The global non-destructive testing (NDT) Inspection services market is experiencing a spike in revenues as various end users are investing in making their methods safe for workers and consumers.
Due to the fact that they are primarily used to identify flaws, defects, and cracks, NDT inspection services are essential in industries that employ automation machinery. In order to keep the processes running, continuous checks make sure that safety is evaluated.
Growing investments in railroads, the aerospace industry, the art market, and the healthcare sector are expected to drive market growth in the coming years. Ultrasonic testing is expected to be in high demand in the market because it is simple to use, portable, and provides precise results in a short period of time.
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The market is also expected to be driven by the ageing infrastructure that requires constant upgradation to ensure safety. Detection of instabilities and component failures help in implementing preemptive measures, reducing downtime and cost due to delays.
Advancements in radiographic testing equipment with industrial CT scanners have also emerged as a strengthening trend in the global market. Future Market Insights predicts that the global NDT Inspection Services market will reach a valuation of over US$ 28 Bn by the end of 2030.
Non-Destructive Testing Inspection Services Market Key Takeaways
- Non-destructive testing (NDT) inspection services market to register a CAGR of over 6% between 2020 and 2030
- Automation remains the vital undercurrent in the global market as the manufacturing sector seeks fast-paced delivery
- The growing contribution of nuclear power to pave way for the NDT Inspection Services market
- Ultrasonic testing is expected to hold lion’s share with its impeccable ability to identify defects
- COVID-19 leading to growing hospital admissions and increasing pressure on diagnostics to make NDT Inspection Services crucial to testing of medical devices
Manufacturing Sector to Lead the Way for Global NDT Inspection Services
The manufacturing sector is expected to grow at an unprecedented pace across regions being a major contributor to global economy. This sector is expected to register a CAGR of more than 6% between 2020 and 2030. As more and more number of manufacturers are trying to automate tasks, they are likely to require testing methods to identify faults in machinery and equipment. Thus, between 2020 and 2030, the NDT inspection services are likely to see extensive application in the manufacturing sector.
The rise of automotive, aerospace, defense, electrical and electronics manufacturing, especially in India and China are expected to boost the uptake of NDT inspection services. Furthermore, stringent laws pertaining to the worker safety across developed nations is also anticipated to lead to a revenue generation for NDT inspection services in the near future.
COVID-19 Impact on NDT Services Market
The manufacturing sector has been terribly hit by the COVID-19 pandemic. Brining the economies to halt and disrupting the supply chains, the pandemic has also prevented manufacturing activities. Stringent norms of social distancing to prevent infections have resulted in reduced manufacturing activities.
Labor migration back to villages, especially in a country like India, has affected the manufacturing activity beyond measure. Furthermore, plummeting consumption as consumers get cost conscious spending and chances of infection via deliveries, it has addled the manufacturing issues. In the light of this, the NDT inspection services market is expected to suffer as third-party vendors stand to lose their contract renewals.
More Valuable Insights on Global NDT Services Market
FMI’s research on the global NDT inspection services market is segmented into four major segments. To begin the market for global NDT inspection services is segmented into offering type, which includes NDT Inspection Services and equipment. On the basis of test method, the market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, Eddy current testing, ultrasonic testing, and radiographic testing. On the basis of industrial vertical, the market is segmented into oil and gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
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Non-destructive testing (NDT) Inspection Services Market Key Segment
Offering Type
- Non-destructive Testing Services
- Non-destructive Testing Equipment
Test Method
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiograhic Testing
Industry Vertical
- Oil & Gas
- Manufacturing
- Aerospace and Defense
- Construction
- Automotive
- Power Generation
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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