Comprehensive Non-Destructive Testing (NDT) And Inspection Market Analysis 2024: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The non-destructive testing (NDT) and inspection market has shown substantial growth, advancing from <$8.97 billion in 2023 to <$9.66 billion in 2024, with a compound annual growth rate (CAGR) of 7.7%. This growth is attributed to the rising adoption of NDT in the aerospace industry and high demand for NDT methodologies in the oil and gas sector. The market is expected to maintain its momentum, reaching <$13.01 billion in 2028, with a consistent CAGR of 7.7%. Factors contributing to this growth include rising urbanization, increased research and development activities, and a growing demand for NDT inspection services in power generation. Key trends in the forecast period involve advancements in digital radiography, innovations in ultrasonic testing, increased use of robotics and automation, application of infrared thermography, greater focus on digital NDT and data analytics, and ongoing product innovations.
The NDT and inspection market is set for expansion due to rapid industrialization and urbanization worldwide. The global urban population reached 4.4 billion in 2021, according to The International Institute for Environment and Development. Industries, particularly aerospace, are investing more in NDT and inspection services for quality control and infrastructure failure detection. Companies are collaborating with NDT service providers for training programs to ensure high-quality education and maintain production efficiency. Eurostat data shows an 8% increase in EU industrial production in 2021 compared to the previous year, with the value of sales rising to $5429.08 billion, up nearly 14% from $477.45 billion in 2020. The substantial growth in industrialization and urbanization globally is a major driver for the NDT and inspection market, with market sizes in 2023, 2024, and 2028 shaping industry trends.
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What Are The Key Trends That Influence Non-Destructive Testing (NDT) And Inspection Market Share Analysis?
Technological advancement is a prominent trend influencing the NDT and inspection market. Leading companies in this field are focused on developing new technological solutions. For example, in April 2022, VCxray Inspection Service, a division of VisiConsult specializing in industrial X-ray technology, introduced x.OS, an X-ray operating system designed for non-destructive testing (NDT). This innovative software solution enhances industrial X-ray inspection capabilities.
Which Market Players Are Driving Growth In The Non-Destructive Testing (NDT) And Inspection Market?
Major companies operating in the market are LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,Balaji Amines Limited, Binzhou Yuneng Chemical Co Ltd, Zhejiang Realsun Chemical Industry Co Ltd, Hefei TNJ Chemical Industry Co., Ltd., Tokyo Chemical Industry Co., Ltd, RX Chemicals, Manas Petro Chem, Jaewon Industrial Co., Ltd, Shanghai Poochun Industry Co., Ltd, Shandong Hualu Hengsheng Group Co., Ltd, Hefei Tengchao Chemical Material Co., Ltd., Shandong Qingyun Changxin Chemical Science-tech Co., Ltd., Hammond Chemicals, VWR International, Dow Inc, Abtonsmart Chemicals Co., Ltd, Saudi Arabian Oil Group, Sharjah Chemical, Wego Chemical Group
How Is The Global Non-Destructive Testing (NDT) And Inspection Market Segmented?
The non-destructive testing (ndt) and inspection market covered in this report is segmented –
1) By Technique: Magnetic Particle Testing, Ultrasonic Testing, Visual Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, Other Techniques
2) By Method: Visual Inspection, Surface Inspection, Volumetric Inspection, Other Methods
3) By Vertical: Manufacturing, Oil and Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Other Verticals
Read The Full Non-Destructive Testing (NDT) And Inspection Market Report Here
The Non-Destructive Testing (NDT) And Inspection Global Market Report 2024 provides an overview of the non-destructive testing (ndt) and inspectionmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The non-destructive testing (ndt) and inspection market forecast analyzes non-destructive testing (ndt) and inspection market size, non-destructive testing (ndt) and inspection market share, leading competitor and their market positions.
The Table Of Content For The Non-Destructive Testing (NDT) And Inspection Market Include
1. Non-Destructive Testing (NDT) And Inspection Market Executive Summary
2. Non-Destructive Testing (NDT) And Inspection Market Segments
3. Non-Destructive Testing (NDT) And Inspection Market Size And Template Market Growth Rate
4. Key Non-Destructive Testing (NDT) And Inspection Market Trends
5. Major Non-Destructive Testing (NDT) And Inspection Market Drivers
……
25. Key Mergers And Acquisitions In The Non-Destructive Testing (NDT) And Inspection Market
26. Top Non-Destructive Testing (NDT) And Inspection Companies
27. Non-Destructive Testing (NDT) And Inspection Market Opportunities And Strategies
28. Non-Destructive Testing (NDT) And Inspection Market, Conclusions And Recommendations
29. Appendix
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