Nondestructive Testing (NDT) Equipment Market to grow by USD 848.26 million from 2022 to 2027, Increase in oil and gas and power generation projects to drive the growth- Technavio

NEW YORK , Oct. 23, 2023 /PRNewswire/ -- The nondestructive testing(NDT) equipment market is expected to grow by USD 848.26 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 5.95% during the forecast period. The market is segmented by product type (ultrasonic testing equipment, radiography testing equipment, visual testing equipment, and others), end-user (oil and gas, power generation, aerospace and defense, automotive and transportation, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

Increase in oil and gas and power generation projects is a key factor driving market growth. As demand for energy increases, investments in developing oil and gas infrastructure are increasing. In order to ensure the safety of oil and gas extraction activities, it is necessary that DT perform checks on the integrity of equipment, and their safety at refining or production. The report analyses the market size and growth and provides accurate predictions of the market's growth. View FREE PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the nondestructive testing(NDT) equipment market: Acuren, Ashtead technology, Carl Zeiss AG, Eddyfi NDT Inc., FPrimeC Solutions Inc., FUJIFILM Corp., General Electric Co., HELMUT FISCHER GMBH INSTITUT FUR ELEKTRONIK UND MESSTECHNIK, Illinois Tool Works Inc., Labquip NDT Ltd., Mistras Group Inc., MME Group, Nikon Corp., Roper Technologies Inc., Sonatest Inc., TWI Ltd., YXLON International GmbH, Zetec Inc., Cygnus Instruments Ltd., and Olympus Corp.
• Nondestructive Testing(NDT) Equipment Market is fragmented in nature.
• Market to observe 5.21% YOY growth in 2023.

Market Dynamics:

Major Trend

• The advent of new types of materials for manufacturing is a major trend in the market. 
• To meet the changing requirements of end customers, manufacturers experiment with new types of materials in their production processes.
• For example, a number of new grades of advanced high-strength steel, such as advanced high-strength steel (AHSS) 101, are being used in the automotive and aeronautics sectors.

Significant Challenge

• The growing availability of pre-used variants of NDT equipment is a significant challenge restricting the market growth.
• Many end users also prefer to buy used NDT equipment, which costs much less than new equipment.
• In addition, Sales of new units are likely to be negatively affected by increased end users' preference for used NDT models.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The market share growth of the ultrasonic testing equipment segment will be significant during the forecast period. Using the propagation of ultrasonic waves in a test object or material, ultrasonic testing equipment also referred to as ultrasonic Welding Testing Equipment operates. As a result of the relaxation of the COVID-19 lockdowns, certain suppliers have begun to develop new versions of ultrasound testing equipment. For example, the launch of the Mantis PAUT flaw detector has already been declared by Eddyfi NDT Inc.

Get a glance at the market contribution of the segments, Request a FREE Sample  

The Asia Pacific (APAC) - Test and Measurement Equipment Market size is estimated to grow at a CAGR of 5.27% between 2022  and 2027. The market size is forecast to increase by USD 2,559.63 million.

The steering robot market size is estimated to grow at a CAGR of 8.25% between 2022 and 2027. The market size is forecast to increase by USD 65.94 million. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED