Non-Destructive Testing Market to Worth USD 16.16 Billion by 2029 | At a Striking CAGR of 13.66%

Pune, India, July 28, 2023 (GLOBE NEWSWIRE) — The global Non-Destructive Testing (NDT) Market was valued at USD 6.30 billion in 2021 and is expected to witness significant growth, reaching USD 16.66 billion by 2029, with a projected compound annual growth rate (CAGR) of 13.66% during the forecast period. However, the market faced considerable challenges during the global COVID-19 pandemic, experiencing a decline of 14.96% in 2020 compared to the previous year due to lower demand for NDT equipment across all regions. Despite the unprecedented nature of the pandemic, the NDT market is anticipated to recover and achieve substantial growth in the coming years.

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List of Companies profiled in Non-Destructive Testing (NDT) Market report:

• 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.)
• Nikon Metrology (Japan)
• Olympus Corporation (Japan)
• Sonatest Ltd. (The U.K.)
• TD Williamson, Inc. (The U.S.)
• YXLON International GmbH (Denmark)

Report Scope & Segmentation:

Browse Detailed Summary of Research Report with TOC:

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Segmentation:

By Technology:

• Ultrasonic Testing (UT)
• Radiography Testing (RT)
• Magnetic Particle Testing (MT)
• Liquid Penetrant Testing (PT)
• Eddy Current Testing (ECT)
• Visual Testing (VT)
• Acoustic Emission Testing (AET)
• Others (Thermography, Leak Testing, etc.)

By Method:

• Surface Testing
• Volumetric Testing
• Others (Condition Monitoring, Integrity Testing, etc.)

By End-User Industry:

• Oil & Gas
• Aerospace & Defense
• Manufacturing
• Automotive
• Power Generation
• Infrastructure
• Healthcare
• Others (Marine, Electronics, etc.)

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Drivers & Restraints:

The Non-Destructive Testing (NDT) industry is propelled by several factors, including the increasing emphasis on safety and quality standards in various industries, such as aerospace, oil & gas, and manufacturing. NDT methods enable the detection of defects and flaws in materials without causing damage, ensuring the integrity and reliability of critical components. Advancements in NDT technologies, such as digital radiography and phased array ultrasonics, have further improved inspection efficiency and accuracy, attracting industries to adopt NDT solutions to enhance their inspection capabilities. Government regulations mandating stringent safety standards and the cost-effectiveness and time efficiency of NDT methods also contribute to the market’s growth, particularly with the rise in infrastructure and construction projects globally.

Despite its growth potential, the NDT market faces challenges such as the high initial investment required for installing and implementing advanced NDT equipment, which may deter some smaller enterprises from adopting these technologies. Moreover, a shortage of skilled workforce poses a limitation as performing NDT necessitates trained personnel capable of accurately interpreting test results. The impact of the COVID-19 pandemic led to a temporary decline in demand for NDT services, though the market is expected to recover. Additionally, certain limitations in detection capabilities, where certain defects may be difficult to identify through NDT methods, and the presence of alternative inspection techniques can hinder the widespread adoption of NDT in specific instances.

Report Coverage:

• Key growth drivers, restraints, opportunities, and challenges

• Comprehensive regional insights on the market.

• List of major industry players in the market.

• Key strategies adopted by the players in the market.

• Latest industry developments like product launches, partnerships, mergers, and acquisitions.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
  • Latest technological Advancements
  • Porters Five Forces Analysis
  • Supply Chain Analysis
• Quantitative Insights- Impact of COVID-19 Pandemic on Non-destructive Testing (NDT) Market
  • Impact of the COVID-19 pandemic on the Non-destructive Testing (NDT) Market
  • Steps taken by Industry/ Companies/ Governments to overcome the impact
  • Potential opportunities due to COVID-19 Outbreak
• Global Non-destructive Testing (NDT) Market Analysis, Insights and Forecast, 2018-2029
  • Segmental Definitions / Summary
  • Market Size Estimates and Forecasts – By Technique
    • Ultrasonic Testing
    • Visual Inspection Testing
    • Magnetic Particle Testing
    • Liquid Penetrant Testing
    • Eddy-Current Testing
    • Radiographic Testing
    • Acoustic Emission Testing
  • Market Size Estimates and Forecast – By Method
    • Visual Inspection
    • Surface Inspection
    • Volumetric Inspection
    • Others
  • Market Size Estimates and Forecast – By Service
    • Ultrasonic Inspection
    • Equipment Rental Services
    • Calibration Services
    • Training Service
  • Market Size Estimates and Forecast – By Vertical
    • Manufacturing
    • Oil & Gas
    • Aerospace
    • Public Infrastructure
    • Automotive
    • Power Generation
    • Others
  • Market Size Estimates and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

TOC Continued…!

Industry Developments:

June 2019: Testia announced the launch of the latest version of its ultrasonic testing device named as a smart UE1 device. This wireless device is said to offer several types of indications such as delaminations, fatigue cracks, lack of cladding, and coating measurements.

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