Non-Destructive Testing Market Size to Hit USD 16.66 Billion by 2029 | NDT Industry Striking Growth in United States, Italy, United Kingdom, Canada and ROW

·6 min read
Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the global non-destructive testing market size is projected to reach USD 16.66 Billion by 2029, at CAGR of 13.66% during forecast period 2022-2029 | Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth

Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global non-destructive testing market size was USD 6.30 billion in 2021. The market is projected to grow from USD 6.80 billion in 2022 to USD 16.66 billion in 2029 at a CAGR of 13.66% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Non-Destructive Testing (NDT) Market, 2022-2029.” Factors such as the widening of application in designing, manufacturing, and maintenance of aircraft along with the rising adoption of integration of services will boost the growth of the market during the forecast period. Additionally, innovative measures and integration of artificial intelligence will increase the footprint of the market.

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List of Key Players Present in the Market

  • Acuren Inspection Inc. (U.S.)

  • Ashtead Technology (U.K.)

  • Bosello High Technology Srl (Italy)

  • Eddyfi (Canada)

  • Fischer Technology Inc. (U.S.)

  • Fprimec Solutions Inc. (Canada)

  • General Electric Company (U.S.)

  • Labquip NDT Limited (U.K.)

  • LynX Inspection (Canada)

  • Magnaflux Corporation (U.S.)

Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2022-2029

Forecast CAGR

13.66%

2029 Value Projection

USD 16.66 Billion

Base Year

2020

Historical Data

2018-2020

No. of Pages

200

Segments Covered

By Technique, Method, By Service

Non-Destructive Testing (NDT) Market Growth Drivers

Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth

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Segments

Based on technique, the market is divided into ultrasonic testing, visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy-current testing, radiographic testing, and acoustic emission testing.

By method, the market is broken down into visual inspection, surface inspection, volumetric inspection, and others.

With respect to service, the market is segmented across ultrasonic inspection, equipment rental services, calibration services, and training services.

Based on vertical, the market is fragmented across manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, and others.

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.

Report Coverage

The report for non-destructive testing (NDT) provided an in-depth analysis by encompassing critical factors, including leading players, COVID-19 impact, NDT techniques, and ongoing industry developments. Additionally, future market trends along with drivers, restraints, opportunities, and threats to the market are also highlighted. Also, factors that are expected to impact the market in a comprehensive manner are provided in the report.

Drivers & Restraints

Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth

Factors, such as rising demand from the aerospace sector for maintaining a higher standard of material, structure, and strength along with widening application lists, including finding cracks, flaws, and leaks, will boost the non-destructive testing (NDT) market growth during the forecast period. Additionally, rising demand from various sectors, including oil & gas, automotive, and power will increase the footprint of the market. Also, increasing awareness regarding improving operational efficiency & reliability will drive the growth of the market.

However, lack of skilled & qualified personnel for inspection services will limit the growth of the market during the forecast period.

Regional Insights

North America to Hold Dominance During Forecast due to Rising Demand from Emerging Economies

North America will occupy a significant non-destructive testing (NDT) market share during the forecast period due to rising demand for advanced material testing from the U.S., Canada, and Mexico along with the presence of dominant players in the region.

Asia Pacific will witness the fastest growth due to improving power generation in emerging economies, such as China and India, along with improving domestic manufacturing sector in Japan.

Europe will witness considerable market share in terms of global contribution due to expanding aerospace & automobile verticals in France and Germany, respectively. Additionally, the presence of key market players, including Labquip NDT Limited, Sonatest Ltd., and YXLON International GmbH is expected to propel the market growth.

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Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships

    • Latest technological Advancements

    • Porters Five Forces Analysis

    • Supply Chain Analysis

  • Quantitative Insights- Impact of COVID-19 Pandemic on Non-destructive Testing (NDT) Market

    • Impact of the COVID-19 pandemic on the Non-destructive Testing (NDT) Market

    • Steps taken by Industry/ Companies/ Governments to overcome the impact

    • Potential opportunities due to COVID-19 Outbreak

  • Global Non-destructive Testing (NDT) Market Analysis, Insights and Forecast, 2018-2029

    • Segmental Definitions / Summary

    • Market Size Estimates and Forecasts – By Technique

      • Ultrasonic Testing

      • Visual Inspection Testing

      • Magnetic Particle Testing

      • Liquid Penetrant Testing

      • Eddy-Current Testing

      • Radiographic Testing

      • Acoustic Emission Testing

    • Market Size Estimates and Forecast – By Method

      • Visual Inspection

      • Surface Inspection

      • Volumetric Inspection

      • Others

    • Market Size Estimates and Forecast – By Service

      • Ultrasonic Inspection

      • Equipment Rental Services

      • Calibration Services

      • Training Service

    • Market Size Estimates and Forecast – By Vertical

      • Manufacturing

      • Oil & Gas

      • Aerospace

      • Public Infrastructure

      • Automotive

      • Power Generation

      • Others

    • Market Size Estimates and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Rest of the World

TOC Continued…!      

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Competitive Landscape

Technological Advancements & Accelerated Product Development to Bolster Market Share of Players

The sector of non-destructive testing (NDT) contains market players that design technologically advanced NDT techniques and develop a range of new materials. This sector is highly competitive with players employing strategic tactics, including mergers & acquisitions, agreements, and partnerships. For example, in January 2021, Olympus announced launching RollerFORM XL scanner for launching NDT services into the aerospace sector by taking the assistance of phased array tools. This advanced tool is used for accelerating the inspection process for composite components that possess high surface areas. Other players are focused on expanding their investments in R&D activities to stay ahead of the competitive curve.

Key Industry Development

  • February 2021: NDT Global acquired Halfwave inspection services into its global business. This acquisition is expected to increase the footprint of NDT Global in the NDT segment. Halfwave provides ultrasound-based NDT techniques for high precision measurements of pipelines.

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