Non-Destructive Testing Equipment Market Size and Research 2022, CAGR Status, Growth Analysis by Countries, Development Factors, Business Updates and Strategies till 2032: SPER Market Research
According to SPER Market Research, the Non-Destructive Testing Equipment Market is estimated to reach USD 9.33 billion by 2032 with a CAGR of 8.95%. Non-destructive testing (NDT) equipment is a collection of tools and techniques used for evaluating and examining materials, components, and structures without causing any harm or modifying their physical characteristics. This equipment are widely used in industries that prioritize safety, reliability, and quality control, such as manufacturing, aerospace, automotive, construction, and oil and gas. The objective of using NDT equipment is to detect and locate any defects, anomalies, or flaws in the material being examined, such as cracks, corrosion, voids, or other structural defects. Early identification of these issues helps prevent accidents, decrease maintenance expenses, and ensure that the material meets the necessary quality standards. Some examples of NDT equipment are ultrasonic testing, x-ray testing, magnetic particle testing, eddy current testing, visual inspection, and liquid penetrant testing. Each of these techniques uses unique methods and equipment to identify and analyze the defects present in the material.
Non-Destructive Testing Equipment Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 8.95%
- Forecast Market Size (2032): 9.33 billion
The non-destructive testing equipment market has been experiencing steady growth globally owing to the rising need for quality control, safety, and dependability across a range of industries such as automotive, aerospace, construction, manufacturing, and oil and gas. The market is projected to continue its growth trajectory in the foreseeable future, fueled by the rising demand for inspection and testing solutions that are both cost-effective and efficient.
Impact of COVID-19 on the Non-Destructive Testing Equipment Market
The global non-destructive testing equipment market has been significantly impacted by the COVID-19 pandemic. The pandemic resulted in a reduction in global trade, industrial output, and manufacturing activities, which caused a temporary decline in the demand for NDT equipment. This was mainly due to the temporary shutdown of factories and industrial plants, leading to a decrease in the number of inspection and testing services required.
Furthermore, the pandemic also led to a decline in investments in infrastructure development, which further affected the demand for NDT equipment. The closure of borders and restrictions on international travel also caused disruptions in the supply chain of NDT equipment, resulting in delays in production and delivery.
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Non-Destructive Testing Equipment Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Testing Method:
- Eddy Current Testing
- Liquid Penetrant Testing
- Magnetic Particle Testing and Electromagnetic Testing
- Radiography Testing
- Ultrasonic Testing
- Visual Inspection Testing
- Volumetric Examination
- Surface Examination
By Industry Vertical:
- Aerospace and Defense
- Automotive and Transportation
- Energy and Power
- Oil and Gas
- Middle East & Africa
- North America
- Latin America
Its expansion is attributed to a rise in the region’s manufacturing, building, and power generation activities. Although there is a current shortage of experienced workers in the area, this shortage is anticipated to disappear as non-destructive testing techniques become more widely used. Additionally, it is anticipated that the Middle East will be a viable market for NDT techniques due to the region’s large presence in the oil and gas sector.
Non-Destructive Testing Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Applus Service, Baker Hughes, Bureau Veritas S.A., Fujifilm Corporation, Innospection Limited, Intertek Group Plc., Mistras Group, Inc., Nikon Metrology NV., OkoNDT Group, Olympus Corporation, Yxlon International Gmbh (Comet Holding Ag).
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Non-Destructive Testing Equipment Market Future Outlook
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SPER Market Research