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The SNS Insider report projects the Non-Destructive Testing (NDT) market Size was USD 20.04 billion in 2023 and it’s projected to reach USD 35.66 Billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 7.47% over the forecast period (2024-2031).
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Some of Major Key Players:
- Ashtead Technology
- Eddyfi
- Fischer Technologies Inc
- General Electric
- Nikon Corporation
- Mistras Group
- Olympus Corporation
- Sonatest
- Yxlon International
- Zetec,Inc
- MME Group
- TWI Ltd.
Rising Demand for Quality Assurance from Various End Use Industries Will Drive the Market Growth
Industries such as aerospace, automotive, manufacturing, oil and gas, and power generation prioritize quality assurance to guarantee the safety, reliability, and optimal performance of their products and infrastructure. Advancements in NDT techniques and equipment, such as Computed Tomography (CT), phased array ultrasonic testing, and remote visual inspection, have enhanced their precision, effectiveness, and ability to identify hidden flaws. For instance, in September 2022, Waygate Technologies, a leading provider of NDT solutions, launched Krautkrämer SpotVision, a novel phased array ultrasonic solution specifically designed for spot weld inspection in the automotive industry. This innovative solution empowers car manufacturers to minimize downtime and ensure compliance with rigorous quality standards and safety requirements. The stringent government regulations worldwide are mandating stricter safety protocols to protect public health and the environment. Industries must adhere to these quality and safety standards. NDT methods play a Important role in assisting industries to meet these regulatory requirements by identifying defects in structures, pipelines, and other critical equipment.
Recent Developments in the Non-Destructive Testing Market
February 2023: Sonatest collaborated with Echobolt, a UK-based service provider, to offer Phased Array Ultrasonic Technology (PAUT) for wind turbine bolt inspection.
May 2023: Previan Technologies acquired Sensor Networks, Inc. (SNI), a renowned provider of sensing tools and technologies for advanced inspection and remote monitoring. This acquisition strengthens Previan’s NDT solutions portfolio through Eddyfi Technologies.
February 2023: The American Society for Nondestructive Testing (ASNT) acquired NDT Classroom, a leader in online NDT training programs. This strategic move aims to expand educational offerings for NDT professionals.
Segment Analysis
By offering, the services segment dominated the market in 2023, capturing More than 70% of the revenue share. This dominance can be attributed to factors such as The high upfront cost of NDT equipment, Integrates with the technical complexities involved in deployment and installation, encourages end-users to outsource their NDT operations. The scarcity of skilled NDT professionals further limits the widespread adoption of NDT equipment. Stringent regulations concerning workplace safety also motivate companies to outsource NDT operations to third-party service providers. The equipment segment is anticipated to experience steady growth due to technological advancements leading to the development of cutting-edge equipment variants. These advancements have broadened the application range of NDT equipment, generating increased demand.
- Services
- Equipment
By Verticals, the manufacturing sector Dominates the NDT market, accounting for mor Than 20% of the revenue share in 2023. This dominance is driven by the increasing volume of manufacturing globally. As a result, the manufacturing sector is expected to deploy numerous NDT processes, leading to a global Increase in demand for NDT services. Traditionally, NDT has been extensively used in oil and gas applications, with methods like such as ultrasonic and eddy current testing employed to detect cracks in pipelines. with growing awareness, NDT techniques are finding applications in various sectors such as aerospace, defense, and automotive.
- Oil & Gas
- Manufacturing
- Aerospace and Defense
- Construction
- Automotive
- Power Generation
- Others
By Test method
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiographic Testing
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The power generation segment, encompassing power grids and hydroelectric power plants, is expected to witness significant growth with a high CAGR exceeding 8.2% during the forecast period. The continuous increase in power demand in developing nations is a major reason for the widespread adoption of NDT techniques in power generation. NDT techniques ensure faster production rates in this sector.
Impact of the Russia-Ukraine War
The Both Russia and Ukraine are significant players in the metals and materials sector, supplying raw materials Important for manufacturing NDT equipment. The war has caused shortages for these materials, hindering NDT equipment production. Sanctions imposed on Russia have restricted trade flows, making it difficult for some regions to import NDT equipment and services from Russia. This can lead to potential shortages in affected areas. The war has caused economic uncertainty, leading to delays or cancellations of infrastructure and construction projects in some regions. This can decrease demand for NDT services needed for such projects.
Example: Due to sanctions on Russia, European countries are seeking alternative sources for oil and gas. This could lead to increased exploration activities in the North Sea, creating a potential growth opportunity for NDT service providers in that region.
Impact of a Potential Economic Slowdown
During economic downturns, companies often tighten their budgets and might delay or reduce investments in capital projects such as infrastructure development, manufacturing plants, and power generation facilities. This could Result to a decline in demand for NDT services needed for such projects. An economic slowdown can affect key NDT user industries Such as automotive, aerospace, and oil & gas. Reduced consumer spending can lead to lower production volumes in these sectors, impacting the demand for NDT services used for quality control and maintenance purposes.
Key Regional Developments in the NDT Market
North America region holds the dominant position in the NDT market due to widespread NDT adoption, a skilled workforce, and numerous training institutes. Additionally, the use of shale oil for power generation in the US and Canada is expected to further propel market growth.
Asia Pacific region is anticipated to witness significant growth due to the booming manufacturing, construction, and power generation sectors. The growing awareness and adoption of NDT techniques are expected to bridge the current skilled labour gap in the region.
Key Takeaways from the Non-Destructive Testing Market Study
The services segment dominates the market due to the high upfront costs and complexities associated with NDT equipment.
The manufacturing sector is the leading user of NDT services, followed by oil & gas, power generation, and other industrial applications.
Technological advancements in NDT equipment and growing awareness of NDT techniques are expected to propel market growth in the coming years.
The Russia-Ukraine war and potential economic slowdown pose challenges, but the NDT market also presents opportunities in certain regions and sectors.
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