New York, US, July 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “NDT Services Market Analysis by Product, Type (Ultrasonic, Radiography, Liquid Penetrant, Magnetic Particle, Eddy-Current, Visual Inspection), Application, Vertical - Forecast Till 2030” valuation is poised to reach USD 23.2 Billion by 2030, registering an 13.5% CAGR throughout the forecast period (2022–2030).
Non-Destructive Testing Services Market Overview
The non-destructive testing services market is garnering significant traction across the globe. The growing need to prevent accidents and promote workers’ safety during overhauling & maintenance drives the market demand. Besides, the rise in demand for improved quality and longevity of machines boosts the market size. The growing adoption of NDT services across the major heavy industries substantiates market revenues.
Non-Destructive Testing Services Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 23.2 Billion |
| Growth Rate | 13.5% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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The proliferation of smart connected devices and the industrial internet of things (IIoT) influence the market growth. Also, stringent government regulations boost the development of the market. Substantial investments in the development of advanced NDT devices impact the growth of the market.
On the other hand, increased penetration of rental and leasing services and fluctuating testing equipment prices are the significant factors projected to obstruct market growth. Nevertheless, the increasing demand for testing methods from manufacturing, power generation, and automotive industries would support market growth throughout the review period.
Non-Destructive Testing Services Market Segments
The NDT services market is segmented into types, products, applications, verticals, and regions. The product segment comprises traditional non-destructive testing services and advanced non-destructive testing services. The type segment comprises ultrasonic, radiography, liquid penetrant, magnetic particle, eddy-current, visual inspection, and others.
The application segment comprises flaw detection, leak detection, dimensional measurement, estimation of physical properties, chemical composition determination, stress & structure analysis, and others. The vertical segment comprises aerospace & defense, automotive, oil & gas, infrastructure, power, and others. The region segment comprises the Americas, Europe, APAC, and Rest-of-the-World.
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Non-Destructive Testing Services Market Regional Analysis
North America dominates the global non-destructive testing services market. The region has a well-established infrastructure, allowing the faster implementation of advanced technologies. The largest market share attributes to the growing demand to ensure safety and efficiency in the production process. Growing developments in the IT and telecom industries and increased adoption of automation in industrial sectors boost the growth of the regional market.
Besides, technological advancements and the increased adoption of non-destructive testing service applications across industry verticals drive the growth of the regional market. The US and Canada dominate the regional market due to rising technological enhancements and growing adoption of the industrial internet of things (IIoT). Moreover, the rising adoption of non-destructive testing services across the end-use industry verticals creates substantial market demand.
Europe is another lucrative market for non-destructive testing services globally. The market is driven by the augmented demand for NDT services and the availability of high-quality, non-destructive testing methods and applications. Additionally, technological advances in the field of NDT services and non-destructive testing companies in the region increase the market size.
Furthermore, the increasing adoption of automation across the industrial sector acts as another major factor driving the non-destructive testing services market in the region. Simultaneously, the regulatory mandates introduced, alongside a large untapped consumer base, provide impetus to the regional market growth. The European non-destructive testing market is poised to witness s substantial growth over the assessment period.
The Asia Pacific non-destructive testing services market witnesses rapid expansion globally. Factors such as the wide adoption of NDT services and spurting growth in aerospace & defense, automotive, infrastructure, power, and telecommunication industries stimulate the regional market growth. India, South Korea, China, and Japan are the leading markets in the region. The APAC non-destructive testing services market is expected to grow at an impressive CAGR during the review period.
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Non-Destructive Testing Services Market Competitive Analysis
The highly competitive non-destructive testing services market appears fragmented, with several well-established players forming a competitive landscape. These players incorporate strategic initiatives such as acquisition, collaboration, expansion, and technology/product launch to gain a competitive advantage in this market. Makers employ a continuous improvement strategy to analyze and update their systems.
Implementing improvements and launching new technologies, they try to meet the changing needs of the consumer. The market would witness the entry of several new players who are technologically advanced and will capture a major portion of this fast-moving market in the coming years. This, in turn, is expected to intensify the competition in the market.
For instance, on June 28, 2022, Primus Aerospace, a leading provider of highly complex, machined components and assembly solutions, announced the acquisition of Raloid Corporation to accelerate its ability to support the highest defense priorities. The addition of Raloid will enable Primus to further strengthen its position as a Tier 1 supplier in the defense industry.
Raloid offers value-added services, such as non-destructive testing, assembly & integration, precision component manufacturing, chemical plating, and complete build-to-print program management. The acquisition represents a key step towards its efforts to become the leading supplier of critical-machined components and assemblies to the US defense industry.
In another instance, on July 01, 2022, Vertech Group, a leading global provider of Inspection, NDT, and maintenance packages, announced securing a new long-term major services agreement with Woodside Energy, an Australian energy giant. Under the terms of this new agreement, Vertech would provide comprehensive services required by Woodside, such as specialist maintenance, engineering, Brownfield, turnaround excellence, subsea projects, pipelines, and decommissioning works.
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Dominant Key Players on Non-Destructive Testing Services Market Covered are:
- Olympus Corporation (Japan)
- GE Inspection Technologies (US)
- MISTRAS Group Inc. (US)
- Intertek Group PLC (UK)
- SGS SA (Switzerland)
- Olympus Corporation (Japan)
- Nikon Metrology Inc. (US)
- Ashtead Technology Inc. (US)
- Sonatest Ltd. (UK)
- Bosello High Technology SRL (Italy)
- Fujifilm Holdings Corporation (Japan)
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