NDT Services Market Growth Outlook Through 2024-2033
Posted by ramtbrc on May 1st, 2024
Overview and Scope
NDT refers to a variety of inspection techniques that permit inspectors to assess and gather information about a material, system, or component without causing any long-term changes to it. These are used to examine the characteristics of a material, component, structure, or system without affecting the original part in order to look for typical variations or welding faults and discontinuities.
Sizing and Forecast
The ndt services market size has grown rapidly in recent years. It will grow from .84 billion in 2023 to .38 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to infrastructure development, skills development, environmental concerns, cyclical industry trends..
The ndt services market size is expected to see strong growth in the next few years. It will grow to .75 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to aerospace industry growth, renewable energy expansion, safety and quality assurance, digitalization and industry 4.0 integration, cost-effective solutions.. Major trends in the forecast period include market consolidation, focus on asset management, quality assurance requirements..
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Segmentation & Regional Insights
The ndt services market covered in this report is segmented –
1) By Type: Inspection Services, Equipment Rental Services, Training Services, Calibration Services
2) By Testing Technique Model: Visual Inspection, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission, Terahertz Imaging
3) By Vertical Type: Manufacturing, Oil and Gas, Aerospace, Government Infrastructure and Public Safety, Automotive, Power Generation, Other Verticals
North America was the largest region in the NDT services market share in 2023. The regions covered in the ndt services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in the use of renewable energy resources is expected to propel the growth of the NDT services market going forward. Renewable energy refers to the energy that comes from natural sources that regenerate themselves more quickly than they are used up. Non-destructive testing is used in the production of renewable energy sources, such as the testing of wind turbines using ultrasonic waves. For instance, in 2022, according to a Invest India, the National Investment Promotion and Facilitation Agency, India saw the highest year-on-year growth in renewable energy additions of 9.83% in 2022. Therefore, an increase in the use of renewable energy resources is driving the growth of the NDT services market.
Key Industry Players
Major companies operating in the ndt services market report are Mistras Group Inc., Olympus Corporation, Nikon Metrology NV, TÜV Rheinland Group, Intertek Group plc, TEAM Inc., General Electric Company, Ashtead Technology Ltd., Zetec Inc., Yxlon international GMBH, ALS Limited, Applus+, Bureau Veritas SA, Dekra SE, Fischer Technologies Inc., Previan Technologies, SGS SA, Det Norske Veritas, Registro Italiano Navale, NDT Global Limited, NDT Kit Inc., NDT Systems Inc., Sonatest plc, Eddyfi Technologies Inc., HMT Inspection Inc., NDT Solutions Inc., Carl Zeiss Industrial Metrology GmbH, American Bureau of Shipping, Lloyd's Register, NDT Services Limited
The ndt services market report table of contents includes:
1. Executive Summary
2. NDT Services Market Characteristics
3. NDT Services Market Trends And Strategies
4. NDT Services Market - Macro Economic Scenario
5. Global NDT Services Market Size and Growth
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31. Global NDT Services Market Competitive Benchmarking
32. Global NDT Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The NDT Services Market
34. NDT Services Market Future Outlook and Potential Analysis
35. Appendix
