Integration of AI to Boost Non-Destructive Inspection Equipment Market Growth
New York, US, Dec. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Non-Destructive Inspection Equipment Market: Information By Industry Vertical, and Region—Forecast till 2030, the reports further predict the market to flourish at a robust CAGR of over 4.7% during the assessment timeframe.
Non-Destructive Inspection Equipment Market Key Players
Eminent industry players profiled in the global non-destructive inspection equipment market report include-
Promag Technologies Development Limited
Labquip (Ireland) Limited
MFE Inspection Solutions
Non-Destructive Testing (NDT) Products Limited
Baker Hughes Company
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Nondestructive Testing Equipment Market Report Scope:
NDT Equipment Market Valued in 2021
USD 1552 Mn
NDT Equipment Market Growth Rate
CAGR of 4.7% from 2022 to 2030
Key Market Opportunities
The increasing demand for energy across the globe is rising at a rapid pace
Key Market Drivers
Rising cost of maintenance owing to the aging infrastructure
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NDT Equipment Market Drivers
Integration of AI to Boost Market Growth
The demand for NDT is fueled by the development of wireless sensors, the Internet of Things (IoT), and sensor technology because the testing results are so exceptionally accurate.
NDT Equipment Market Opportunities
Timely Maintenance of Aging Infrastructure to offer Robust Opportunities
The timely maintenance of aging infrastructure will offer lucrative opportunities for this market over the forecast period. More frequent maintenance is needed for older infrastructures than for more recent infrastructure. Because non-destructive testing equipment does not damage any components of the infrastructure while thoroughly inspecting it, businesses typically invest more in it to ensure the structural and operational integrity of existing structures.
Restraints and Challenges
High Equipment Cost to act as Market Restraint
The high price of equipment and lack of skilled technicians may act as market restraints over the forecast period.
Non-Destructive Inspection Equipment Market Segmentation
The global non-destructive inspection equipment market has been classified into industry.
By industry, power and energy will lead the market over the forecast period. Since most of these plants are older and were built using the standards, materials, and components that were in use at the time of construction, they were designed and built using NDT equipment, which saw an increase in demand from the power generation sector.
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Non-Destructive Inspection Equipment Market COVID-19 Analysis
The COVID-19 has had a negative impact on the Non-Destructive Inspection Equipment Market. The decline in new oil and exploration projects, temporary shutdowns of production facilities, and a drop in crude oil prices are anticipated to impede the NOT and inspection market growth. Due to the pandemic's effects on the supply chain, market growth will suffer short-term setbacks. As a result of COVID-19, numerous production facilities around the world have been shut down. A rapid increase is being seen in the global demand for energy. The quantity of oil and gas projects is increasing in this regard. For instance, according to a Gecko Robotics blog post from August 2021, the use of non-destructive inspection tools in the oil and gas sector has increased over time, particularly in the US.
Non-Destructive Inspection Equipment Market Regional Analysis
APAC to Steer Non-Destructive Inspection Equipment Market
During the forecast period, the market in Asia-Pacific is anticipated to have the highest CAGR. With well-known oil and gas producers like Chevron Corporation, Exxon Mobil Corporation, and others, the US is the leading nation in the sector. Since non-destructive inspection (NDI) equipment is frequently used in the oil and gas industry to find flaws and damage in the material, the growth of the oil & gas industry in the US has created a demand for NDI equipment. The oil and gas industry makes extensive use of non-destructive inspection tools to assess pipeline properties, surface corrosion, mechanical damages, and cracks. In the coming years, there will likely be a huge demand for non-destructive inspection equipment due to the expanding oil, gas, and power & energy sectors.
The Asia-Pacific market for non-destructive inspection tools is anticipated to expand significantly over the course of the forecast period. Due to its massive population and important industrial hub, China is regarded as the world's top producer of electricity. China is thought to have produced 7,623,600 GWh of energy in total in 2020, which is more than the other regions combined. Due to increased industrialization and population growth, it is anticipated that the country's energy demand will increase in the upcoming years. According to estimates, South Korea will represent the 19th-largest market for US aerospace exports in 2020 and will surpass $1 billion in that year. This expansion is attributed to a rise in the region's manufacturing, construction, and power generation activities. Although there is a current shortage of skilled workers in the area, this shortage is anticipated to disappear as non-destructive testing techniques become more widely used.
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North America to Have Admirable Growth in Non-Destructive Inspection Equipment Market
The US currently holds the largest Non-Destructive Inspection Equipment Market in North America, and it is likely that it will continue to dominate the sector for the entire anticipated period. In the upcoming years, the US is anticipated to experience significant growth for the North American market. This is a result of the expanding oil and gas, power and energy, aerospace, and defense sectors. The adoption of non-destructive inspection equipment is anticipated to be driven via the surging demand for & production of oil & gas, as well as the expanding presence of major oil and gas producers like Total SA, Exxon Mobil, and others, over the course of the forecast period. This is credited 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. Furthermore, the use of shale oil for power generation in the United States and Canada is anticipated to possess a favorable effect on the rate of growth in the area. Additionally, it is anticipated that the regional market will be driven by the increasing emphasis on the use of NDT to prevent unanticipated system failures.
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