Non-Destructive Testing Market Is Estimated to Witness High Growth
The non-destructive testing market is estimated to be valued at US$ 7902.72 Mn or Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
· Strength: The Non-Destructive Testing market relies on advanced technologies that do not damage the materials or components under test making repeat testing possible. These technologies help reduce manufacturing costs by detecting defects early in the manufacturing process. NDT methods allow for thorough inspection of materials and components without causing any damage which is beneficial for crucial assets.
· Weakness: NDT technologies require high capital investments and operational costs. Lack of skilled workforce in newer NDT technologies is also challenging the market growth. The quality of inspection highly depends upon the inspector's skills, experience and judgment which can introduce inconsistencies.
· Opportunity: Growing maintenance repair and overhaul activities to prolong operational life of aging assets is augmenting demand for NDT services. Advancements in digital technology and incorporation of IoT, AI and machine learning are expected to boost market growth during forecast period.
· Threats: Presence of some alternative techniques for quality control and material inspection pose threat to NDT market. Economic slowdowns can temporarily reduce investments in asset integrity management and infrastructure development.
Key Takeaways:
The Global Non-Destructive Testing Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing inspection and maintenance activities in oil & gas, power generation and aerospace industries. Growing infrastructure development projects are further propelling the market growth.
Regional analysis:
North America holds the major share in the Non-Destructive Testing market owing to stringent regulations regarding quality control and asset integrity management in industries. Asia Pacific is anticipated to register fastest growth due to flourishing end use industries and increasing investments in expanding manufacturing facilities. Countries like China and India offer lucrative growth opportunities for key players.
Key players:
Key players operating in the Non-Destructive Testing market are Tech4Imaging LLC, SGS SA, ROSEN Group, Acuren Group Inc., Olympus Corporation, Mistras Group Inc., Intertek Group PLC, Applus Services SA, Infrastructure Preservation Corporation, Bureau Veritas SA, and FLIR Systems Inc. The market is fragmented in nature with these major players accounting for over 25% of total market share.
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