by The non-destructive testing market involves various product applications such as ultrasonic, radiographic, liquid penetrant, magnetic particle, eddy-current, and visual inspection tests utilized for assessment of raw materials and finished goods without damaging the end products. Advancements in digital radiography technology have significantly improved the image quality and reduced the exposure time, making the overall process faster and more cost-effective. The growing need for quality control and assurance across industries such as automotive, oil and gas, power generation is driving the demand for non-destructive testing.
The Global non-destructive testing market is estimated to be valued at US$ 9103.94 Bn in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the non-destructive testing are Bio-Rad Laboratories, Biocept Inc., Guardant Health, QIAGEN N.V, Illumina, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Laboratory Corporation of America Holdings, MDxHealth SA, Thermo Fisher Scientific Inc.. These players are focusing on organic strategies such as new product launches and collaborations to strengthen their market position.
The increasing focus on automated inspection systems along with integration of advanced technologies such as AI and IoT is expected to open new growth avenues for Non-Destructive Testing Market Size players. Adoption of digital radiography and ultrasonic technologies enabled with real-time data analytics capabilities is anticipated to drive the overall market growth.
Rapid advancements in digital radiography technology such as high resolution imaging and reduced exposure times are making the process more efficient. Integration of drone and robotics is further enhancing the effectiveness of radiographic inspection of critical infrastructure and assets.
Market Drivers
Stringent quality control and safety mandates across industries: Regulatory bodies have implemented strict quality control standards and guidelines to ensure product and public safety. This has increased the need for non-destructive testing of materials and components across industries.
Focus on preventive maintenance: Companies are focusing more on preventive maintenance through periodic inspection of their plants and equipment to minimize unexpected breakdowns. This drives the demand for non-destructive testing services.
Current Challenges in Non-Destructive Testing Market
The non-destructive testing market is facing various challenges such as high initial investments required for setting up advanced NDT equipment and difficulties in finding skilled professionals. The market growth is hampered due to lengthy approval processes for new and innovative techniques. Lack of awareness about benefits of NDT Methods in different industry verticals is another challenge. Administrative processes need streamlining to reduce inspection time and ensure safety standards. Compatibility issues arise while integrating legacy systems with newer technologies.
SWOT Analysis
Strength: Advanced Non-Destructive Testing Market methods provide accurate inspection without harming sample. They ensure safety and quality compliance.
Weakness: High costs involved in procuring equipment and training professionals. Lengthy approval procedures delay technology adoption.
Opportunity: Growing infrastructure and rise of Industry 4.0 creating demand. Applications expanding in new sectors like automotive, aviation.
Threats: Stiff competition due to presence of numerous regional and global players. Substitute inspection technologies may gain traction.
Geographical Regions
North America dominates the market currently with a share of over 35% due to strict quality control mandates and early technology adoption. Asia Pacific is the fastest growing region on account of rising infrastructure development and strengthening manufacturing industry in China and India.
The European region contributes significantly owing to presence of major NDT equipment manufacturers and customers from automotive, aerospace, power generation sectors. Stringent regulations regarding equipment safety and quality inspection are driving the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
