Non-Destructive Testing Market Size Is Anticipated To Reach $24.3 Billion By 2027

The global non-destructive testing market size is expected to reach USD 24.3 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc.The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.

The use of non-destructive testing helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. Use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the market is the technological advancements in the non-destructive testing methods. Improvements in the techniques has ensured deviation free fault detection and have reduced the complexity involved in the testing procedures considerably.

The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.

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Non-Destructive Testing Market Report Highlights

• The market is expected to reach USD 24.3 billion by 2027 and is expected to exhibit a CAGR of 6.5% over the next eight years owing to a rise in manufacturing-related activities, globally
• The non-destructive testing services market segment accounted for over 70% of the overall non-destructive testing market value in 2019.
• The ultrasonic testing segment is expected to witness a significant growth at a CAGR exceeding 6.5% over the forecast period owing to the benefits such as ease of handling
• Rapid industrialization, especially in the developing economies has significantly contributed to the growth of the non-destructive testing equipment market
• The manufacturing vertical segment was the dominant segment in 2019 and is expected to grow at a healthy CAGR of more than 7% owing to the increased manufacturing activities primarily in the Asia Pacific region
• The North America region dominated the market in 2019 with a revenue share of more than 35%, owing to the extensive adoption of NDT techniques in the region
• Key players such as General Electric, Nikon Metrology NV, Olympus Corp, Mistras Group, Yxlon International GmbH, and Sonatest Ltd dominated the market in 2019 owing to their emphasis on expanding their market presence through mergers and acquisitions.

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Non-Destructive Testing Market Segmentation

Grand View Research has segmented the global non-destructive testing market on the basis of test method, vertical, and region:

Non-destructive Offering Outlook (Revenue, USD Million, 2016 - 2027)

• Non-destructive Testing Services
• Non-destructive Testing Equipment

Non-destructive Testing Method Outlook (Revenue, USD Million, 2016 - 2027)

• Visual Testing
• Magnetic Particle Testing
• Liquid Penetrant Testing
• Eddy Current Testing
• Ultrasonic Testing
• Radiographic Testing

Non-destructive Testing Vertical Outlook (Revenue, USD Million, 2016 - 2027)

• Oil & Gas
• Manufacturing
• Aerospace and Defense
• Construction
• Automotive
• Power Generation
• Others

Non-destructive Testing Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• Saudi Arabia
• South Africa

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more info visit @ https://www.grandviewresearch.com