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The NDT and Inspection market size is estimated to be USD 10.3 billion in 2023 and is projected to reach USD 18.5 billion by 2028, at a CAGR of 10.1%
during the forecast period. The booming NDT and Inspection market is mostly due to the increasing number of companies offering testing equipment and inspection services and increasing demand for public safety.
New York, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "NDT and Inspection Market by Technique, Method, Service, Application, Vertical and Region - Global Forecast to 2028" - https://www.reportlinker.com/p05061077/?utm_source=GNW
Moreover, technological innovations and rising advancements have further accelerated the growth of the NDT and Inspection market. Competitive manufacturing costs, and a high economic growth rate, are some of the other major factors driving the growth of the NDT and Inspection market.
Manufacturing vertical to grow at the highest CAGR between 2023 - 2028
The manufacturing segment is expected to be the fastest-growing vertical of the NDT and inspection market from 2023 to 2028.The manufacturing sector is flourishing in emerging economies such as China, India, and South Africa.
Government initiatives such as “Make in India” in India and “Industry 4.0” in Europe are expected to increase the manufacturing output from the respective regions. This, in turn, is expected to drive the demand for NDT equipment and services in the coming years.
Training Services segment to hold second-largest market share during the forecast period.
The training services segment is projected to account for the second-largest size of the NDT and testing market.The growth of this segment can be attributed to the requirement of training NDT technicians to keep them updated with new technological trends and make them aware of the changing demands of customers.
The NDT and inspection industry is facing a shortage of skilled workforce; hence, training services are expected to be in demand in the coming years.
Ultrasonic Technique to hold largest market share during the forecast period
The UT segment is projected to account for the largest size of the NDT and inspection market in 2022.The growth of the UT technique segment can be attributed to the ability of this technique to identify defects accurately and determine their severity.
Some advanced techniques, such as ultrasonic immersion testing and guided wave ultrasonic testing, can be used in critical applications in the oil & gas and aerospace industries.
China to account for the largest size of NDT and inspection during the forecast period
China is expected to continue to account for the largest share of the NDT and inspection market in Asia Pacific in the coming years.China has developed in-house inspection facilities, yet the demand for NDT and inspection techniques from the manufacturing and oil & gas verticals is high in the country.
With the exploration of shale gas sites in the country, the demand for NDT and inspection technology in China is expected to increase further during the forecast period.
The rapid infrastructural development in China is an emerging opportunity for the NDT and inspection market.Automobile production in China is estimated to grow by 2024, which, in turn, will surge the demand for NDT and inspection equipment and services from the automotive vertical.
China’s economic growth has led to the expansion of its energy, infrastructure, manufacturing, construction, and transportation industries.
General Electric (US), MISTRAS Group (US), Olympus Corporation (Japan), Astead Technology (Scotland), Nikon Metrology NV (UK) are the key players in the NDT and Inspection market. These top players have strong portfolios of products and services and a presence in both mature and emerging markets.
The study includes an in-depth competitive analysis of these key players in the NDT and Inspection market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The report defines, describes, and forecasts the NDT and Inspection market based on technique, vertical, method, service, and region.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of NDT and Inspection market.
It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall NDT and Inspection market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05061077/?utm_source=GNW
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