Non-Destructive Testing Equipment Market to Surpass Valuation of USD 5,342.1 Million by 2032, at 7.42% CAGR: Astute Analytica

The global non-destructive testing (NDT) equipment market is dynamic, driven by safety demands across aging infrastructure, construction booms, and urbanization. Key players include Olympus, Baker Hughes, YXLON, and Mistras, offering diverse techniques like ultrasonic, eddy current, and radiographic testing to ensure the integrity of critical components.

New Delhi, March 26, 2024 (GLOBE NEWSWIRE) — As per Astute Analytica, the global non-destructive testing equipment market is projected to reach a market valuation of US$ 5,342.1 million by 2032 from US$ 2,805.1 million in 2023 at a CAGR of 7.42% during the forecast period 2024–2032.

Non-destructive testing (NDT) is the cornerstone of quality control and safety in the aerospace industry. It’s the meticulous process that safeguards the integrity of aircraft, spacecraft, and their critical components. In a sector where precision and reliability are paramount, NDT plays a vital role in identifying hidden flaws that could compromise performance. The aerospace industry’s relentless pursuit of innovation hinges on NDT. From verifying the quality of raw materials to ensuring the reliability of in-service components, NDT methods provide the essential quality assurance that underpins safety and progress in the skies.

Download Free Sample Copy @ https://www.astuteanalytica.com/request-sample/non-destructive-testing-equipment-market

NDT offers a suite of techniques for aerospace applications. Eddy Current Testing (ECT) excels at detecting surface and near-surface defects in conductive materials. Ultrasonic Testing (UT) uses sound waves to uncover hidden flaws, even within composites. Advanced methods like Phased Array Ultrasonic Testing (PAUT) provide exceptional flexibility for inspecting complex components.  These core techniques are complemented by radiography, liquid penetrant testing, magnetic particle inspection, and infrared thermography, offering tailored solutions for diverse materials and scenarios.

Today, the non-destructive testing equipment market is undergoing rapid transformation. Digital technologies are streamlining data capture and analysis, while formats like DICONDE enhance standardization. The integration of drones, robotics, and artificial intelligence promises even greater precision and efficiency, optimizing the NDT workflow for the time-sensitive aerospace industry.  Innovations in portability, automation, and Industry 4.0 integration are reshaping the NDT equipment market, catering to the sector’s need for speed and convenience.

In aerospace maintenance, NDT is indispensable for detecting potential issues in airframes, engines, and other critical systems.  Techniques like liquid penetrant testing, magnetic particle testing, and eddy current testing are widely used, complemented by ultrasonic and radiographic inspections for applications demanding heightened sensitivity.

Key Findings in Global Non-Destructive Testing Equipment Market

Market Forecast (2032) US$ 5,342.1 Million
CAGR 7.42%
Largest Region (2023) North America (35.3%)
By Testing Method Ultrasonic Testing (30.7%)
By Technique Volumetric Examination (43.4%)
By End Users  Oil & Gas Sector (29.2%)
Top Trends
  • Digital Radiography (DR) is increasingly being used for NDT inspection in the oil and gas industry
  • Emerging technologies like Phased Array Ultrasonic Testing and Time of Flight Diffraction are gaining traction
Top Drivers
  • Stringent safety regulations mandating worker safety and quality control across industries
  • Rapid industrialization and infrastructure development, including in the automotive, aerospace, and energy sectors
  • Need for cost-effective and efficient inspection methods to reduce repair costs and extend asset life
Top Challenges
  • High cost of advanced NDT equipment and lack of skilled technicians
  • Ensuring safety during radiographic testing due to the use of X-rays or gamma rays

Demand Outlook Paints a Positive Picture, Proliferation of IoT is Transforming NDT Equipment Market

Aging infrastructure and rapid construction growth are fueling the demand for non-destructive testing equipment market.  The aging of infrastructure worldwide poses significant safety concerns.  In the US alone, an estimated 40% of bridges, that’s over 230,000 of them, have been in service for 50 years or more. These structures require regular NDT inspections to ensure integrity and prevent failures.  Furthermore, the projected 85% growth in global construction projects, reaching $15.5 trillion by 2030, underlines the escalating need for NDT to guarantee the quality and safety of new infrastructure.

The expansion and increasing complexity of urban environments further drive the non-destructive testing equipment market. Currently, over 57% of the world’s population resides in cities, a number expected to reach 60% by 2030.  This surge in urbanization strains transportation networks, necessitating NDT for the ongoing inspection of bridges, tunnels, and roads.  Globally, an estimated $3.7 trillion is required annually until 2035 to address infrastructure needs.  NDT plays a vital role not only in safeguarding existing structures but also in ensuring new construction projects meet the highest safety standards.

The NDT equipment market is undergoing a significant digital transformation. The integration of technologies like the Internet of Things (IoT), projected to reach a market size of $1.39 trillion by 2026, is leading to the development of smarter, connected NDT devices.  These devices provide real-time feedback, predict potential flaws, and integrate with data analysis platforms.   Additionally, artificial intelligence (AI), anticipated to become a $1.3 trillion market by 2030, will enable predictive maintenance through NDT integration. The rise of automation and digital twins further enhances precision and data insights.

By Testing Method: Ultrasonic Testing Dominates the NDT Market

Ultrasonic Testing (UT) is the undisputed leader in the non-destructive testing equipment market, holding an impressive 30.7% market share. Its popularity stems from its ability to detect internal flaws without causing damage, as well as its suitability for inspecting complex geometries and thick components across various industries. UT’s dominance is further reinforced by its projected growth at the highest Compound Annual Growth Rate (CAGR) of 7.13%. This growth is fueled by the increasing complexity of machinery and structures, demanding more advanced and versatile testing solutions.

By Technique: Volumetric Examination Leads in Revenue Share

In 2023, volumetric examination surpassed other techniques by securing over 43% of the revenue share of the global non-destructive testing equipment market. This dominance is due to its ability to thoroughly evaluate the internal volume of a material, ensuring the detection of subsurface flaws. Its widespread use across industries, from aerospace to medical devices, comes from its unmatched capacity to identify voids, cracks, or inclusions, guaranteeing safety and product quality. Given its extensive applications, it’s expected that volumetric examination will maintain its 43% revenue share throughout the forecast period.

Surface examination and other techniques, while less dominant, provide specialized solutions for specific material types and required inspection depths. These techniques are essential in industries prioritizing surface quality and integrity.

Access the Complete Report Methodology @ https://www.astuteanalytica.com/request-methodology/non-destructive-testing-equipment-market

By End Users: Oil & Gas Sector Remains Supreme

The oil & gas sector is the primary end-user in the global non-destructive testing equipment market, contributing over 29.2% of the revenue share. This position is projected to be sustained, with the segment expected to grow at the highest CAGR of 8.08% from 2023 to 2031. The industry’s reliance on NDT stems from the critical nature of operations and the need to ensure the integrity of pipelines, rigs, and processing equipment. NDT plays a vital role in inspecting both aging infrastructure and new installations, helping to prevent failures and ensure new projects meet the highest safety and operational standards.

Competitive Analysis: Top 11 Players Hold Less Than 35% Market Share of Non-Destructive Testing Equipment Market

The non-destructive testing (NDT) equipment market is a dynamic and competitive space, featuring a mix of large multinational corporations and specialized providers. These companies offer innovative solutions to ensure the safety and integrity of materials and structures across various industries. Wherein, Ashtead Technology Inc., Carestream Health, Eddyfi, Fischer Technologies Inc, General Electric, Intertek Group PLC, Mistras Group Inc., MME Group, Nikon Metrology Inc., Olympus Corporation, and SGS S.A. are among key players.

Olympus Corporation stands out as a technology leader with its diverse portfolio of ultrasonic and eddy current testing solutions. Its focus on user-friendly interfaces and portable devices makes it a popular choice for many industries. Baker Hughes, a prominent name in the oil and gas sector, leverages its industry expertise to provide advanced NDT equipment and services.

Other notable companies in the global non-destructive testing equipment market include YXLON International GmbH, a specialist in radioscopic and CT inspection systems, and Mistras Group Inc., which offers integrated asset protection solutions and advanced acoustic emission and ultrasonic testing equipment. General Electric, through its Measurement & Control Solutions division, also provides a range of NDT solutions.  Furthermore, Fujifilm Corporation, Nikon Metrology NV, Intertek Group PLC, Applus+ Laboratories, and SGS SA are significant players, each offering unique capabilities and services to diverse industries.

Global Non-Destructive Testing Equipment Market Key Players 

  • Ashtead Technology Inc.
  • Carestream Health
  • Eddyfi
  • Fischer Technologies Inc
  • General Electric
  • Intertek Group PLC
  • Mistras Group Inc.
  • MME Group
  • Nikon Metrology Inc.
  • Olympus Corporation
  • SGS S.A.
  • Other Prominent Players

Key Segmentation:

By Testing Method

  • Visual Inspection Testing
  • Liquid penetrant testing
  • Radiographic testing
  • Eddy current Testing
  • Magnetic Particle Testing & Electromagnetic Testing
  • Ultrasonic Testing (UT)
  • Others

By Technique

  • Volumetric Examination
  • Surface Examination
  • Other

By End User

  • Oil & Gas
  • Energy & Power
  • Chemicals
  • Mining
  • Aerospace & Defense
  • Automotive & Transportation
  • Infrastructure
  • Maritime
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • South America

Purchase a Full Copy of the Report @ https://www.astuteanalytica.com/industry-report/non-destructive-testing-equipment-market?buy_now=true&license_type=single

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:
Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/

CONTACT: Vipin Singh BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: sales@astuteanalytica.com Website: https://www.astuteanalytica.com/

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy