Rockville , Dec. 12, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Non-Destructive Testing Market is likely to rise at a CAGR of 5.8% to end up at a value of US $16.84 Billion by 2033.
Non-Destructive Testing (NDT) is a method used across industries to assess the quality and integrity of materials or structures without causing damage. Unlike destructive testing, which involves damaging samples, NDT preserves the tested components, proving more cost-effective and safer. It is efficient, versatile, and applicable to various materials, making it suitable for industries like manufacturing and aerospace. NDT allows for continuous monitoring, offering real-time assessments and helping detect potential issues early on.
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The advancement of the market is primarily driven by the increasing emphasis on safety and quality control across industries, such as manufacturing, aerospace, and infrastructure. The rising need for cost-effective and efficient testing methods, coupled with stringent regulations and standards, is fueling the adoption of NDT technologies.
The shortage of skilled professionals in the market is a critical challenge impacting the industry's effectiveness and widespread use of NDT techniques. Acquiring and maintaining state-of-the-art equipment poses financial challenges for many organizations. The initial high costs of advanced NDT tools make it difficult for budget-constrained companies to invest in cutting-edge technology.
| Report Attribute | Details |
| Value Projection (2033) | US$ 16.84 Billion |
| Growth Rate (2023-2033) | 5.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 137 Tables |
| No. of Figures | 239 Figures |
Key Takeaways:
- Non-destructive testing technology sales in the United States are expected to rise significantly due to the increasing momentum of renewable energy generation. The US market is forecasted to reach $3.92 Billion by the end of 2033, at a rapid pace of 6.5% CAGR.
- Sales of NDT solutions in Germany are poised for expansion and are anticipated to grow at a CAGR of 8.1% in the next decade. Germany has emerged as a prominent marketplace within the European region due to its strong economy and significant global military and aerospace spending,
- The need for NDT solutions within manufacturing facilities is expected to grow at a CAGR of 6.2% from 2023 to 2033. This heightened demand for non-destructive testing services on a global scale is driven by the sustained expansion of manufacturing facilities worldwide.
An increasing emphasis on safety and quality control in industries, coupled with technological advancements leading to more efficient and accurate NDT solutions are the key factors driving the market growth - Says FACTMR Expert
Top Fortune Companies Companies Profiled In This Report
- General Electric Company
- Nikon Metrology NV
- Olympus Corp.
- Zetec Inc.
- Eddyfi Technologies Inc.
- Fisher Technologies Inc.
- Ashtead Technology Ltd.
- Mistras Group Inc.
- Yxlon International GmbH
- Sonatest Ltd.
Market Competition
Prominent companies are actively adopting various strategies such as acquisitions, agreements, and partnerships to enhance their revenue growth.
- In September 2022, Waygate Technologies, a globally recognized leader in industrial inspection and non-destructive testing solutions, introduced Krautkrämer SpotVision. This advanced phased array ultrasonic solution is specially crafted for the inspection of spot welds.
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Winning strategies
Using digital technologies like digital twins, cloud platforms, and mobile applications to streamline Non-Destructive testing processes is a smart strategy. Digital twins simulate accurately, while cloud platforms efficiently store and share Non-destructive testing (NDT) data, enabling real-time collaboration.
Specializing in advanced NDT techniques like phased array ultrasonics, computed tomography, and eddy current testing is a wise tactic in the market. Meeting the high-precision testing needs of industries like aerospace and nuclear sectors positions companies as experts.
Leaders in the industry should establish in-house training academies to ensure a continuous pipeline of skilled NDT professionals, addressing the industry-wide challenge of skill shortages through targeted education programs.
Country-wise Analysis:
What is Driving Revenue Growth of NDT Suppliers in the United States?
“Use of NDT Technology in Renewable Energy Generation”
As per the United States Energy Information Administration, the electric power industry constituted over 96% of the total energy generation in the United States in 2021, dominating the utility-scale electricity generation landscape.
Remarkably, in 2021, renewable energy sources accounted for about 20% of the total electricity generated in the US. Over the course of the projection period, non-destructive testing technology sales in the United States are expected to grow at a strong pace, driven by the ongoing momentum of renewable energy generation. The necessity to guarantee the dependability and structural integrity of renewable energy systems is probably going to encourage the use of NDT techniques, opening doors for a number of industry participants.
Explore More Related Studies Published by Fact.MR Research:
Model Based Testing Market: The global model based testing market is predicted to expand at a CAGR of 4.6% between 2022 and 2032. At present, the market stands at a valuation of US$ 1.16 billion and is expected to reach US$ 1.82 billion by the end of 2032.
Vehicle Testing Equipment Market: The global vehicle testing equipment market is expected to expand at mid-single digit CAGR during the forecast period, due to stringent government emission regulations (CO2 and NOX), technological advancements, increasing electronic architecture in modern vehicles and growing vehicle production.
Solar Testing Equipment Market: The global solar testing equipment market is presumed to witness a flourishing growth rate of nearly 11.0% CAGR over the assessment period (2021-2031)
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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