result in these nations adopting fewer NDT devices, which would result in a decline in equipment uptake.
Key Companies Listed in this Report are:
- Ashtead Technology
- Eddyfi
- Fischer Technologies Inc
- General Electric
- Nikon Corporation
- Mistras Group
- Olympus Corporation
- Sonatest
- Yxlon International
- Zetec Inc.
- MME Group
- TWI Ltd
NDT is becoming more and more in demand in the power generation sector.
The use of NDT and inspection services is anticipated to expand in the global power generation sector. In the power sector, steam turbines, pressure systems, and gas turbines are all inspected using NDT techniques. At nuclear power reactors, rods, tiny valves, waste bins, and waste management equipment are all inspected using NDT techniques. This presents a chance for the market for NDT and inspection to expand. Large-scale infrastructure development projects are taking place in a number of industries in developing nations like China, India, and Mexico, with electricity generation facilities taking centre stage.
Key Market Segmentation Listed in this Report are:
Segment by Offering:
- Services
- Equipment
Segment by Test method:
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiographic Testing
B Segment by y Vertical:
- Oil & Gas
- Manufacturing
- Aerospace and Defense
- Construction
- Automotive
- Power Generation
- Others
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The market is segmented based on testing methods into ultrasonic, magnetic particle, visual inspection, liquid penetrant, radiographic, eddy current, and acoustic emission testing.
The market is segmented by method into volumetric inspection, visual inspection, and surface examination, among others.
In terms of services, the market is divided into those for ultrasonic inspection, calibration, equipment rental, and training.
The manufacturing, oil and gas, aerospace, public infrastructure, automotive, power generation, and other verticals make up the majority of the market's fragmentation.
Almost every industry in the world has been negatively impacted by the COVID-19 pandemic epidemic, including the automobile, construction, aviation, and industrial sectors, among others. Many countries around the world enacted lockdowns as a preventative step to stop the new coronavirus's spread and its ensuing negative effects. The global economy was put under pressure by the broken global supply chain and falling industrial productivity. The fast spread of the virus also interfered with the companies' ability to produce and manufacture goods.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Non-Destructive Testing Market Segmentation, By Offering
9. Non-Destructive Testing Market Segmentation, By Test Method
10. Non-Destructive Testing Segmentation, By Vertical
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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