Nondestructive Testing (NDT) Equipment Market to increase by USD 848.26 Mn revenue through 2023-2027  

An increase in oil and gas and power generation projects and growing demand for RVI in the aerospace industry is transforming the Non-Destructive Testing (NDT) Equipment Market, due to huge demand. It is estimated the market will exhibit growth at a CAGR of 5.95% between 2022 and 2027 followed by USD 848.26 million revenue growth.

Leading companies that are facilitating this kind of process comprise names such as FPrimeC Solutions Inc., FUJIFILM Corp., General Electric Co., HELMUT FISCHER GMBH INSTITUT FUR ELEKTRONIK UND MESSTECHNIK, Illinois Tool Works Inc., Labquip NDT Ltd., Mistras Group Inc., MME Group, Nikon Corp., Roper Technologies Inc., etc. Our report comes with a profiled analysis of the market pioneers.

"Senior Analyst at Technavio Quoted after Navigating through the market drivers of the Non-destructive Testing(NDT) Equipment Market it is observed that an increase in oil and gas and power generation projects to propel market advancement."

Snapshot of Nondestructive Testing (NDT) Equipment Market Analysis

Substantial Investments in the development of oil and gas infrastructure have increased owing to the growing energy demand. Oil and gas industry, companies are shifting from onshore locations to deepwater and ultra-deepwater oil and gas fields. NDT is very much required to assess the integrity of equipment, the safety of petroleum refining, and the safety of petroleum extraction operations in the oil and gas industry.

• In February 2019, Total SA (Total) discovered 57 meters of net gas condensate pay in South Africa, located 175 kilometers off the country's southern coast. New power plant projects are being launched.
• Similarly, In October 2020, Tesla Inc. (Tesla) announced the launch of a new UK-based virtual power plant project.

Such expansions in the oil and gas and power generation sectors are more likely to increase the demand for NDT equipment during the forecast period.

Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking along with detailed profiling of the market leaders. Request for our best-selling sample report to discover more about this sector.

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of over 5.95%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by USD 848.26 Mn through 2023-2027.
    
3. What is a key factor driving this market?
   Increase in oil and gas and power generation projects will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   North America, APAC, Europe, South America, and the Middle East and, Africa are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   38% growth will originate from APAC
    
6. What are the market segments covered in this report?
   The market is segmented by End-user (Oil and gas, Power generation, Aerospace and Defense, Automotive and transportation, and Others) and Geography (North America, APAC, Europe, South America, and Middle East and Africa)