A recent report by Global Market Studies has revealed that the Non-Destructive Testing (NDT) and Inspection Market is projected to reach USD17.5 billion by year 2028, growing at a CAGR of almost 8% over the forecast period 2023 to 2028. Growing demand for NDT inspection services in the power generation industry, rigorous government regulations relating to safety and product quality, and technical breakthroughs providing new application areas for NDT are likely to drive the market during the projected period.
Non-destructive testing (NDT) refers to a suite of testing and analysis techniques used by industry to inspect and evaluate the properties of a material, component, structure or system for differences, defects and discontinuities without permanently altering it. NDT inspection techniques include ultrasonic testing, magnetic particle testing, liquid penetrant testing and radiographic testing among others. The methods include surface inspection, volumetric inspection and visual inspection. Non-destructive testing finds applications across multiple industry verticals.
Drivers & Opportunities:
Increased adoption of NDT and inspection techniques and services in the sectors of electronics, automation and robotics industrial segments is driving this market. Technological advancements such as giant magnetoresistance (GMR) sensing, numerical simulation and infrastructure advances in developing regions are factors contributing to growing adoption of non-destructive testing. The increased adoption of robotics has also opened unlocked new opportunities for the sector. To combat the issue of aging infrastructure in high-risk assets such as aircraft, roads, buildings, there is increased implementation of risk-based inspection and advanced simulation tools which is driving market growth.
Restraints & Challenges:
Strict government regulations have been prescribed in recent years to ensure product safety, structural integrity, public safety and worker wellbeing. A lack of qualified workforce with industry-appropriate NDT skillsets to meet stringent government regulations and complex inspection techniques is likely to impact this market. The high cost of testing equipment, lack of awareness of new innovations and a lack of skilled workforce is expected to be a challenge in the growth of this market. Further, the COVID-19 pandemic has had a negative impact on the growth of the NDT inspection market, particularly on the airline industry.
Key Companies Featured:
Incumbents of the market remain keen on increasing their market share. Rise in technological advancements, growing spends on safety-related and structural integrity-related protocols, product launches, new investments and mergers and acquisitions are some of the pathways being adopted by key industry players.
Key players in the NDT Inspection Market include General Electric, MISTRAS Group Inc., Olympus Corporation, Nikon Metrology Inc, Magnaflux Corporation, Zetec Inc., Eddfyi Technologies, YXLON International GmbH, Sonatest Ltd., Carestream Health, Intertek Group Plc, Ashtead Technology, Williamson Inc, Bosello High Technology, Cygnus Instruments and SGS SA.
This report will help you understand competitive benchmarking, historical data & forecasts, company revenue shares, regional opportunities and latest market trends and dynamics.
Why Choose Us?
Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.
Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.
Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.
Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.
Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.