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Non-destructive Testing Market Size, Share & Trends Analysis Report By Test Method, By Offering, By Vertical And Segment Forecasts, 2021 - 2028

ReportLinker
·3-min read

Non-destructive Testing Market Size, Share & Trends Analysis Report By Test Method (Visual, Magnetic Particle, Liquid Penetrant, Radiographic), By Offering, By Vertical (Manufacturing, Construction, Automotive), And Segment Forecasts, 2021 - 2028

New York, April 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Non-destructive Testing Market Size, Share & Trends Analysis Report By Test Method, By Offering, By Vertical And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06064476/?utm_source=GNW

Non-destructive Testing Market Growth & Trends

The global non-destructive testing market size is anticipated to reach USD 22.9 billion by 2028, registering a CAGR of 6.7% over the forecast period. 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 (NDT) helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components.The 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 non-destructive testing methods. Improvements in the techniques have 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.

Non-destructive Testing Market Report Highlights
• The market is expected to exhibit a CAGR of 6.7% over the next eight years owing to a rise in manufacturing-related activities, globally
• The services segment accounted for the largest revenue share of over 73.0% in 2020. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
• Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
• The ultrasonic testing segment is expected to witness a significant CAGR of 7.5% over the forecast period owing to the benefits such as ease of handling and precise results
• The manufacturing vertical segment was the dominant segment in 2020 and is expected to witness a healthy CAGR of more than 7.6% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific
• North America dominated the market in 2020 and accounted for the largest revenue share of more than 35.0%, owing to the extensive adoption of NDT techniques in the region
Read the full report: https://www.reportlinker.com/p06064476/?utm_source=GNW

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