Non-destructive Testing Market Growth & Trends
The global non-destructive testing market size is anticipated to reach USD 34.2 billion by 2030, registering a CAGR of 7.9% 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.
The ultrasonic testing segment is expected to witness significant growth over the forecast period. 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
Non-destructive Testing Market Report Highlights
- The market is expected to exhibit a CAGR of 7.9% 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 75.6% in 2022. 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 8.3% over the forecast period owing to the benefits such as ease of handling and precise results
- The automated ultrasonic testing (AUT) segment is expected to witness a significant CAGR of 10.5 % over the forecast period owing to the aggressive efforts being pursued by NDT equipment and service providers to devise innovative inspection technologies and serve their customers more efficiently
- The manufacturing vertical segment was the dominant segment in 2021 and is expected to witness a healthy CAGR of 9.0% over the forecast period owing to the increased manufacturing activities, primarily in Asia Pacific
- North America dominated the market in 2021 and accounted for the largest revenue share of more than 36.0%, owing to the extensive adoption of NDT techniques in the region
