REPORT HIGHLIGHT
Non-Destructive Testing (NDT) Market size was valued at USD 2,346.1 Million in 2022, expanding at a CAGR of 7.4% from 2023 to 2030.
Nondestructive testing (NDT) involves the examination, testing, or evaluation of materials, components, or assemblies to detect any discontinuities or variations in characteristics without causing damage to the part or system's usability. Key industries like aerospace, defense, oil and gas, power generation, and automotive rely on NDT techniques to ensure product quality. Within these sectors, NDT tests are conducted to assess the physical properties of materials, including impact resistance, ductility, yield strength, ultimate tensile strength, fracture toughness, and fatigue strength. Among various NDT methods, visual testing is the most widely employed technique.
Non-Destructive Testing (NDT) Market- Market Dynamics:
Increasing automation in industrial manufacturing and infrastructure sectors is expected to propel the market demand
The NDT market has experienced significant growth in response to the increasing automation in industrial manufacturing and infrastructure sectors. The rising demand for flaw detection related to cracks, porosity, manufacturing disorders, and other issues has been a driving force behind this growth. As industries emphasize adherence to industrial safety norms, the need for effective NDT solutions has become crucial. Additionally, the establishment of various governmental agencies and regional bodies, such as the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), has further contributed to the market's expansion. These organizations implement stringent measures to ensure the safety of instruments and oversee engineering services testing. Obtaining clearances and certificates from these authorities has a positive impact on the NDT market worldwide.
Non-Destructive Testing (NDT) Market- Key Insights:
- As per the analysis shared by our research analyst, the global NON-DESTRUCTIVE TESTING (NDT) market is estimated to grow annually at a CAGR of around 7.4% over the forecast period (2023-2030)
- The Non-Destructive Testing (NDT) industry is projected to grow at a significant rate due to increasing automation in industrial manufacturing and infrastructure sectors
- The Services is projected to dominate the global market during the forecast period
- Based on Testing End User, Manufacturing Segment was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Non-Destructive Testing (NDT) Market- Segmentation Analysis:
The Global Non-Destructive Testing (NDT) Market is segmented on the basis of Product Type, By Testing Technology, By End User, and Region.
The market is divided into two categories based on Type: Service & Equipment. In 2022, the services segment was the market leader. This dominance can be attributed to several factors such as the high upfront cost and technical complexities associated with non-destructive equipment deployment and installation have led many end-users to opt for outsourcing their non-destructive testing operations. By doing so, they can avoid significant capital investments and leave the technical aspects to specialized service providers. Secondly, the shortage of a skilled workforce capable of performing non-destructive testing has hindered the widespread adoption of in-house testing equipment. This factor further drives end-users to rely on third-party service providers with expertise in the field.
The market is divided into three categories based on End User: Oil & Gas, Manufacturing, Power & Energy, Construction, Automotive & Transportation, Aerospace & Defense and others. In 2022, the manufacturing vertical emerged as the dominant segment in the non-destructive testing (NDT) market. The substantial growth in this segment can be attributed to the continuous expansion of manufacturing activities worldwide. The manufacturing industry is expected to increasingly adopt various NDT processes, driving the demand for non-destructive testing services on a global scale
Non-Destructive Testing (NDT) Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Non-Destructive Testing (NDT) Market- Competitive Landscape:
The NDT market is characterized by its competitive nature. As regulations continue to mandate life assessment procedures for organizations and regular equipment inspections to ensure safety and detect potential damages, the demand for NDT services has risen significantly. This increasing demand has led many companies to recognize the vast opportunities in the NDT market, prompting them to enter and participate in this growing sector. Recent Developments:
In June 2023, the TCR Engineering announced its plans to expand its materials testing and non-destructive testing operations in India
Key features of the study:
- This proposed research study on Non-Destructive Testing (NDT) market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Non-Destructive Testing (NDT) market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Non-Destructive Testing (NDT) market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Non-Destructive Testing (NDT) market
- Impact of COVID-19 on Non-Destructive Testing (NDT) market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Non-Destructive Testing (NDT) market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Non-Destructive Testing (NDT) market, we have also included competitive landscape and key innovator analysis for the Non-Destructive Testing (NDT) market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Non-Destructive Testing (NDT) market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Non-Destructive Testing (NDT) market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL NON-DESTRUCTIVE TESTING (NDT) MARKET KEY PLAYERS
- Olympus Corporation
- GE Measurement & Control Solutions
- Yxlon International Gmbh (Comet Holding Ag)
- Team Inc
- Applus Services
- Mistras Group, Inc.
- SGS Group
- Fujifilm Corporation
- Bureau Veritas
GLOBAL NON-DESTRUCTIVE TESTING (NDT) MARKET, BY TYPE
GLOBAL NON-DESTRUCTIVE TESTING (NDT) MARKET, BY TESTING TECHNOLOGY
- Radiography Testing
- Ultrasonic Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Visual Inspection Testing
- Eddy Current Testing
- Other Testing Technologies
GLOBAL NON-DESTRUCTIVE TESTING (NDT) MARKET, BY END USER
- Oil & Gas
- Manufacturing
- Power & Energy
- Construction
- Automotive & Transportation
- Aerospace
- Defense
- Other End-user Industries
GLOBAL NON-DESTRUCTIVE TESTING (NDT) MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA