Global NDT and Inspection Market Report 2023: Increased Demand for NDT and Inspection Services from the Power Generation Industry Presents Opportunities

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Apr 03, 2023, 20:45 ET

DUBLIN, April 3, 2023 /PRNewswire/ -- The "NDT and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Terahertz Imaging, Acoustic Emission), Method, Service, Application, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The NDT and Inspection market size is estimated to be USD 10.3 billion in 2023 and is projected to reach USD 18.5 billion by 2028, at a CAGR of 10.1% during the forecast period.

Manufacturing vertical to grow at the highest CAGR between 2023 - 2028

The manufacturing segment is expected to be the fastest-growing vertical of the NDT and inspection market from 2023 to 2028. The manufacturing sector is flourishing in emerging economies such as China, India, and South Africa.

Government initiatives such as Make in India in India and Industry 4.0 in Europe are expected to increase the manufacturing output from the respective regions. This, in turn, is expected to drive the demand for NDT equipment and services in the coming years.

Training Services segment to hold second-largest market share during the forecast period.

The training services segment is projected to account for the second-largest size of the NDT and testing market. The growth of this segment can be attributed to the requirement of training NDT technicians to keep them updated with new technological trends and make them aware of the changing demands of customers. The NDT and inspection industry is facing a shortage of skilled workforce; hence, training services are expected to be in demand in the coming years.

Ultrasonic Technique to hold largest market share during the forecast period

The UT segment is projected to account for the largest size of the NDT and inspection market in 2022. The growth of the UT technique segment can be attributed to the ability of this technique to identify defects accurately and determine their severity. Some advanced techniques, such as ultrasonic immersion testing and guided wave ultrasonic testing, can be used in critical applications in the oil & gas and aerospace industries.

China to account for the largest size of NDT and inspection during the forecast period

China is expected to continue to account for the largest share of the NDT and inspection market in Asia Pacific in the coming years. China has developed in-house inspection facilities, yet the demand for NDT and inspection techniques from the manufacturing and oil & gas verticals is high in the country. With the exploration of shale gas sites in the country, the demand for NDT and inspection technology in China is expected to increase further during the forecast period.

The rapid infrastructural development in China is an emerging opportunity for the NDT and inspection market. Automobile production in China is estimated to grow by 2024, which, in turn, will surge the demand for NDT and inspection equipment and services from the automotive vertical. China's economic growth has led to the expansion of its energy, infrastructure, manufacturing, construction, and transportation industries.

Market Dynamics

Drivers

Regulatory Compliance by Governments Regarding Public Safety and Product Quality
Increased Adoption of NDT and Inspection Equipment and Services in Electronics, Automation, and Robotics Industries
High Adoption of IoT Devices
Increased Demand for Structural Health Monitoring of Infrastructures
Higher Demand for Artificial Intelligence in NDT and Inspection

Restraints

Dearth of Skilled and Qualified Personnel to Carry Out NDT and Inspection Activities
Huge Investments in NDT and Inspection Equipment

Opportunities

Large-Scale Infrastructural Developments in Asia-Pacific, Europe, and South America
Increased Demand for NDT and Inspection Services from Power Generation Industry
Technological Advancements in NDT and Inspection Techniques and Emergence of New Applications
Importance of NDT and Inspection Activities in Controlling Corrosion in Aging Infrastructures

Challenges

Reluctance to Adopt New and High-Cost NDT and Inspection Techniques
Increased Complexity of Machines and Structures
High Replacement Costs of Automated NDT and Inspection Equipment

Case Studies

Bolt-Load In-Service Inspection and Monitoring
Geneva's Oil Tank Inspection
Reducing Boiler Downtime at Efw (Energy-From-Waste) Facilities Using Innerspec's Thickness Measurement Technology

Companies Mentioned

Acuren
Applied Technical Services, LLC
Ashtead Technology
ATS (Associated Technical Services)
Carestream Health
Cygnus Instruments Ltd.
Dekra
Eddyfi Technologies
Element Materials Technology
Fprimec Solutions Inc.
Fujifilm Holdings America Corporation
General Electric
Helmut Fischer
Intertek Group plc
Ipromar Pte Ltd
Labquip NDT
Lynx Inspection Inc.
Magnaflux
Mistras Group
Ndtccs
Nikon Metrology Nv
North Star Imaging Inc.
Olympus Corporation
Sgs Societe Generale De Surveillance Sa
Sonatest
T.D. Williamson, Inc.
Team Inc.
Uniwest
Vibrant Corporation
Yxlon International
Zeiss Group

For more information about this report visit https://www.researchandmarkets.com/r/i7tlud

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