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Non-destructive Testing Market Size Estimated To Reach USD 34.1 Billion By 2030 Due To Rise In Manufacturing Activities Among The Developing And Developed Nations | Grand View Research, Inc.

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Non-destructive Testing Market Size Estimated To Reach USD 34.1 Billion By 2030 Due To Rise In Manufacturing Activities Among The Developing And Developed Nations | Grand View Research, Inc.

May 02
05:40 2022
Non-destructive Testing Market Size Estimated To Reach USD 34.1 Billion By 2030 Due To Rise In Manufacturing Activities Among The Developing And Developed Nations | Grand View Research, Inc.
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According to new report available with Grand View Research, Non-destructive Testing Market is driven by increasing awareness amongst the manufacturers regarding the use of NDT and is expected to improve the penetration of NDT techniques in the forthcoming years.

Non-destructive Testing Market Overview

The global non-destructive testing market size was valued at USD 17.9 billion in 2021 and is anticipated to reach USD 34.1 billion by 2030, expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.

The rise in manufacturing activities among the developing and developed nations is estimated to drive the growth of the non-destructive testing (NDT) market over the forecast period. Technological innovations have led to the development of advanced NDT processes with improved fault detection and safety. Furthermore, increasing awareness amongst the manufacturers regarding the use of NDT is expected to improve the penetration of NDT techniques in the forthcoming years.

Gather more insights about the market drivers, restrains and growth of the Global Non-destructive Testing Market

Projects deploying non-destructive testing techniques are completed in a lesser amount of time owing to fault detection at complex locations and irregular surfaces. Reducing the possibility of failures is anticipated to fuel the demand for non-destructive testing in the forthcoming years. Besides, the efficiency of fault detection and the ease of operating ultrasonic equipment, as compared to other NDT equipment, are the major reasons leading to the increasing deployment of the ultrasonic test method. Furthermore, advancements in ultrasonic technology over the next eight years are expected to increase the adoption of this test procedure owing to its simplicity.

                      North America non-destructive testing market size, by offering, 2020 - 2030 (USD Billion)

The market is expected to grow considerably over the forecast period. This growth is attributed to rising urbanization in developing nations such as India and China which involves undertaking extensive construction and manufacturing projects. The speed of such projects makes it mandatory for the executors to implement testing processes to ensure the quality of work. This trend is likely to positively impact the growth of non-destructive testing in these nations, improving the market’s penetration globally.

Increasing oil and gas projects in the Middle East and North America are expected to deploy NDT techniques to complete the projects in prescribed timelines and with finesse, thus fueling the demand for NDT equipment in these regions. Besides, the advancements in non-destructive testing technology have led to the development of radiographic testing equipment such as industrial CT scanners, which precisely detect faults in machinery and components. However, the cost of the non-destructive testing equipment and the expertise required to perform the tests increases the complexity and difficulty of deploying the radiographic testing method.

The COVID-19 pandemic outbreak has turned out to be unfavorable and unforeseen for almost all industries globally, including automotive, construction, airlines, manufacturing, among others. As a preventive measure, many governments worldwide implemented lockdowns to contain the novel coronavirus’s spread and its subsequent adverse effects. The disrupted global supply chain and decreased industrial productivity strained the global economy. The companies’ production and manufacturing capabilities were also disrupted due to the sudden outbreak of the virus.

Furthermore, the impact of the pandemic on the NDT market stems from the cumulative reaction of relatable industries, which apply non-destructive testing for their operations, to the pandemic. For instance, the defense industry has been affected mildly, when compared to other sectors, due to budget government spending, which protects the supply and demand ecosystem. Although some defense companies have been hit hard by the financial shock, the impact is weaker than that on aerospace companies.

Non-destructive Testing Market Segmentation

Based on the Offering Insights, the market is segmented into Services and Equipment.

  • The services segment dominated the market and accounted for the largest revenue share of 75.2% in 2021 and is expected to remain dominant over the forecast period.
  • The equipment segment is poised to witness steady growth during the forecast period. Advancements in technology leading to the availability of state-of-the-art variants are expected to contribute to the growth of this segment.

Based on the Test Methods Insights, the market is segmented into Traditional NDT Method and Digital/Advanced NDT Method.

  • The traditional test method segment dominated the market and accounted for the largest revenue share of 80.5% in 2021. This growth is ascribed to the increasing adoption of traditional NDT methods such as visual testing, magnetic particle testing, liquid penetrant testing, eddy current testing, ultrasonic testing, and radiographic testing.
  • The phased array ultrasonic testing (PAUT) segment dominated the market and accounted for the largest share of 21.0% in 2021. This growth is ascribed to the growing adoption of PAUT as compared to other digital NDT methods.

Based on Vertical Insights, the market is segmented into Oil & Gas, Manufacturing, Aerospace & Defense, Construction, Automotive, Power Generation and Others.

  • The manufacturing vertical segment dominated the non-destructive testing (NDT) market and accounted for the largest revenue share of 22.0% in 2021.
  • The power generation segment comprises numerous industries such as power grids and hydroelectric power plants. The segment is expected to witness healthy growth over the forecast period with a CAGR of more than 8.0%.

Based on the Non-Destructive Testing Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

  • North America emerged as the dominant segment in 2021 with a revenue share exceeding 36.0%. This is attributed to the adoption of NDT techniques across numerous applications, the availability of a skilled workforce, and the number of non-destructive testing training institutes in the region. 
  • In the Asia Pacific region, the market is expected to witness a CAGR of more than 9.0% over the forecast period. This growth is ascribed to an increase in manufacturing, construction, and power generation activities in the region.

Browse through Grand View Research’s Electronic Devices Industry Research Reports.

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  • Point-of-Sale Terminals MarketThe global point-of-sale terminals market size was valued at USD 85.16 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030. In 2020, the COVID-19 pandemic negatively impacted the overall market growth due to supply chain disruption and end-user revenue loss.

Market Share Insights:

  • October 2020: Nikon Metrology Inc. announced the launch of APDIS Laser Radar, which is an automated inspection system that offers high-speed measurements. The new product range comprises 4 models, out of which two have a measuring range of 30 and 50 meters.
  • January 2021: The U.S. Army Combat Capabilities Development Command Armaments Center (CCDC AC) signed a non-destructive testing support services program to Credence under OASIS SB Pool 4. Under the contract, the company will provide various NDT services including engineering support in production (ESIP) and in-house testing.

Key Companies Profile:

Incumbents of the market remain keen on increasing their market share. As such, they undertake various initiatives and adopt different strategies, such as signing partnerships, making investments, engaging in mergers and acquisitions, launching new products and services, and quoting competitive prices. 

Some prominent players in the global non-destructive testing market include

  • Ashtead Technology
  • Eddyfi
  • Fischer Technologies Inc
  • General Electric
  • Nikon Corporation
  • Mistras Group
  • Olympus Corporation
  • Sonatest
  • Yxlon International
  • Zetec, Inc
  • MME Group
  • TWI Ltd.

Order a free sample PDF of the Non-destructive Testing Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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