Non-destructive Testing Market Growth & Trends
The global non-destructive testing market size is anticipated to reach USD 34,148.1 million by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience substantial growth during the forecast period. This growth can be attributed to the increasing manufacturing activities in both developing and developed nations.
The application of non-destructive testing (NDT) plays a crucial role in precise fault detection, effectively reducing the probability of product/component failures and associated repair costs. NDT also accelerates the manufacturing process by eliminating potential faults beforehand. The market is expected to be driven by the advancements in non-destructive testing methods, as these technological improvements ensure accurate fault detection and significantly reduce the complexity of testing procedures.
The ultrasonic testing segment is projected to experience substantial growth, which can be attributed to factors such as the equipment’s user-friendly nature, the presence of skilled technicians, and the precise detection of faults. Furthermore, the manufacturing segment is anticipated to extensively adopt NDT techniques during the forecast period due to the growing awareness of their benefits and applications.
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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 75.0% 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 manufacturing vertical segment was the dominant segment in 2022 and is expected to witness a healthy CAGR of 9.3% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific.
- North America dominated the market in 2022 and accounted for the largest revenue share of more than 36.0%, owing to the extensive adoption of NDT techniques in the region
