Non-Destructive Testing Market to Hit USD 16.66 Billion by 2029 | Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth
Fortune Business Insights
7 min read
Fortune Business Insights
Companies covered in Non-Destructive Testing Market Are Acuren Inspection Inc. (The U.S.), Ashtead Technology (The U.K.), Bosello High Technology Srl (Italy), Cygnus Instruments Ltd (The U.K.), Eddyfi (Canada) Fischer Technology Inc. (The U.S.), Fprimec Solutions Inc. (Canada), General Electric (The U.S.) Ipromar Pte Ltd (Singapore)., Labquip NDT Limited (The U.K.), LynX Inspection (Canada), Magnaflux Corporation (The U.S.), Mistras Group (The U.S.), NDT Global GmbH & Co. Kg (The U.S.) and more players profiled.
Pune, India, May 26, 2022 (GLOBE NEWSWIRE) -- The non-destructive testing market size was USD 6.30 billion in 2021. The market is projected to grow from USD 6.80 billion in 2022 to USD 16.66 billion in 2029 at a CAGR of 13.66% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Non-Destructive Testing (NDT)Market, 2022-2029.” Factors such as the widening of application in designing, manufacturing, and maintenance of aircraft along with the rising adoption of integration of services will boost the growth of the market during the forecast period. Additionally, innovative measures and integration of artificial intelligence will increase the footprint of the market.
Revenue in USD million/billion and CAGR from 2022 to 2029
Regions Covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered
Companies covered in Non-Destructive Testing Market Are Acuren Inspection Inc. (The U.S.), Ashtead Technology (The U.K.), Bosello High Technology Srl (Italy), Cygnus Instruments Ltd (The U.K.), Eddyfi (Canada) Fischer Technology Inc. (The U.S.), Fprimec Solutions Inc. (Canada), General Electric (The U.S.) Ipromar Pte Ltd (Singapore)
Report Coverage
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope
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Browse Detailed Summary of Research Report with TOC:
Based on technique, the market is divided into ultrasonic testing, visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy-current testing, radiographic testing, and acoustic emission testing.
By method, the market is broken down into visual inspection, surface inspection, volumetric inspection, and others.
With respect to service, the market is segmented across ultrasonic inspection, equipment rental services, calibration services, and training services.
Based on vertical, the market is fragmented across manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, and others.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report for non-destructive testing (NDT) provided an in-depth analysis by encompassing critical factors, including leading players, COVID-19 impact, NDT techniques, and ongoing industry developments. Additionally, future market trends along with drivers, restraints, opportunities, and threats to the market are also highlighted. Also, factors that are expected to impact the market in a comprehensive manner are provided in the report.
Drivers & Restraints
Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth
Factors, such as rising demand from the aerospace sector for maintaining a higher standard of material, structure, and strength along with widening application lists, including finding cracks, flaws, and leaks, will boost the non-destructive testing (NDT) market growth during the forecast period. Additionally, rising demand from various sectors, including oil & gas, automotive, and power will increase the footprint of the market. Also, increasing awareness regarding improving operational efficiency & reliability will drive the growth of the market.
However, lack of skilled & qualified personnel for inspection services will limit the growth of the market during the forecast period.
Regional Insights
North America to Hold Dominance During Forecast due to Rising Demand from Emerging Economies
North America will occupy a significant non-destructive testing (NDT) market share during the forecast period due to rising demand for advanced material testing from the U.S., Canada, and Mexico along with the presence of dominant players in the region.
Asia Pacific will witness the fastest growth due to improving power generation in emerging economies, such as China and India, along with improving domestic manufacturing sector in Japan.
Europe will witness considerable market share in terms of global contribution due to expanding aerospace & automobile verticals in France and Germany, respectively. Additionally, the presence of key market players, including Labquip NDT Limited, Sonatest Ltd., and YXLON International GmbH is expected to propel the market growth.
Technological Advancements & Accelerated Product Development to Bolster Market Share of Players
The sector of non-destructive testing (NDT) contains market players that design technologically advanced NDT techniques and develop a range of new materials. This sector is highly competitive with players employing strategic tactics, including mergers & acquisitions, agreements, and partnerships. For example, in January 2021, Olympus announced launching RollerFORM XL scanner for launching NDT services into the aerospace sector by taking the assistance of phased array tools. This advanced tool is used for accelerating the inspection process for composite components that possess high surface areas. Other players are focused on expanding their investments in R&D activities to stay ahead of the competitive curve.
Key Industry Development
February 2021: NDT Global acquired Halfwave inspection services into its global business. This acquisition is expected to increase the footprint of NDT Global in the NDT segment. Halfwave provides ultrasound-based NDT techniques for high precision measurements of pipelines.
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