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Base Year: 2023
Companies covered: 20
Tables & Figures: 250
Countries covered: 25
Pages: 200
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Non-Destructive Testing (NDT) Market
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Non-Destructive Testing Market Size
The non-destructive testing market was valued at USD 10.7 billion in 2023 and is projected to grow at a CAGR of 10.8% between 2024 and 2032. Governments around the globe invest directly in infrastructure development for the advancement of regional public infrastructure. Government expenditure targets the care of current infrastructure through work done on repair and design and construction of new infrastructure facilities. NDT methods are important for the assessment of conditions of materials and detecting potential defects without damaging the structures.
In July 2024, the U.S. Department of Transportation allocated USD 1.5 billion for reconstructing and repairing transportation infrastructure in Georgia. To revitalize diverse projects in this region, governments are focused on these developments. As the scope and complexity of infrastructure projects become larger, these developments increasingly apply advanced NDT techniques to effectively manage and maintain these developments and thus cause significant market growth.
Rapid development in the aerospace and defense industries is expected to further boost the non-destructive testing market. In the case of aircraft, spacecraft, and other defense equipment, NDT techniques are a necessity for determining structural integrity and performance without damaging it. The development and evolution of these sectors requires highly precise and advanced NDT solutions.
The market progresses due to heightened requirements which push forward the development and application of modern NDT techniques to meet aerospace and defense industry performance and safety regulations. Waygate Technologies company of Baker Hughes launched the Krautkrämer RotoArray comPAct to market in August 2023. It is a portable unit designed as a handheld for manual phased array inspection of massive composite materials. It is a portable unit to simplify phased array ultrasonic inspection operations and facilitate easier procedures that are cost-effective for associated applications.
Non-Destructive Testing Market Trends
Non-Destructive Testing Market Analysis
The non-destructive testing market is divided into several technologies, such as ultrasonic inspection, radiography testing, eddy current testing, magnetic particle inspection, dye penetration testing, liquid penetrant inspection, and more. In 2023, the ultrasonic inspection segment holds the largest market share at 36%, while the eddy current testing segment is projected to experience a growth rate of over 12% annually from 2024 to 2032.
The NDT market, with a view to end use, is segmented into oil & gas, manufacturing, government, automotive, energy, aerospace, and others, whereby the oil & gas category is expected to take the lead in the market due to an increasing focus on safety and regulatory compliance in this industry.
Non-Destructive Testing Market Share
Non-Destructive Testing Market Companies
Major players operating in the non-destructive testing (NDT) industry are:
Market leaders are continuously capitalizing on different market opportunities such as formations of mergers and acquisitions, partnerships and collaborations, new launches and innovations, investment in research and development and so much more. This is useful as it allows the integration of new features and technologies relevant to NDT. Manufacturers achieve enhanced markets reach alongside greater resource availability and improved product innovation through strategic partnerships with market stakeholders.
In today’s highly competitive world, large companies are spending heavily on R&D activities to remain competitive. In each business spend on research and development, new ideas are created which incites industrial growth. Furthermore, firms are rolling out new products and services to broaden and diversify their portfolios. This enables them to cater to the distinct needs of different customer groups. Having a wider range of products gives companies access to a larger group of customers, increases responsiveness to changing consumer tastes, and eases incorporation of new laws.
Non-Destructive Testing Industry News
The non-destructive testing (NDT) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:
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Market, By Method
Market, By Technology
Market, By Service
Market, By Application
The above information is provided for the following regions and countries: