PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373926
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373926
Non-destructive testing (NDT) Equipment Market size was valued at USD 3,619.6 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
Non-destructive testing (NDT) is a method used to detect defects and inconsistencies in materials, components, or structures. The NDT market is poised for significant growth, primarily driven by ongoing advancements in robotics, automation, the oil & gas sector, and electronics. Additionally, there is a growing demand for machinery with assured quality. Companies are increasingly seeking quality accreditations, such as the ISO 9001 quality management system and other quality control certifications. Furthermore, the substantial increase in the utilization of NDT inspection equipment by various companies to enhance their processes, reduce waste, and mitigate liabilities is fueling the growth of the nondestructive testing equipment market.
Non-destructive testing (NDT) Equipment Market- Market Dynamics
Increasing utilization of advanced materials is expected to propel the market demand
The market is expected to experience substantial growth due to the necessity to prolong the lifespan of machines. The costs and challenges associated with constructing new infrastructure have prompted industries to extend the operational life of their existing assets. The demand for inspecting aging assets is a major driver of growth, and its impact is expected to remain significant throughout the forecast period for the nondestructive testing equipment market.
Furthermore, the growth of the nondestructive testing equipment market is supported by increasingly stringent safety regulations imposed by governments across different regions. This is in response to the rising instances of infrastructure failures, the need to extend the life of aging infrastructure, a surge in maintenance optimization by various industries aiming for efficient operations, and an emphasis on quality and safety assurance. However, challenges such as the high cost of equipment and a shortage of skilled technicians pose barriers to the expansion of the nondestructive testing equipment market. Nonetheless, the increased utilization of advanced materials is anticipated to create promising opportunities in the nondestructive testing equipment market."
Non-destructive testing (NDT) Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global Non-destructive testing (NDT) Equipment Market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2023-2030)
Non-destructive testing (NDT) Equipment Market is projected to grow at a significant rate due to increasing utilization of advanced materials
Based on Testing Method, Ultrasonic Testing was predicted to show maximum market share in the year 2022
Based on application, Oil And Gas was the leading segment in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Non-destructive testing (NDT) Equipment Market is segmented on the basis of Testing Method, Technique, By Application, and Region.
The market is divided into seven categories based on Testing Method: Ultrasonic Testing, Radiography Testing, Visual Inspection Testing, Magnetic Particle Testing And Electromagnetic Testing, Eddy Current Testing, Liquid Penetrant Testing, Others. Over the forecast period, among the the various NDT techniques, ultrasonic testing stands out as the dominant segment, primarily due to its portability, user-friendly nature, and ability to deliver precise results, surpassing traditional NDT methods. Consequently, the adoption of ultrasonic testing is witnessing substantial growth and is poised for further advancements in the years to come.
The market is divided into six categories based on Application: Oil And Gas, Energy And Power, Aerospace And Defense, Automotive And Transportation, Infrastructure, Others. Within the nondestructive testing (NDT) landscape, the oil and gas sector commands the largest market share, owing to its pivotal role in ensuring equipment integrity and operational safety during petroleum refining and extraction activities. In this industry, ultrasonic and eddy current NDT solutions are frequently employed for meticulous inspections of welds and metal components, uncovering flaws and corrosion. This proactive approach helps maintain the containment of potentially hazardous substances within pipelines and pressure vessels. Furthermore, the presence of carbon, hydrogen, and sulfides in oil and gas makes steel susceptible to unpredictable and rapid corrosion. NDT serves as a reliable method for scrutinizing these materials, identifying corrosion issues before they escalate into more significant problems. As of October 2022, Baker Hughes reported 966 land rigs in the region, along with an additional 14 offshore rigs.
Non-destructive testing (NDT) Equipment 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.
In the Non-Destructive Testing (NDT) equipment market, companies are actively engaged in a range of strategic initiatives to maintain competitiveness and meet the growing demands of various industries. One prominent trend is the development of advanced NDT technologies that offer higher precision, speed, and versatility. This includes the integration of artificial intelligence and machine learning algorithms to automate data analysis and improve defect detection.
Furthermore, companies are increasingly focusing on the portability and ease of use of NDT equipment. This allows for on-site inspections and reduces downtime in critical industries such as aerospace, oil and gas, and manufacturing.
In November 2022, Evident unveiled its latest innovation, the IPLEX G Lite-W video scope, specifically tailored for wind turbine applications. This cutting-edge device streamlines the inspection of turbine gearboxes, significantly enhancing efficiency. To ensure minimal damage during inspections, the IPLEX G Lite-W videoscope boasts an IP65 dust and water-resistant rating, adhering to the rigorous testing standards set by the US Department of Defense (MIL-STD). The design of the IPLEX G Lite-W is particularly crafted to address the unique challenges posed by wind turbine inspections, offering a harmonious blend of portability and advanced imaging capabilities within an ergonomic, compact form factor.
In July 2022, Waygate Technologies, a subsidiary of Baker Hughes, entered into a Memorandum of Understanding (MoU) with the UK Battery Industrialisation Centre (UKBIC). This collaboration seeks to expedite the development of battery technology by harnessing UKBIC's pioneering manufacturing research facility and leveraging Waygate Technologies' extensive expertise as a leading provider of digital industrial computed tomography (CT) inspection solutions. Together, they aim to create a digital twin that optimizes battery production across various types and enhances the efficiency of gigafactories.