Non-destructive Testing Industry Overview
The global non-destructive testing market size is anticipated to reach USD 34.1 billion by 2030, registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.
The use of non-destructive testing (NDT) helps detect the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. The use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the growth of the market is the technological advancements in non-destructive testing methods. Improvements in the techniques have ensured deviation-free fault detection and have reduced the complexity involved in the testing procedures considerably.
Non-destructive Testing Market Segmentation
Grand View Research has segmented the global non-destructive testing market based on offering, test method, vertical, and region:
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.
Based on the Vertical Insights, the market is segmented into Oil & Gas, Manufacturing, Aerospace and 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%.
Non-destructive Testing Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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 of the prominent market players in the global Non-destructive Testing market include:
- Ashtead Technology
- Fischer Technologies Inc.
- General Electric
- Nikon Corporation
- Mistras Group
- Olympus Corporation
- 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, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519