Non-Destructive Testing Market Share, Trend & Growth Forecast to 2032

 

As per a recent research report, Non-Destructive Testing Market surpass USD 25 Bn by 2032.

Non-Destructive Testing (NDT) Market is anticipated to depict strong growth during 2023-2032 owing to the increasing outsourcing of testing requirements from large corporations and state-owned establishments to external specialists. This is done to lower the company's costs and focus on its core competencies. The service also assists the firm in efficiently using its employees, capital, and other technological resources.

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Based on the method, the surface inspection segment is projected to grow considerably during 2023-2032. The segmental growth can be credited to the increasing pressure on manufacturing facilities to reduce the number of product surface irregularities. In addition, the wide application of surface inspection across industries such as automobile, food, web inspection, nonwovens, metal, paper, semiconductor, and electrical and electronics will assist the product demand.

Considering the technology, the dye penetration testing segment will be valued at over USD 2 billion by 2032. The technological growth is likely to come from its surging demand as it detects castings, forgings, and weldments. The technique is also widely used to detect surface flaws or defects, such as in forgings, weldments, and castings. In addition, extensive use of such technologies in aerospace, oil & gas, petrochemical, and power generation organizations will boost their penetration in the coming years.

In terms of application, the aerospace industry held over 10% market share in 2022 and is anticipated to gain strong momentum during the forecast period. Increasing use of non-destructive testing for monitoring and testing critical components without impacting their structural integrity will help the segment growth.

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Regionally, the North America non-destructive testing market will garner notable gains during the anticipated timespan owing to the implementation of several supportive government regulations that have encouraged firms to deploy NDT services. Besides, the presence of several oil refineries and the rising domestic production of natural gas & oil have also surged the widespread adoption of NDT services. Apart from this, the wide penetration of innovative technologies across several industry sectors will also promote the use of NDT solutions in American countries.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Non-Destructive Testing (NDT) service market industry 3600 synopsis, 2018 – 2032

2.2    Business Trends

2.2.1    Total addressable market (TAM) trends

2.3    Regional trends

2.4    Method trends

2.5    Technology trends

2.6    End-use trends

Chapter 3   Non-Destructive Testing (NDT) Service Market Industry Insights

3.1    Impact of COVID-19 on the market

3.1.1    North America

3.1.2    Europe

3.1.3    Asia Pacific

3.1.4    Latin America

3.1.5    MEA

3.2    Russia-Ukraine war impact

3.3    Industry ecosystem analysis

3.3.1    Component supplier

3.3.2    Equipment supplier

3.3.3    Service provider

3.3.4    Distributer

3.3.5    End-use

3.3.6    Vendor matrix

3.4    Profit margin analysis

3.5    Technology & innovation landscape

3.6    Key news and initiatives

3.7    Patent landscape

3.8    Regulatory landscape

3.9    Industry impact forces

3.9.1    Growth Drivers

3.9.1.1   Growing outsourcing trend of services in North America and Europe region

3.9.1.2   Stringent government regulations associated with safety and quality control

3.9.1.3   Rising incidences of corrosion from low quality products

3.9.1.4   Increasing construction activities across the globe

3.9.1.5   Rising adoption of NDT services in automation and robotics sector

3.9.1.6   High demand from industries dealing with aging infrastructure

3.9.2    Industry pitfalls and challenges

3.9.2.1   Lack skilled professionals

3.9.2.2   High cost associated with the replacement of automated NDT equipment

3.10    Growth potential analysis

3.11    Porter’s analysis

3.12    PESTEL analysis

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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