by The non-destructive testing (NDT) market is estimated to be valued at US$ 6,300 Mn in 2021 and is expected to exhibit a CAGR of 12.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Non-destructive testing involves the examination of components and materials to detect flaws and imperfections without causing any damage. It plays a crucial role in ensuring the integrity and safety of critical structures such as pipelines, aircraft, bridges, and nuclear power plants. NDT techniques such as ultrasonic testing, radiography testing, magnetic particle testing, and visual inspection are widely used across industries like aerospace, automotive, oil & gas, and construction.
Market Dynamics:
The non-destructive testing market is driven by the increasing demand for advanced inspection techniques to ensure safety standards and regulatory compliance. The growing aerospace industry, with frequent maintenance and repair activities, is also propelling the market growth. Additionally, the adoption of automated and digital NDT solutions is expected to drive market growth, as it improves accuracy and efficiency in inspection processes.
Furthermore, the expansion of infrastructure projects in developing economies and the focus on preventive maintenance in industries are creating opportunities for market growth. However, the high cost associated with NDT systems and the lack of skilled professionals may hamper market growth.
Overall, the non-destructive testing market is poised for significant growth in the coming years, driven by technological advancements, the need for quality assurance, and stringent regulations across industries.
Segment Analysis:
The non-destructive testing market can be segmented based on technology, end-use industry, and region. In terms of technology, the dominant segment is ultrasonic testing. Ultrasonic testing is widely used in various industries such as oil and gas, aerospace, automotive, and manufacturing. It is preferred due to its ability to detect defects and determine material properties accurately. The use of ultrasonic testing ensures the safety and reliability of structures, thereby making it the dominating sub-segment.
PEST Analysis:
Political: The political environment plays a crucial role in the non-destructive testing market. Government regulations and policies regarding safety standards and inspections affect the demand for non-destructive testing services.
Economic: The economic factors influencing the market include GDP growth, industrial development, and infrastructure investments. The expansion of industries such as oil and gas, power generation, and construction creates a demand for non-destructive testing services.
Social: Increasing awareness about safety measures and the need for quality assurance in various industries drive the demand for non-destructive testing. Changing lifestyles and preferences also impact the market as industries strive to meet consumer expectations.
Technological: Technological advancements in non-destructive testing techniques, such as digital radiography and advanced ultrasonic testing, drive market growth. The development of portable and handheld devices enhances inspection efficiency and accuracy.
Key Takeaways:
The global Non-Destructive Testing Market Share is expected to witness high growth, exhibiting a CAGR of 12.0% over the forecast period (2022-2030). This growth can be attributed to increasing safety regulations and the need for quality inspection in industries such as oil and gas, aerospace, and manufacturing. The market size for 2021 was valued at US$ 6,300 Mn.
In terms of regional analysis, North America is the fastest-growing and dominating region in the non-destructive testing market. The presence of major industries and a strict regulatory framework for safety standards contribute to the market’s growth in this region.
Key players operating in the non-destructive testing market include Tech4Imaging LLC, SGS SA, ROSEN Group, Acuren Group Inc., Olympus Corporation, Mistras Group Inc., Intertek Group PLC, Applus Services SA, Infrastructure Preservation Corporation, Bureau Veritas SA, and FLIR Systems Inc. These key players offer a wide range of non-destructive testing services and innovative technologies to cater to the diverse needs of industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
