In 2022, the market for non-destructive testing equipment is projected to be worth US$17,324 million. Equipment for non-destructive testing is used to evaluate and examine different characteristics of materials, components, and assemblies.
The market for non-destructive testing tools is anticipated to reach US$17,324 million in 2022. Non-destructive testing tools are used to evaluate and look at a wide range of properties of materials, components, and assemblies.
The materials that are being evaluated are not changed or harmed by this equipment, as the name implies. The total demand for non-destructive testing equipment is anticipated to increase at a CAGR of 6.2% between 2022 and 2032, reaching approximately US$ 31,574.6 million.
Key Takeaways from Global NDT Services Market Study
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Manufacturing Sector to Lead the Way for Global NDT Inspection Services
The manufacturing sector is expected to grow at an unprecedented pace across regions being a major contributor to global economy. This sector is expected to register a CAGR of more than 6% between 2020 and 2030. As more and more number of manufacturers are trying to automate tasks, they are likely to require testing methods to identify faults in machinery and equipment. Thus, between 2020 and 2030, the NDT inspection services are likely to see extensive application in the manufacturing sector.
The rise of automotive, aerospace, defense, electrical and electronics manufacturing, especially in India and China are expected to boost the uptake of NDT inspection services. Furthermore, stringent laws pertaining to the worker safety across developed nations is also anticipated to lead to a revenue generation for NDT inspection services in the near future.
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North America Continue Dominance in the Global Non-Destructive Testing Equipment Market
Rising Market Competition to Boost the Market Growth in North America
In 2022, a 28.5% market share for non-destructive testing equipment in North America is anticipated. Due to growing market competition, North America, which currently dominates and accounts for the largest revenue shares in the non-destructive testing equipment market, is anticipated to grow significantly over the forecast period.
This is attributable to the widespread use of NDT techniques, the accessibility of a skilled workforce, and the abundance of non-destructive testing training facilities in the area. In addition, it is anticipated that shale oil-based power generation in the United States and Canada will significantly expand the market in the coming years.
Non-Destructive Testing Equipment Market in Europe
Expansion in Industrial Infrastructure to Boost Market Growth in Europe
A market share of 23.8% is anticipated for the European region. Due to government initiatives to upgrade the industrial infrastructure, as well as an increase in manufacturing, construction, and power generation activities in the region, Europe is anticipated to contribute a modest revenue market share and experience a healthy growth rate in the global non-destructive testing equipment market.
Key Segments Covered in the Non-Destructive Testing Equipment Industry Analysis
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More Valuable Insights on Global NDT Services Market
FMI’s research on the global NDT inspection services market is segmented into four major segments. To begin the market for global NDT inspection services is segmented into offering type, which includes NDT Inspection Services and equipment. On the basis of test method, the market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, Eddy current testing, ultrasonic testing, and radiographic testing. On the basis of industrial vertical, the market is segmented into oil and gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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May 12, 2023