Non-Destructive Testing NDT And Inspection Market Overview: Market Size, Growth Rate, Top Players, And Key Trends - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 14, 2023 /PRNewswire/ -- As per The Business Research Company's Non-Destructive Testing NDT and Inspection Global Market Report 2023, the global non-destructive testing (NDT) and inspection market size will grow from $8.4 billion in 2022 to $9.4 billion in 2023, at a compound annual growth rate (CAGR) of more than 12%. The non-destructive testing (NDT) and inspection market size is then expected to grow to $12.4 billion in 2027 at a CAGR of more than 6%. Going forward, urbanization, rise in research and development activities and growing demand for NDT inspection services for power generation will drive the non-destructive testing (NDT) and inspection market growth.
The non-destructive testing (NDT) and inspection market is fragmented, with a large number of players. SGS Group was the largest competitor with 3.9% of the market, followed by TEAM Inc., Applus Services, Baker Hughes Company, Mistras Group, Inc., Acuren Inspection Inc., Intertek Group Plc., Bureau Veritas S.A., Yxlon International Gmbh (Comet Holding Ag) and MME Group.
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Companies operating in the non-destructive testing (NDT) and inspection market are focusing on developing new, innovative solutions to strengthen their position in the market. For instance, in June 2021, Waygate Technologies, a US-based Baker Hughes nondestructive testing (NDT) solutions provider for industrial inspection, introduced a new service that employs cutting-edge robots, to enable safe and efficient inspection and cleaning of industrial boilers. The BRIC (acronym for Boiler Robotic Inspection & Cleaning) service eliminates any physical risk to inspectors, providing more precise data than any previous inspection technology in this field, and significantly reduces inspection costs for customers in industries such as the chemical industry, paper manufacturing and energy.
Furthermore, companies operating in the non-destructive testing (NDT) and inspection market are increasing their potential for developing and utilizing new ultrasonic testing (UT) innovations. Flaw detection and thickness measurement are common applications for UT. For instance, in September 2022, US-based Waygate Technologies, a Baker Hughes subsidiary specializing in nondestructive testing (NDT) solutions for industrial inspection, announced Krautkrämer SpotVision, a new phased array ultrasonic system for spot weld inspection. The Krautkrämer SpotVision inspection device was developed specifically for the needs of spot weld inspection in the automotive industry.
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The global non-destructive testing (NDT) and inspection market 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
According to non-destructive testing (NDT) and inspection market analysis, the top opportunities in the non-destructive testing (NDT) and inspection market segmented by technique will arise in the ultrasonic testing segment, which will gain $992.3 million of global annual sales by 2027. The non-destructive testing (NDT) and inspection market size will gain the most in the USA at $1.09 billion.
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