Global Nondestructive Testing Equipment Market Size To Exceed USD 5.70 Billion By 2033 | CAGR of 7.29%
Category: Semiconductors & ElectronicsGlobal Nondestructive Testing Equipment Market Size To Exceed USD 5.70 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Nondestructive Testing Equipment Market Size Expected to Grow from USD 2.82 Billion in 2023 to USD 5.70 Billion by 2033, at a CAGR of 7.29% during the forecast period 2023-2033.
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Browse key industry insights spread across 214 pages with 110 Market data tables and figures & charts from the report on the "Global Nondestructive Testing Equipment Market Size, Share, and COVID-19 Impact Analysis, By Technology (Radiography Testing Equipment, Ultrasonic Testing Equipment, Magnetic Particle Testing Equipment, Liquid Penetrant Testing Equipment, Visual Inspection Equipment, Eddy Current Equipment, and Other Technologies Equipment), By End-User Industry (Oil and Gas, Power and Energy, Aerospace and Defense, Automotive and Transportation, Construction, and Other End-User Industries), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/nondestructive-testing-equipment-market
Non-destructive testing or NDT is a process that is conducted that enables a complete and meticulous examination and assessment of materials without destroying or damaging them. Testing is utilized to assess the several properties of structures, materials, and components, as well as identify and quantify any defects on them. Non-destructive testing is extremely useful for products because it leaves the product in the same state that it was initially before testing. Market-seeking methods of testing that can cause cost savings while allowing effective troubleshooting are propelling the market growth. Additionally, technology development is a source of opportunity for the nondestructive testing equipment industry since it provides more dependable and precise inspection information. Modern technologies in such equipment are eddy current array and phased array ultrasonic, which offer superior means of presenting information and producing inspection reports of higher value to customers. However, high equipment costs and a shortage of skilled technicians hold back the market share of nondestructive testing equipment.
The ultrasonic testing equipment segment accounted for the largest revenue share in 2023 and is projected to grow at a substantial CAGR during the forecast period.
On the basis of technology, the global nondestructive testing equipment market is divided into radiography testing equipment, ultrasonic testing equipment, magnetic particle testing equipment, liquid penetrant testing equipment, visual inspection equipment, eddy current equipment, and other technologies equipment. Among these, the ultrasonic testing equipment segment accounted for the largest revenue share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segment is driven because ultrasonic testing can be utilized across a wide range of industries such as aerospace, automotive, construction, energy, and manufacturing. It is used for weld inspection, castings, forgings, and piping; thus, it is a cross-industry solution.
The oil and gas segment accounted for the leading revenue share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of end-user industry, the global nondestructive testing equipment market is divided into oil and gas, power and energy, aerospace and defense, automotive and transportation, construction, and other end-user industries. Among these, the oil and gas segment accounted for the leading revenue share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth in the segment is attributed to the high-risk operation of its business, especially in offshore drilling, pipeline transportation, and refining. NDT techniques, including ultrasonic testing, X-ray, and eddy current testing, are essential for maintaining the structural integrity of pipelines, storage tanks, and equipment to avoid accidents, leaks, and other safety risks.
North America is anticipated to hold the largest share of the global nondestructive testing equipment market over the predicted timeframe.
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North America is anticipated to hold the largest share of the global nondestructive testing equipment market over the predicted timeframe. The regional growth is attributed to the uptake of NDT methods in many applications, access to a trained workforce, and the presence of non-destructive testing training schools in the region. In addition, power production from shale oil in the USA and Canada is expected to contribute enormous growth to the market in the coming years.
Asia Pacific is expected to grow at the fastest CAGR in the global nondestructive testing equipment market during the forecast period. Countries like China, India, Japan, and South Korea are witnessing significant industrial growth, particularly in sectors such as manufacturing, automotive, aerospace, construction, and energy. This drives the demand for NDT equipment to ensure the quality and safety of products and infrastructure.
Major vendors in the global nondestructive testing equipment market are Olympus Corporation, Baker Hughes, YXLON International GmbH (COMET Holding AG), OkoNDT Group, Applus+ Laboratories, Mistras Group Inc., Controle Mesure Systemes SA, Fujifilm Corporation, Bureau Veritas SA, Nikon Metrology NV, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In February 2023, The Singapore government announced to set up of a Future Energy Fund to develop clean energy options with an initial investment of USD 3.7 billion. The country aims to import up to 4 GW of low-carbon electricity by 2035. It has signed cross-border power supply agreements with countries such as Vietnam, Indonesia, and Cambodia in recent months.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global nondestructive testing equipment market based on the below-mentioned segments:
Global Nondestructive Testing Equipment Market, By Technology
- Radiography Testing Equipment
- Ultrasonic Testing Equipment
- Magnetic Particle Testing Equipment
- Liquid Penetrant Testing Equipment
- Visual Inspection Equipment
- Eddy Current Equipment
- Other Technologies Equipment
Global Nondestructive Testing Equipment Market, By End-User Industry
- Oil and Gas
- Power and Energy
- Aerospace and Defense
- Automotive and Transportation
- Construction
- Other End-User Industries
Global Nondestructive Testing Equipment, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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