Non-Destructive Testing (Ndt) Equipment Market Size to grow by USD 866 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Non-Destructive Testing (Ndt) Equipment Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of industrial machinery, presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial applications. 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 the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, leading to capacity additions in process and discrete industries. - The Non-Destructive Testing (Ndt) Equipment Market is experiencing significant growth, fueled by the Increase in oil and gas and power generation projects. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increase in oil and gas and power generation projects
  • Growing regulatory compliance requirements for preventing accidents
  • Growing availability of pre-used variants of NDT equipment
  • Growing dependence on third-party service providers for NDT
• Growth Projections

The market size is estimated to grow by USD 866 million, at a CAGR of 5.79% during the forecast period. In the realm of Non-Destructive Testing (NDT), ultrasonic testing has emerged as a preferred method for industrial applications due to its numerous advantages over traditional techniques such as radiography or computed tomography. Ultrasonic testing utilizes high-frequency sound waves to pinpoint defects with great precision, offering several benefits. It accurately measures defect height, effectively detects planar flaws, does not emit radiation, generates no waste material, and does not require the use of chemicals. Regulatory bodies like the American Society of Mechanical Engineers (ASME) and the American Petroleum Institute (API) have issued codes permitting the substitution of radiography testing with ultrasonic testing in certain applications, making it a cost-effective and eco-friendly solution for NDT.

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• Regional Insights

The Non-Destructive Testing (NDT) equipment market witnesses significant growth due to the increasing demand for efficient and accurate inspection techniques in various industries. This market is driven by factors such as stringent regulatory requirements, rising safety concerns, and the need for predictive maintenance. Advanced NDT technologies, including phased array ultrasonic testing, eddy current testing, and magnetic particle inspection, are gaining popularity for their ability to detect defects without causing damage to the tested components. The market is expected to continue its expansion, fueled by technological innovations and the growing awareness of the benefits of NDT in ensuring product quality and safety.

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