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The global non-destructive testing (NDT) market size is projected to grow from USD 6,300.0 million in 2021 to USD 14,800.0 million in 2028. The increasing adoption of ultrasonic testing tomography of rebar to get the highest accuracy in results is likely to affect growth positively. Fortune Business Insights™ presented this information in a 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 Forecasts, 2021-2028.” The report further states that the market stood at USD 7,160.0 million in 2020. It is set to exhibit 12.98% in the forecast period between 2021-2028.
NDT Global Integrates Halfwave Inspection Services to Get Hold of ART
In January 2021, NDT Global integrated Halfwave inspection services into its global business. The latter is a provider of an ultrasound-based technique named Acoustic Resonance Technology (ART) that enables high-precision measurements without the requirement of liquid couplant even under imperfect conditions. The ART would help the former to provide a competitive alternative to EMAT and MFL testing, as well as strengthen its position in the in-service gas pipeline segment. Such initiatives by major companies would drive the adoption of non-destructive testing across the globe.
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Surging Usage in Oil & Gas and Power Sectors to Augment Growth
The oil and gas industry is one of the extensive users of non-destructive testing as it involves the inspection of external and internal corrosion of pipelines. Unique methods, such as ultrasonic inspection, magnetic particle inspection, liquid penetrant inspection, and visual inspections are used in this industry. Also, the power sector uses this testing method to inspect steam and gas turbines and pressure systems. However, the outbreak of the COVID-19 pandemic has resulted in the reduction of air passengers, economic recessions, and oil crisis. As per a 2020 report by Bloomberg, the aerospace industry in the U.S. lost around USD 190 million the same year. Such factors may hamper the NDT market growth in the upcoming years.
Key Companies Aim to Upgrade Portfolios by Investing in R&D Activities
The market houses a large number of organizations that are currently striving to launch state-of-the-art products to meet the rising demand. A few of them are also investing in R&D activities to enhance their product portfolios.
Fortune Business Insights™ lists out the names of renowned non-destructive testing vendors present in the global market. They are as follows:
A Significant Industry Development-
Further Report Findings-
The global market can be segmented in this way:
Value (USD Million)