New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Non-Destructive Testing (NDT) And Inspection Global Market Report 2023" - https://www.reportlinker.com/p06229769/?utm_source=GNW
, SGS Group, Applus Services, Bureau Veritas S.A., and Intertek Group plc.
The global non-destructive testing (NDT) and inspection market grew from $8.45 billion in 2022 to $9.49 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The non-destructive testing (NDT) and inspection market is expected to grow to $12.4 billion in 2027 at a CAGR of 6.9%.
The non-destructive testing (NDT) market includes revenues earned by entities by providing services such as visual NDT (VT), ultrasonic NDT (UT), radiography NDT (RT), eddy current NDT (ET), magnetic particle NDT (MT), acoustic emission NDT (AE), dye penetrant NDT (PT), and leak testing (LT).The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Non-destructive testing (NDT) is the method of examining, testing, or assessing products, parts, or assemblies for discontinuities or discrepancies in functionality without sacrificing the part’s or system’s serviceability. NDT techniques are used in production lines, on-site inspections, and fabrication units to maintain product reliability, manufacturing process, uniform quality level, and attain lower product costs.
North America was the largest region in the NDT and inspection market in 2022. The regions covered in the NDT and inspection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main techniques of non-destructive testing (NDT) and inspection include magnetic particle testing, ultrasonic testing, visual testing, liquid penetrant testing, eddy-current testing, radiographic testing, acoustic emission testing, and others.Ultrasonic testing (UT) is a non-destructive test procedure for detecting cracks and defects in parts and components using sound waves.
The methods used in NDT inspection include visual inspection, surface inspection, volumetric inspection, and others. These services are used by manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, and other verticals.
Rapid growth in industrialization and urbanization across the globe is expected to propel the growth of the NDT and inspection market in the coming years. For instance, according to The International Institute for Environment and Development, the world’s urban population increased to 4.4 billion in 2020 . The high-pace manufacturing industries including the aerospace sector, are investing in NDT and inspection services for frequent quality inspections, detection of infrastructure failures, and others. The companies are also collaborating with NDT service providers to carry out training in order to maintain production efficiency by providing high quality training and education. For instance, in October 2020, Hellier NDT and Olympus extend collaboration to train future NDT inspectors. Olympus, a leading manufacturer of nondestructive testing (NDT) solutions, has provided advanced NDT inspection equipment to Hellier in Texas, US location. By this collaboration, OmniScanTM X3 phased array flaw detector with FMC/TFM and other Olympus instruments will be used to train next generation of ultrasonic testers. Therefore, the rapid growth in industrialization and urbanization across the globe propels the growth of the NDT and inspection market.
Technological advancement is a key trend shaping the NDT and inspection market.Major companies operating in the NDT and inspection field are focused on developing technological solutions for NDT and inspection to strengthen their position.
For instance, in April 2022, VCxray Inspection Service, a NDT division of VisiConsult, a specialist in industrial X-ray technology, launched x.OS, an X-ray operating system used for non-destructive testing (NDT). It is an innovative software solution for industrial X-ray inspection.
In November 2021, Acuren, a US-based provider of nondestructive testing, inspection and engineering services for industries acquired Premium Inspection and Testing Group for an undisclosed amount.The combination provide Premium will have new service capabilities, such as rope access-based industrial solutions (hard and soft trades), materials engineering and testing, reliability engineering (rotating equipment).
Premium Inspection and Testing Group is a US-based company involved in offering a range non-destructive testing and inspection services.
The countries covered in the non-destructive testing (NDT) and inspection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The NDT and inspection market research report is one of a series of new reports that provides NDT and inspection market statistics, including NDT and inspection industry global market size, regional shares, competitors with an NDT and inspection market share, detailed NDT and inspection market segments, market trends and opportunities, and any further data you may need to thrive in the NDT and inspection industry. This NDT and inspection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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