The global non-destructive testing market size is anticipated to reach USD 34,148.1 million by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience substantial growth during the forecast period. This growth can be attributed to the increasing manufacturing activities in both developing and developed nations.
Non-destructive Testing Market Report Highlights
- The market is expected to exhibit a CAGR of 7.9% over the next eight years owing to a rise in manufacturing-related activities, globally
- The services segment accounted for the largest revenue share of over 75.0% in 2022. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
- Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
- The manufacturing vertical segment was the dominant segment in 2022 and is expected to witness a healthy CAGR of 9.3% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific.
- North America dominated the market in 2022 and accounted for the largest revenue share of more than 36.0%, owing to the extensive adoption of NDT techniques in the region
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The application of non-destructive testing (NDT) plays a crucial role in precise fault detection, effectively reducing the probability of product/component failures and associated repair costs. NDT also accelerates the manufacturing process by eliminating potential faults beforehand. The market is expected to be driven by the advancements in non-destructive testing methods, as these technological improvements ensure accurate fault detection and significantly reduce the complexity of testing procedures.
The ultrasonic testing segment is projected to experience substantial growth, which can be attributed to factors such as the equipment's user-friendly nature, the presence of skilled technicians, and the precise detection of faults. Furthermore, the manufacturing segment is anticipated to extensively adopt NDT techniques during the forecast period due to the growing awareness of their benefits and applications.
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We have segmented the global non-destructive testing market based on offering, test methods, vertical, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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A new research report by Future Market Insights (FMI) on the global NDT Inspection Services market offers in-depth analysis of the global trends, drivers, challenges, opportunities, and restraints which will shape the growth of the markets.
Along similar lines, market variables such as growth, consumption, value chain analysis, supply chain, etc.
With a plethora of valuable insights, the report is essential for the stakeholders of the global NDT Inspection Services market, to understand the ever-evolving demand and supply side trends.Apprehending these possibilities and changes in the market enables stakeholders to orient their growth strategies and leverage the revenue opportunities.
Having studied facets, FMI’s study projects that the global NDT Inspection Services market is projected to grow in value at a CAGR of ~7% through the assessment period.Impact of COVID-19 on NDT Inspection Services MarketOwing to the outbreak of COVID-19, the global manufacturing sector has come to a screeching halt, thus impeding the penetration of technologies.
As several industries terminate operations or work with limited workforce, the overall efficiency of the industrial sector.
The study is shaped to bolster stakeholders in making the right decisions to mitigate challenges and leverage opportunities through the pandemic.Request Report Sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-11943Why Choose Future Market Insights?Serving domestic and international clients 24/7Prompt and efficient customer serviceData collected from reliable primary and secondary sourcesHighly trained and experienced team of research analystsSeamless delivery of tailor-made market research reportsNDT Inspection Services Market: SegmentationTo simply the gargantuan study, the report is segregated on the basis of different segments.By Offering Type:Non-destructive Testing ServicesNon-destructive Testing Equipment By Test Method:Visual TestingMagnetic Particle TestingLiquid Penetrant TestingEddy Current TestingUltrasonic Testing The aforementioned segments are studied with respect to each individual region, considering the region-specific trends, drivers and restraints.NDT Inspection Services Market: Competition AnalysisThe study bestows valuable insights into the competitive landscape of the global NDT Inspection Services market, by studying numerous players, their growth strategies, and key developments.
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