Westford, USA, Sept. 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Non-Destructive Testing (NDT) Market will attain a value of USD 32.48 billion by 2031, with a CAGR of 7.60% over the forecast period (2024-2031). Non-destructive testing services are used by industries such as oil and gas, automotive, and power that include research and development practices, which involve training and business-focused logistics. The method is normally applied in checking for corrosion both inside and outside of oil and gas pipelines within the gas and oil industry. There are four kinds of inspections that are utilized during the process of visual, liquid penetrant, magnetic particle, and ultrasonic. To examine steam and gas turbines, as well as pressure systems, the power sector uses NDT.
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Non-Destructive Testing (NDT) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 18.08 billion |
| Estimated Value by 2031 | $ 32.48 billion |
| Growth Rate | Poised to grow at a CAGR of 7.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technique, Offering, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Leveraging IoT, AI, and ultrasonic tomography for superior defect detection |
| Key Market Opportunities | Growing need for inspection services within the power generation industry |
| Key Market Drivers | Growing need for industry standards in aviation sector |
Advanced Sensor Technology of Ultrasonic Testing is Growing at a Rapid Pace
Sophisticated sensor technology and AI-enhanced algorithms have made it possible for ultrasonic testing to take the lead in non-destructive testing (NDT). Additionally, integration of IoT with wireless sensors enhances its domination with improved data accuracy and real-time monitoring capabilities. Inspection procedures are also more dependable and effective.
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Comprehensive Internal Assessments of Materials Helps Volumetric Inspection to Dominate
As volumetric inspection techniques offer thorough interior examinations of materials and can identify defects that surface approaches might overlook, they dominate the NDT market. Technological developments in imaging and data processing have improved the efficiency and accuracy of these inspections, which has led to a rise in their acceptance in industries with strict safety and reliability requirements, hence solidifying their market domination.
Increasing Need for Sophisticated Material Testing Results in North America Dominating Market
OEMs and service providers are credited with North America's growth. In January 2022, for example, Zetec, Inc. was acquired by Previan Technologies, Inc., a Canada-based firm that specialised in NDT inspection equipment, sensors, software, and other robotic solutions, for an undisclosed sum. Part of Roper Technologies, Inc., Zetec, Inc. is a significant player in the non-destructive business with headquarters in the United States.
Non-Destructive Testing (NDT) Market Insight
Drivers:
- Growing Need for Industry Standards in Aviation Sector
- Structural Health Monitoring of Infrastructure and Maintenance Needs Growing
- High Demand for Precise Product Usage Specifications
Restraints:
- Technical Complexities to Limit the Market Demand
- Financial Barriers Impacting NDT Equipment and Technology
- Growing Complexity of Industrial Structure and Machines
Prominent Players in Non-Destructive Testing (NDT) Market
The following are the Top Non-Destructive Testing (NDT) Companies
- MISTRAS Group (US)
- Magnaflux (US)
- Ashtead Technology (Scotland)
- Sonatest (UK)
- SGS Société Générale De Surveillance SA, (Switzerland)
- Olympus Corporation (Japan)
- General Electric (US)
- Eddyfi Technologies (Canada)
- Nikon Metrology NV (UK)
- Intertek Group plc (UK)
Key Questions Answered in Global Non-Destructive Testing (NDT) Market Report
- Which industries make the most use of non-destructive testing (NDT) services, and why do they do so?
- What is the estimated market size for non-destructive testing (NDT) globally by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 forecast period?
- What impact has the development of AI-enhanced algorithms and sensor technologies had on the expansion of ultrasonic testing in the NDT market?
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This report provides the following insights:
- Analysis of key drivers (Increase operational effectiveness, improvised NDT technologies for easier pipelines examination, minimizing downtime in various industries and heightened need for NDT & inspection equipment & services), restraints (Limitations of testing & analysing process, extremely expensive cutting-edge instruments and lack of certified & competent workers), opportunities (Inspecting pressure systems & components within nuclear power plants, witnessing extensive use in emerging economies and growing demand for NDT in power generation facilities), and challenges (False detection of varying degrees of wear & tear and uphold stringent quality standards) influencing the growth of non-destructive testing (NDT) market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the non-destructive testing (NDT) market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the non-destructive testing (NDT) market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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