In 2022, the market for non-destructive testing equipment is projected to be worth US$17,324 million. Equipment for non-destructive testing is used to assess and examine a variety of characteristics of materials, components, and assemblies.
As the name implies, the materials that are being evaluated are not altered or damaged by this equipment. The total demand for non-destructive testing equipment is anticipated to reach about US$ 31,574.6 Million by 2032, growing at a CAGR of 6.2% between 2022 and 2032.
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Key Takeaways from Global NDT Services Market Study
- Asia Pacific to emerge as the leading regional segment as power plants and manufacturing activities are slated to surge in forecast period
- Ultrasound to occupy sizeable chunk in the market as it remains widely used equipment for assessing dysfunctionalities
- Oil and gas sector to employ NDT inspection services at a growing rate to avoid spillage, leaks, and other accidents
- Government initiatives such as “Make in India”, “Industry 4.0”, and “National Infrastructural Plan” to boost market growth in coming years
Manufacturing Sector to Lead the Way for Global NDT Inspection Services
The manufacturing sector is expected to grow at an unprecedented pace across regions being a major contributor to global economy. This sector is expected to register a CAGR of more than 6% between 2020 and 2030. As more and more number of manufacturers are trying to automate tasks, they are likely to require testing methods to identify faults in machinery and equipment. Thus, between 2020 and 2030, the NDT inspection services are likely to see extensive application in the manufacturing sector.
The rise of automotive, aerospace, defense, electrical and electronics manufacturing, especially in India and China are expected to boost the uptake of NDT inspection services. Furthermore, stringent laws pertaining to the worker safety across developed nations is also anticipated to lead to a revenue generation for NDT inspection services in the near future.
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North America Continue Dominance in the Global Non-Destructive Testing Equipment Market
Rising Market Competition to Boost the Market Growth in North America
In 2022, a 28.5% market share for non-destructive testing equipment in North America is anticipated. Due to growing market competition, North America, which currently dominates and accounts for the largest revenue shares in the non-destructive testing equipment market, is anticipated to grow significantly over the forecast period.
This is attributable to the widespread use of NDT techniques, the accessibility of a skilled workforce, and the abundance of non-destructive testing training facilities in the area. In addition, it is anticipated that shale oil-based power generation in the United States and Canada will significantly expand the market in the coming years.
Non-Destructive Testing Equipment Market in Europe
Expansion in Industrial Infrastructure to Boost Market Growth in Europe
A market share of 23.8% is anticipated for the European region. Due to government initiatives to upgrade the industrial infrastructure, as well as an increase in manufacturing, construction, and power generation activities in the region, Europe is anticipated to contribute a modest revenue market share and experience a healthy growth rate in the global non-destructive testing equipment market.
Key Segments Covered in the Non-Destructive Testing Equipment Industry Analysis
By End Use Verticals:
- Petrochemical and pipe
- Manufacturing applications
- Government infrastructure
- Aerospace
- Manufacturing applications
- Automotive
- Public safety
- Power generation
- Others
By Services:
- Training
- Inspection
- Consultation
- Others
By Technology:
- Radiography Testing
- Ultrasonic Testing
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Others
By Region:
- North America Non-Destructive Testing Equipment Market
- Latin America Non-Destructive Testing Equipment Market
- Europe Non-Destructive Testing Equipment Market
- Asia Pacific Non-Destructive Testing Equipment Market
- MEA Non-Destructive Testing Equipment Market
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More Valuable Insights on Global NDT Services Market
FMI’s research on the global NDT inspection services market is segmented into four major segments. To begin the market for global NDT inspection services is segmented into offering type, which includes NDT Inspection Services and equipment. On the basis of test method, the market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, Eddy current testing, ultrasonic testing, and radiographic testing. On the basis of industrial vertical, the market is segmented into oil and gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
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The post Demand for Non-Destructive Testing Equipment Market is set to grow at CAGR of 6.2% during forecast period of 2022-32. Get data insights from FMI appeared first on Future Market Insights.
