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Non-Destructive Testing (NDT) Market to Increase Gradually with a CAGR 11.5% during the Forecast Period

August 07, 2023 | Aerospace & Defense

The global Non-Destructive Testing (NDT) market size is estimated to display strong growth by reaching USD 33.73 billion by 2030 with a CAGR of 11.5% during the forecast period. Fortune Business Insights™ in its report titled “Non-Destructive Testing (NDT) Market Size, Share & COVID-19 Impact Analysis, By Offering (Equipment and Service (Inspection Service, Training Service, Calibration Service, and Equipment Rental Service), By Method (Visual Inspection, Surface Inspection, Volumetric Inspection, and Others), By Technique (Ultrasonic Testing, Visual Inspection Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, and Others), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others), and Regional Forecast, 2023-2030” observes that the market size stood at USD 14.28 billion in 2022 and is expected to reach USD 15.78 billion in 2023. NDT finds out and evaluate any internal or external defects. It is widely used in manufacturing, aerospace, automotive, oil and gas, construction, power generation, and infrastructure.


Waygate Technologies and GE Aerospace Joined Forces for Joint Technology Development Agreement (JTDA) for Commercial Aircraft Engines


In May 2023, Waygate Technologies and GE Aerospace entered into a Joint Technology Development Agreement (JTDA) for Commercial Aircraft Engines. The collaboration is centered around the development of advanced solutions for remote visual inspection, leveraging artificial intelligence software to support Maintenance, Repair, and Operations (MRO) providers. The primary goal is to create next-generation tools and technologies that enhance the efficiency and effectiveness of visual inspections in the MRO industry.


Temporary Closures of Manufacturing Facilities and Distribution Networks during the Pandemic Affected the Market Growth


The COVID-19 pandemic impacted the supply chains affecting the availability and delivery of NDT equipment and services. This led to the temporary closures of manufacturing facilities and distribution networks. Delays in the production, shipping, and procurement of the equipment and supplies. Olympus Corporation and General Electric (GE) had a major impact on their business operations. Reduction in the demand from various industries, such as manufacturing, aerospace, automotive, and oil and gas, led to sharp decline for global NDT services and equipment. However, the pandemic drives the adoption of virtual training and certification and remote inspection technologies, such as Remote Visual Inspection (RVI) tools, drones, and robotic systems.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/non-destructive-testing-ndt-market-103596


Strict Rules and Regulations for Safety to Drive Market Growth


Strict rules and regulations for the safety are predicted to drive the market growth. Strict regulations by the governments and regulatory bodies for the protection of the public health and the environment. Industries are required to follow quality and safety standards to meet strict regulations. NDT methods play a crucial role in assisting industries to meet these regulatory requirements as they can identify defects in structures, pipelines, and other equipment.


However, Non-Destructive Testing techniques require personnel with good technical knowledge and practical experience to operate and evaluate equipment which may hamper the market growth.


Numerous Business Strategies to Drive the Market Development


The market has various key Non-Destructive Testing players such as Applus Services, S.A., Bureau Veritas SA, Commet Holding AG, Intertek Group PLC, Mistras Group, and others. The focus of these key market players has been on mergers & acquisitions, growing markets, technological progressions, and product innovations.  


Notable Industry Development



  • February 2023: The American Society for Nondestructive Testing (ASNT) acquired NDT Classroom, a renowned provider of online training programs for Non-Destructive Testing to enhance the educational offerings available for NDT professionals. This will be done by providing them with a comprehensive and accessible collection of online training courses.


List of Key Companies Profiled in the Report:



  • Applus Services, S.A. (Spain)

  • Bureau Veritas SA (France)

  • Commet Holding AG (Switzerland)

  • Intertek Group PLC (U.K.)

  • Mistras Group (U.S.)

  • Nikon Metrology Inc. (Japan)

  • Olympus Corporation (Japan)

  • Previan Technologies Inc. (Canada)

  • SGS S.A (U.S.)

  • Team Inc. (Germany)

  • TÜV Rheinland AG (U.S.)

  • Waygate Technologies Inc. (Germany)


Further Report Findings



  • The global NDT market share is led by North America due to strong presence of service providers and OEMs. The regional market was valued at USD 5.36 billion in 2022.



  • The Europe market share was the second-largest with increasing demand for NDT from the power generation industry. The growing emphasis on renewable energy sources, such as wind power and solar energy, requires NDT to evaluate the condition of equipment, structures, and components related to these industries.


Table of Segmentation



























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 11.5% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Offering, Method, Technique, Vertical, and Geography



By Offering



  • Equipment

  • Service


    • Inspection Service

    • Training Service

    • Calibration Service

    • Equipment Rental Service




By Method



  • Visual Inspection

  • Surface Inspection

  • Volumetric Inspection

  • Others



By Technique



  • Ultrasonic Testing

  • Visual Inspection Testing

  • Magnetic Particle Testing

  • Liquid Penetrant Testing

  • Eddy-Current Testing

  • Radiographic Testing

  • Acoustic Emission Testing

  • Others



 



By Vertical



  • Manufacturing

  • Oil & Gas

  • Aerospace

  • Public Infrastructure

  • Automotive

  • Power Generation

  • Others



By Geography




  • North America (By Offering, Method, Technique, Vertical, and Country)

    • U.S. (By Technique)

    • Canada (By Technique)



  • Europe (By Offering, Method, Technique, Vertical, and Country)

    • U.K. (By Technique)

    • Germany (By Technique)

    • France (By Technique)

    • Italy (By Technique)

    • Russia (By Technique)

    • Rest of Europe (By Technique)



  • Asia Pacific (By Offering, Method, Technique, Vertical, and Country)

    • China (By Technique)

    • India (By Technique)

    • Japan (By Technique)

    • Rest of Asia Pacific (By Technique)



  • Latin America (By Offering, Method, Technique, Vertical, and Country)

    • Brazil (By Technique)

    • Argentina (By Technique)

    • Mexico (By Technique)

    • Chile (By Technique)

    • Rest of Latin America (By Technique)



  • Rest of World (By Offering, Method, Technique, Vertical, and Sub-Region)

    • Middle East (By Technique)

    • Africa (By Technique)




Global Non-destructive Testing (NDT) Market
  • PDF
  • 2022
  • 2019-2021
  • 200

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