Latest News- Non-Destructive Testing (NDT) Equipment Market: Oil and Gas is expected to lead the End-user segment during 2024-2028

The Non-Destructive Testing (NDT) Equipment Market is being driven by Increase in oil and gas and power generation projects

The Non-Destructive Testing (NDT) Equipment Market is expected to grow at a CAGR of 5.79% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 866 million. Ultrasonic testing, a non-destructive evaluation (NDT) method, has emerged as the preferred choice for industrial inspections, surpassing the usage of radiography and computed tomography. This technique utilizes high-frequency sound waves to detect and measure defects with precision. Ultrasonic testing offers several advantages over radiography, including the ability to accurately measure defect height, superior planar flaw detection, absence of radiation exposure, generation of no waste material, and the elimination of chemical usage. Regulatory bodies, such as the American Society of Mechanical Engineers (ASME) and the American Petroleum Institute (API), have approved codes that permit the substitution of radiography testing with ultrasonic testing in specific applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Oil and Gas
  • Power generation
  • Aerospace and defense
  • Automotive and transportation
  • Others
• Product Type
  • Ultrasonic testing equipment
  • Radiography testing equipment
  • Visual testing equipment
  • Others
• Equipment Type
  • Portable Equipment
  • Stationary Equipment
  • Software Solutions
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in oil and gas and power generation projects
• Growing regulatory compliance requirements for preventing accidents
• Growing demand for RVI in aerospace industry

However, the market also witnesses some limitations, which are as follows:

• Growing availability of pre-used variants of NDT equipment
• Growing dependence on third-party service providers for NDT
• Stringent regulations on NDT

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Market Scope in Non-Destructive Testing (NDT) Equipment Market Research Report

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Research Analysis Overview

The Non-Destructive Testing (NDT) Equipment Market encompasses various applications including calibration services, training certification, software solutions, and advanced techniques for testing composites, plastics, ceramics, concrete, aerospace, automotive, infrastructure, manufacturing, construction, pharmaceuticals, electronics, defense, transportation, energy, environmental, security, education, and consulting industries. NDT equipment plays a crucial role in ensuring the quality and safety of products and structures across diverse sectors.

Market Research Overview

The Non-Destructive Testing (NDT) equipment market is a significant segment of the larger industrial machinery and supplies and components market. This market encompasses companies manufacturing equipment for Ultrasonic Testing, Eddy Current Testing, Radiographic Testing, Magnetic Particle Testing, and Penetrant Testing. The industrial machinery and supplies and components market size is determined by the consolidated revenue of manufacturers supplying machinery and components for industrial applications, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The expansion of the global economy, particularly in developing countries, is driving the growth of the industrial machinery, supplies, and components market. This growth is attributed to increasing industrial output in process and discrete industries, leading to capacity additions in sectors such as energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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