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The global non-destructive testing (NDT) market size reached USD 6.30 billion in 2021. The market value is estimated to increase from USD 6.80 billion in 2022 to USD 16.66 billion in 2029 at a CAGR of 13.66% in 2022-2029. This information is published by Fortune Business Insights™, in its report titled, “Non-Destructive Testing (NDT) Market Size, Share & COVID-19 Impact Analysis, By Technique (Ultrasonic Testing, Visual Inspection Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, and Acoustic Emission Testing), By Method (Visual Inspection, Surface Inspection, Volumetric Inspection, and Others), By Service (Ultrasonic Inspection, Equipment Rental Services, Calibration Services, and Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others), and Regional Forecast, 2022-2029”
Global Financial Ripples to Cause Hindrances in Market Growth During COVID-19
The COVID-19 pandemic caused severe financial impacts on the sector of non-destructive testing. Imposed lockdowns led to major hampering of the aviation sector, which NDT relies upon heavily for generating revenue. According to the International Bank for Reconstruction and Development (IBRD), 4.3 million air passengers were ferried globally.
However, this count was severely hampered due to the ban on international traveling. Disruptions in supply chains led to declining deliveries of aircraft, further impacting the market in a negative manner.
Testia Uncovers its Latest Software Development for Inspection
Testia launched its latest software development kit – the UE1 Box and phased array U32 Box. These developments are intended to meet a wider range of technical specifications to meet various types of inspections encompassed within the same device. These devices are aimed at finding cost-effective and reliable platforms for training their workforce conducting experiments and tabulating outcomes.
The UE1 Box allows ultrasonic testing (UT) and eddy-current testing (ET) by integrating advanced functions, including boring holes with the aid of rotary probes/resonance data acquisitions in one device. These devices are completely suitable for testing any materials by means of detection, identifying material characteristics, and analyzing thickness.
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Rising Demand for NDT Services & Increasing Requirement from Aerospace Sector to Augment Growth
Widening applications for NDT technology toward inspections of pipes, valves, storage vessels, and welds along with rising availability of testing methods will boost the non-destructive testing (NDT) market growth during the forecast period. Increasing demand from oil & gas, automotive, and the power industry will increase the footprint of the market.
Rising demand from the aerospace sectors regarding maintaining decent strength, structure, and quality of materials will fuel the growth of the market. According to Oliver Wyman, the global fleet maintenance, repair, and overhaul market was valued at USD 81.9 million in 2019 and will rise to USD 116 million by 2029.
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Value (USD billion)