The global Non-Destructive Testing Market is estimated to be valued at US$ 7902.72 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Non-destructive testing involves inspection techniques used to evaluate the properties of a material, component or system without causing damage. Common NDT techniques include visual inspection, ultrasonic, radiography, eddy current and magnetic particle which helps detect internal and external flaws in various industries.
Market key trends:
One of the key trends in the non-destructive testing market is the growing adoption of automated inspection techniques. Automation helps achieve faster inspection speeds and high data capture rates which aids consistent evaluation. Automated solutions integrated with digital sensors, IoT, and data analytics are increasingly being deployed for applications such as pipeline monitoring, critical infrastructure examination, and aircraft inspection. This increases inspection efficiency while reducing costs. Standardization of these technologies further promotes their widespread acceptance.
Segment Analysis:
The global non-destructive testing market is segmented based on testing method, technique, service and industry vertical. By testing method, the ultrasonic testing segment dominated the market in 2021 and still dominates as it is widely used for testing metals where it detects flaws and determines the thickness and density of materials. By technique, visual inspection is the most commonly used technique as it is a low-cost technique and can detect surface flaws easily.
Key Takeaways:
The Global Non-Destructive Testing Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for equipment reliability and safety testing from industries such as oil & gas, power generation, aerospace & defense.
Regional analysis:
North America dominated the non-destructive testing market in 2021 owing to stringent governmental safety regulations for oil & gas pipelines and machinery in the region. Asia Pacific is expected to witness the highest CAGR during the forecast period owing to increasing industrialization and demand for NDT from emerging economies such as China and India.
Key players:
Key players operating in the non-destructive testing market are Tech4Imaging LLC, SGS SA, ROSEN Group, Acuren Group Inc., Olympus Corporation, Mistras Group Inc., Intertek Group PLC, Applus Services SA, Infrastructure Preservation Corporation, Bureau Veritas SA, and FLIR Systems Inc. ROSEN Group commands the largest market share currently due to its wide global presence and capabilities across all NDT testing methods.
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The global Model Based Testing market is likely to gain momentum in the coming years and exhibit a CAGR of 6% says a recent report published by Fact.MR.
The impact of the COVID-19 pandemic on the global Non-Destructive Testing market is thoroughly discussed in the report.
The imposition of lockdown by the governments of all nations worldwide resulted in huge losses for most businesses.
However, the healthcare sector gained promising revenues on account of the increasing number of patients, rising demand for safety kits, and growing panic and tension amongst the common man.
Several institutions have invested heavily and engaged in deep research and development so as to come up with an antidote to fight the novel coronavirus.
Request to View Sample of Research Report @ https://www.factmr.com/connectus/sample?flag=S_id=4665The report on the Non-Destructive Testing market elaborates the possibility of trading and investment and certain tricks up the sleeve for gaining a positive edge in the market during the forecast period.
