New York, United States , April 26, 2023 (GLOBE NEWSWIRE) -- The Global Non-Destructive Testing Market Size is to grow from USD 15.3 billion in 2022 to USD 32.42 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.8% during the projected period. The increasing application of NDT and inspection in industries such as manufacturing, oil & gas, energy & power generation, aerospace, defence, automotive & transportation, health care, construction, public infrastructure, and others will boost the demand for the non-destructive testing market.
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Non-destructive testing (NDT) is a manufacturing testing and evaluation process that assesses the functionality of a component, system, material, or structure for typical differences, welding errors, and gaps without causing collateral damage to the original component. The adoption of NDT is common in the disciplines of design, forensic engineering, mechanical engineering, energy engineering, electrical engineering, civil engineering, systems engineering, aeronautical engineering, and medical science. NDT testing methods are most commonly used in manufacturing industries where component failure could result in significant financial losses or a potentially dangerous occurrence, such as transportation, pressure vessels, building structures, piping systems, and hoisting machinery. Comprehensive government regulations governing public safety and the integrity of goods, as well as ever-changing developments in technological devices, digital transformation, and robotics applications, are some of the primary drivers influencing the enormous demand for the non-destructive testing market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Non-Destructive Testing Market Size, Share, and COVID-19 Impact Analysis, By Offering (Services, Equipment), By Technique (Traditional NDT Method, Digital/Advanced NDT Method), By End-User (Manufacturing, Oil & Gas, Energy & Power Generation, Aerospace, Defense, Automotive & Transportation, Health Care, Construction, Public Infrastructure, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The services segment is dominating the market with the largest revenue share over the forecast period.
On the basis of offering, the global non-destructive testing market is segmented into services and equipment. Among these, the services segment is dominating the market with the largest revenue share of 67.3% over the forecast period. This is due to the high initial cost of non-destructive testing equipment, as well as the technical complexities involved in their deployment/installation, which is one of the main reasons end-users prefer to outsource their non-destructive testing operations.
The traditional NDT method segment accounted for the largest market share over the forecast period.
On the basis of technique, the global non-destructive testing market is segmented into traditional NDT methods, digital or advanced NDT methods, and others. Among these, the traditional NDT method segment accounted for the largest market share over the forecast period. This is due to the increasing popularity of traditional NDT methods such as visual testing, magnetic particle testing, liquid penetrant testing, eddy current testing, ultrasonic testing, and radiographic testing.
The manufacturing segment accounted for the largest revenue share of more than 37.5% over the forecast period.
On the basis of end-user, the global non-destructive testing market is segmented into manufacturing, oil & gas, energy & power generation, aerospace, defense, automotive & transportation, health care, construction, public infrastructure, and others. Among these, manufacturing is dominating the market with the largest revenue share of 37.5% over the forecast period. The upsurge in manufacturing activity around the world is expected to fuel the growth of the non-destructive testing market. The manufacturing sector will almost certainly adopt a variety of NDT processes, resulting in an increase in the global market for non-destructive testing and inspection services.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 43.7% market share over the forecast period. This is due to the widespread use of non-destructive testing techniques in a wide range of applications, the availability of a skilled workforce, and the region's large number of non-destructive testing training facilities. Additionally, rising defense and aerospace spending, as well as strong demand for NDT methods from the power generation industry, will drive market revenue growth. Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. This is due to the region's newly industrialized nations' rapid growth in the construction, nuclear power generation, and manufacturing industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Non-Destructive Testing Market include MISTRAS Group, Ashtead Technology, General Electric, Nikon Metrology NV, Bosello High Technology Srl, MME Group, TWI Ltd., Bureau Veritas S.A., Fprimec Solutions Inc., Intertek Group PLC, YXLON International GmbH, T.D. Williamson, Inc., Eddyfi, NDT Global, Sonatest, Yxlon International, Zetec, Inc, Fischer Technologies Inc., Labquip NDT Limited, LynX Inspection, Acuren Inspection Inc., SGS SA, Olympus Corporation, and others.
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