Non-destructive Testing Market is Expected to Enhance USD 22.9 Billion Revenue By 2028: Grand View Research Inc.
Non-destructive Testing Market Growth & Trends
The global non-destructive testing market size is anticipated to reach USD 22.9 billion by 2028, registering a CAGR of 6.7% 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 in detecting 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 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.
The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.
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Non-destructive Testing Market Report Highlights
- The market is expected to exhibit a CAGR of 6.7% over the next eight years owing to a rise in manufacturing-related activities, globally
- The services segment accounted for the largest revenue share of over 73.0% in 2020. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
- Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
- The ultrasonic testing segment is expected to witness a significant CAGR of 7.5% over the forecast period owing to the benefits such as ease of handling and precise results
- The manufacturing vertical segment was the dominant segment in 2020 and is expected to witness a healthy CAGR of more than 7.6% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific
- North America dominated the market in 2020 and accounted for the largest revenue share of more than 35.0%, owing to the extensive adoption of NDT techniques in the region
Non-destructive Testing Market Segmentation
Grand View Research has segmented the non-destructive testing market based on offering, test method, vertical, and region:
NDT Offering Outlook (Revenue, USD Million, 2016 – 2028)
NDT Method Outlook (Revenue, USD Million, 2016 – 2028)
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiographic Testing
NDT Vertical Outlook (Revenue, USD Million, 2016 – 2028)
- Oil & Gas
- Aerospace and Defense
- Power Generation
NDT Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Non-destructive Testing (NDT) Market
- Ashtead Technology Ltd.
- Fischer Technologies Inc.
- General Electric
- Nikon Metrology Inc.
- Mistras Group, Inc.
- Olympus Corporation
- YXLON International GmbH
- Zetec Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.