NEWARK, Del, April 11, 2024 (GLOBE NEWSWIRE) -- The global non destructive testing and inspection market will reach a valuation of US$ 11.7 billion in 2024, driven by integration of augmented reality and virtual reality. The trend is set to create new opportunities for the market, leading to a projected CAGR of 10.2% between 2024 and 2034, and reaching a total valuation of approximately US$ 31.0 billion by 2034.
Efforts to harmonize non destructive testing regulations and standards across different industries and regions facilitate market growth by streamlining compliance requirements and promoting interoperability. Standardization initiatives enhance confidence in these methods and foster global acceptance of inspection results. The rapid expansion of renewable energy sources, such as wind and solar power, requires rigorous inspection of wind turbines, solar panels, and associated infrastructure.
The testing plays a crucial role in ensuring the reliability and performance of renewable energy systems, driving demand for inspection services in this sector. The increasing use of advanced materials such as composites, ceramics, and alloys in various industries poses challenges for traditional inspection methods. The techniques are evolving to accommodate the unique properties of these materials, creating opportunities for innovation in inspection technology.
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Industries are increasingly adopting predictive and condition based maintenance strategies to optimize asset performance and minimize downtime. The testing methods provide valuable data for predictive maintenance algorithms, allowing companies to anticipate equipment failures and schedule maintenance proactively.
Digitalization of non destructive testing processes and data management systems is enabling efficient storage, analysis, and retrieval of inspection data. The testing companies that offer advanced digital platforms for managing inspection data and generating actionable insights are well positioned to capitalize on this trend.
Key Takeaways from the Market Study
- Global non destructive testing and inspection market was valued at US$ 10.6 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 12.0%.
- The market in Japan to expand at a CAGR of 12.2% through 2034.
- By method, the surface inspection segment to account for a CAGR of 10.0% through 2034.
- The market in Korea will expand at a CAGR of 13.0% through 2034.
- In terms of service, the training services segment to account for a CAGR of 9.8% through 2034.
“The testing methods, such as computed tomography scanning and ultrasonic testing, are critical for inspecting complex geometries and detecting defects in additive manufacturing processes,” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Prominent players in the non destructive testing and inspection market are Circle Systems, Inc, SREM Technologies (Fluxo), Gould-Bass Company, Inc, Johnson and Allen Ltd, KARL DEUTSCH, Magwerks Corporation, McGean, and MR Chemie GmbH, among others.
Company Portfolio
- Gould-Bass Company Inc. is a trusted supplier of non destructive testing equipment and solutions. Their offerings encompass a wide range of inspection technologies, including ultrasonic testing, radiographic testing, magnetic particle inspection, and dye penetrant testing. The company also provides training, consulting, and calibration services to support non destructive testing professionals.
- Johnson and Allen Ltd. is a leading manufacturer and distributor of non destructive testing equipment and accessories. Their product portfolio includes ultrasonic flaw detectors, magnetic particle inspection systems, dye penetrant testing kits, and radiographic testing instruments. The company also offers bespoke NDT solutions and training services.
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Report Scope
| Attribute | Details | |||
| Estimated Market Size in 2024 | US$ 11.7 billion | |||
| Projected Market Valuation in 2034 | US$ 31.0 billion | |||
| Value-based CAGR 2024 to 2034 | 10.2% | |||
| Forecast Period | 2024 to 2034 | |||
| Historical Data Available for | 2019 to 2023 | |||
| Market Analysis | Value in US$ billion | |||
| Key Regions Covered |
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| Key Market Segments Covered |
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global non destructive testing and inspection market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the non destructive testing and inspection market, the market is segmented on the basis of method (surface inspection, volumetric inspection, visual inspection), service (training services, calibration services, inspection services, equipment rental services), technique (radiographic testing, liquid penetrant testing, eddy current testing, testing visual testing, magnetic particle testing, ultrasonic testing), and vertical (automotive, oil and gas, aerospace, power generation, manufacturing, public infrastructure, military, railroad, construction), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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