Non-destructive Testing Market Forecast To Register CAGR Of Over 7.7% From 2022 To 2030Posted by rahul nikade on December 30th, 2022 Non-destructive Testing Industry Overview The global non-destructive testing market size was valued at USD 17.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. The rise in manufacturing activities among the developing and developed nations is estimated to drive the growth of the non-destructive testing (NDT) market over the forecast period. Technological innovations have led to the development of advanced NDT processes with improved fault detection and safety. Furthermore, increasing awareness amongst the manufacturers regarding the use of NDT is expected to improve the penetration of NDT techniques in the forthcoming years. Gather more insights about the market drivers, restrains and growth of the Global Non-destructive Testing Market Projects deploying non-destructive testing techniques are completed in a lesser amount of time owing to fault detection at complex locations and irregular surfaces. Reducing the possibility of failures is anticipated to fuel the demand for non-destructive testing in the forthcoming years. Besides, the efficiency of fault detection and the ease of operating ultrasonic equipment, as compared to other NDT equipment, are the major reasons leading to the increasing deployment of the ultrasonic test method. Furthermore, advancements in ultrasonic technology over the next eight years are expected to increase the adoption of this test procedure owing to its simplicity. The market is expected to grow considerably over the forecast period. This growth is attributed to rising urbanization in developing nations such as India and China which involves undertaking extensive construction and manufacturing projects. The speed of such projects makes it mandatory for the executors to implement testing processes to ensure the quality of work. This trend is likely to positively impact the growth of non-destructive testing in these nations, improving the market’s penetration globally. Increasing oil and gas projects in the Middle East and North America are expected to deploy NDT techniques to complete the projects in prescribed timelines and with finesse, thus fueling the demand for NDT equipment in these regions. Besides, the advancements in non-destructive testing technology have led to the development of radiographic testing equipment such as industrial CT scanners, which precisely detect faults in machinery and components. However, the cost of the non-destructive testing equipment and the expertise required to perform the tests increases the complexity and difficulty of deploying the radiographic testing method. The COVID-19 pandemic outbreak has turned out to be unfavorable and unforeseen for almost all industries globally, including automotive, construction, airlines, manufacturing, among others. As a preventive measure, many governments worldwide implemented lockdowns to contain the novel coronavirus's spread and its subsequent adverse effects. The disrupted global supply chain and decreased industrial productivity strained the global economy. The companies' production and manufacturing capabilities were also disrupted due to the sudden outbreak of the virus. Furthermore, the impact of the pandemic on the NDT market stems from the cumulative reaction of relatable industries, which apply non-destructive testing for their operations, to the pandemic. For instance, the defense industry has been affected mildly, when compared to other sectors, due to budget government spending, which protects the supply and demand ecosystem. Although some defense companies have been hit hard by the financial shock, the impact is weaker than that on aerospace companies. Browse through Grand View Research's Electronic Devices Industry Research Reports.
Non-destructive Testing Market Segmentation Grand View Research has segmented the global non-destructive testing market based on offering, test method, vertical, and region: Non-destructive Testing Offering Outlook (Revenue, USD Million, 2017 - 2030)
Non-destructive Testing Test Methods Outlook (Revenue, USD Million, 2017 - 2030)
Non-destructive Testing Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Non-destructive Testing Regional Outlook (Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global non-destructive testing market include
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