Non-Destructive Testing (NDT) Market to Surpass USD 12.24 Billion by 2028, with a CAGR of 7.5% from 2022-2028 Thanks to Rising Emphasis on Development of Advanced Simulation Tools
The latest market report on Non-Destructive Testing (NDT) provides in-depth insights into the growth prospects, market size, industry trends, and lucrative opportunities in the field. The report was compiled by SkyQuest using a comprehensive methodology that involved technology assessment, economic evaluation, SWOT analysis, product benchmarking, recent developments, and accurate forecasting.
Westford USA, Feb. 07, 2023 (GLOBE NEWSWIRE) -- North America has maintained its dominant position in the NDT market due to strict government regulations to ensure the safety of assets, increasing demand for assessment of the structural integrity of aging infrastructure, and using advanced materials in manufacturing processes. Furthermore, technological advancements in NDT, such as GMR sensing and numerical simulation, as well as improvements in infrastructure in developing regions, are contributing to the growth of the NDT market. In addition, the growing demand for on-stream inspection of installations, the increasing trend towards risk-based inspection, the development of advanced simulation tools for inspection of structural integrity, and their integration into quantitative life cycle management strategies are also driving the growth of this market.
According to SkyQuest's global research, the current fuel failure rate worldwide is around 10-5, which translates to 1-3 failed fuel rods out of 100,000 in operation. However, with the implementation of NDT, the failure rate is gradually decreasing.
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Pages - 245
Tables - 127
Figures - 73
Non-Destructive Testing (NDT) is a collection of techniques to evaluate and analyze products before they are released to the market. This method is widely favored in the science and technology sectors as it enables products to be tested without causing any damage, preserving their initial condition and saving time and money. NDT encompasses various types of examinations, such as radiography testing, ultrasonic testing, magnetic particle testing, liquid penetrant testing, visual inspection, and eddy current. The end-user industries for NDT are extensive, including the automotive, infrastructure, aerospace, power generation, petrochemical, and mechanical industries.
Prominent Players in Non-Destructive Testing (NDT) Market
Acuren Inspection Inc. (U.S.)
Bosello High Technology Srl (Italy)
Ashtead Technology (U.K.)
Fischer Technology Inc. (U.S.)
General Electric Company (U.S.)
Fprimec Solutions Inc. (Canada)
Magnaflux Corporation (U.S.)
Labquip NDT Limited (U.K.)
NDT Global GmbH & Co. Kg (U.S.)
Mistras Group (U.S.)
Olympus Corporation (Japan)
Nikon Metrology (Japan)
TD Williamson, Inc. (U.S.)
Sonatest Ltd. (U.K.)
YXLON International GmbH (Denmark)
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Ultrasonic Inspection Segment to Exhibit Swift Growth Rate owing to Increasing Use in Heavy Industries
According to SkyQuest's projections, the fastest growth rate between 2022 and 2028 will be seen in the ultrasonic inspection segment, with its increasing usage in the automotive and aerospace sectors being the driving factor. High-precision ultrasonic inspection is utilized to detect flaws within interior components, including geometrical faults, material thickness, welding faults, bonding faults, delamination, wrinkles, porosity, dry patches, foreign objects, fractures, and corrosion. In addition, by using aerospace NDT, customers can ensure the reliability and integrity of their products, saving time and money when reviewing, troubleshooting, or conducting research.
North America dominates the global NDT market with a higher revenue share, thanks to the widespread use of NDT tools across various industries such as aerospace & defense, automotive, and oil & gas, which are highly vulnerable to damage and wear caused by factors such as corrosion and exposure to moisture or chemicals. Additionally, strict government regulations relating to quality control during manufacturing processes are expected to increase product adoption across end-use industries further, propelling regional growth over the forecast period.
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Public Infrastructure Segment to Capture Largest Revenue Share due to Growing Application Major Infrastructural Projects
By 2028, the public infrastructure sector is poised to occupy a dominant position in the worldwide non-destructive testing market. The segment's rapid growth can be attributed to the widespread application of NDT in various public infrastructure projects such as bridges, tunnels, and the decommissioning of nuclear waste storage facilities. In recent times, the use of NDT has been a crucial factor in ensuring the safety and reliability of these facilities.
The Asia Pacific region is also projected to see substantial growth in the NDT market in the coming years. Such market growth can be attributed to the increasing number of manufacturing, construction, and power generation activities in the region. In addition, the Middle East is anticipated to be a prospective market for NDT methods due to the region's large involvement in the oil and gas sector.
The most authentic market report provides an in-depth analysis of the NDT value chain, which can help vendors to gain a competitive edge during the forecast period. Vendors can optimize their profit margins and make informed business decisions by comprehending the value chain from start to finish. Moreover, the accurate data available in the value chain analysis segment can assist vendors in reducing costs and improving customer satisfaction.
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Key Developments in Non-Destructive Testing (NDT) Market
The UK-based Theta Technologies has joined forces with aerospace and defense manufacturers BAE Systems, AMRC North West, and the High-Value Manufacturing Catapult to launch a collaborative project aimed at testing the durability of various components using Theta's RD1-TT testing method. The result is expected to be a thorough examination of both additively manufactured and composite components from BAE Systems.
Cutech and TWI Global Technology Centre, based in Singapore, have taken their relationship to the next level by signing a Memorandum of Understanding to focus on advanced inspection services. By joining forces, Cutech and TWI GTC aim to combine their expertise and experience in using advanced NDT solutions and robotic systems to inspect pipelines, heat exchangers, storage tanks, and other engineering assets.
Creaform, a subsidiary of AMETEK, has recently introduced VXintegrity, a 3D scanning solution designed to assess surface damage. This new software platform specifically addresses the needs of industrial asset owners and NDT service companies. It includes four different modules for surface analysis and simple metrology applications.
Novosound, a specialist in ultrasound sensors, has entered into a commercial partnership with PAVmed Inc., a Nasdaq-listed medical technology company, to develop technology to improve intravascular imaging. The partnership with PAVmed is a significant step for Novosound in its move into the healthcare industry and its expansion into North America. The company recently secured £3.7 million in investment through a round led by Par Equity and supported by Foresight Group, Kelvin Capital, and Scottish Enterprise.
Key Questions Answered in Non-Destructive Testing (NDT) Market Report
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