The global non-destructive testing equipment market size is expected to be valued at USD 17,324 Million in 2022. Non-destructive testing equipment is used for the evaluation and inspection of various properties of materials, components, and assemblies.
| Data Points | Key Statistics |
|---|---|
| Non-Destructive Testing Equipment Market Value 2022 | USD 17324 Million |
| Non-Destructive Testing Equipment Market Projected Value (2032) | USD 31574.6 Million |
| Non-Destructive Testing Equipment Market CAGR (2022 to 2032) | 6.2% |
As the name suggests, this equipment does not alter or cause any damage to the materials that are subjected to evaluation. The overall demand for non-destructive testing equipment is projected to grow at a CAGR of 6.2% between 2022 and 2032, totaling around USD 31,574.6 Million by 2032.
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From 2016 to 2021, sales witnessed significant growth, registering a CAGR of 4.6%. Non-destructive testing equipment is deployed to determine the properties of materials and constructions in terms of ductility, ultimate tensile strength, impact resistance, fracture toughness, and fatigue strength. Non-destructive testing equipment sustains a uniform quality level and lowers the cost of production.
Since non-destructive testing equipment does not permanently alter the article being inspected, it is a highly valuable technique that can save both money and time in product evaluation, research, and troubleshooting.
The various Non-destructive testing equipment methods include ultrasonic, magnetic particle, radiographic, liquid penetrant, eddy current testing, remote visual inspection, low coherence interferometry, etc.
The overall demand for non-destructive testing equipment is projected to grow at a CAGR of 6.2% between 2022 and 2032, totaling around USD 31,574.6 Million by 2032.
Increased Safety Regulations Likely to Augment Non-Destructive Testing Equipment Sales
Increasing safety regulations for quality control, safety, and reliable performance of machines are driving the adoption of Non-destructive testing equipment in end-use industries. Focus on improving the quality and longevity of the materials is also driving the growth of the market. Focus on maintaining quality and preventing breakdowns have also led to increased adoption of Non-destructive testing equipment in end-use industries.
There are significant opportunities for existing- and new players to differentiate their offerings through product innovation and competitive price offerings. For many construction projects, carrying out Non-destructive testing has become an integral part of the overall process, and this trend is only going to be stronger over the forecast period.
The development of automatic and laser-based testing equipment is also expected to create new avenues of growth for this market.
Advancements in electronics, robotics, and automation and the development of user-friendly software have made this equipment more appealing to end-users. Incorporation of Non-destructive testing equipment has been shown to reduce maintenance and repair costs in the long run, fuelling their demand from end-use industries.
High Rates of Investment to Impede the Growth
Although Non-destructive testing equipment offers good ROI in the long run, the high initial investment is a deterrent for many organizations. Lack of product knowledge and skilled manpower continues to be a challenge for the adoption of these machines.
Rising Market Competition to Boost the Market Growth in North America
The North America Non-Destructive Testing Equipment market is expected to accumulate a market share of 28.5% in 2022. North America is dominating and contributing the leading shares to the non-destructive testing equipment market in terms of revenue and is expected to register significant growth over a forecast period due to the increasing market competition.
This is owed to the adoption of NDT techniques across numerous applications, the availability of a skilled workforce, and the number of non-destructive testing training institutes in the region. Furthermore, power generation using shale oil in the USA and Canada is projected to add immense growth to the market in the years to come.
Expansion in Industrial Infrastructure to Boost Market Growth in Europe
The European region is anticipated to hold a market share of 23.8%. Europe is expected to contribute to moderate revenue market share and register a healthy growth rate in the global non-destructive testing equipment market due to government initiatives to expand the industrial infrastructure, along with an increase in manufacturing, construction, and power generation activities in the region.
Some key start-ups in the Non-Destructive Testing Equipment market include AAVRTTI, Spectre UAV Concepts, Inductosense, Lytid, Talcyon, and many more.
Recent Developments-
Prominent players in the Non-Destructive Testing Equipment market are Ashtead Technology, Eddyfi, Fischer Technologies Inc, General Electric, Nikon Corporation, Mistras Group, Olympus Corporation, Sonatest, Yxlon International, Zetec, Inc, MME Group, TWI Ltd. and various other regional players.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.2% from 2022 to 2032 |
| Market Value in 2022 | USD 17,324 Million |
| Market Value in 2032 | USD 31,574.6 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
End User, Technology, Service, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa (MEA) |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled |
GE Inspection Technologies; YXLON International; Mistras; Nikon Metrology; Olympus Corporation; Eddyfi, Sonatest Ltd.; Magnaflux Corporation; Zetec Inc. |
| Report Customization | Available upon Request |
As of 2022, the Non-Destructive Testing Equipment market is slated to reach a valuation of USD 17,324 Million
From 2022 to 2032, sales of Non-Destructive Testing Equipment are expected to grow at a 6.2% CAGR
By 2032, Future Market Insights expects the Non-Destructive Testing Equipment market to reach USD 31,574.6 Million.
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Non-Destructive Testing Equipment Market
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