The Non-Destructive Testing Equipment Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Non-Destructive Testing Equipment market. Encompassing the research's scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Non-Destructive Testing Equipment. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The Non-Destructive Testing Equipment Market is poised for significant growth, projecting a positive Compound Annual Growth Rate (CAGR) of 6.2% from 2022 to 2032. This growth trajectory is expected to culminate in a substantial market valuation of US$ 31,574.6 Million by 2032, with an initial estimate of US$ 17,324 Million by the close of 2022. The impetus behind this upward trend is primarily attributed to the escalating stringency of safety regulations, aimed at ensuring the secure and reliable performance of machinery, as well as facilitating stringent quality control measures.
The heightened focus on adhering to safety protocols has instigated a surge in demand for non-destructive testing equipment across diverse industry verticals. This surge is underscored by the equipment's pivotal role in evaluating and inspecting various facets of materials, components, and assemblies. As the international market increasingly prioritizes the enhancement of material quality and durability, the demand for non-destructive testing equipment is expected to witness sustained growth.
Moreover, the surge in safety regulations governing quality control, safety, and the dependable functioning of machinery has propelled the adoption of non-destructive testing equipment. This trend is notably pronounced across different end-use industries where the imperative to maintain and enhance quality standards while mitigating breakdown risks has become paramount. In essence, the forecast period anticipates a robust increase in the demand for non-destructive testing equipment, reflecting its pivotal role in ensuring the integrity and reliability of various industrial components.
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Moreover, a myriad of significant opportunities has emerged for both new and established players to distinguish their product offerings through innovation and competitive pricing. Concurrently, there is a heightened demand for non-destructive testing equipment in various construction projects, underscoring its indispensable role in the overarching process. The advent of automatic and laser-based testing equipment is poised to unlock novel avenues for growth within the target market.
Noteworthy advancements in electronics, robotics, automation, and the development of user-friendly software have collectively enhanced the appeal of this equipment across a diverse spectrum of end-users. The incorporation of non-destructive testing equipment has demonstrated a tangible reduction in maintenance and repair costs, thereby propelling the demand for such equipment in the market throughout the forecast period.
“High demand in the expanding construction sector will likely propel the global growth of the non-destructive testing equipment market over the forecast period,” says an FMI analyst.
Key Takeaways:
· High investment rates will likely hinder the estimated market growth during 2022-2032.
· The non-destructive testing equipment market in North America will hold about 28.5% of the global market share in 2022.
· Europe’s non-destructive testing equipment market will account for 23.8% of the market share.
· Power generation activities with the use of shale oil coupled with the surging market competition will bolster growth opportunities for the target market in North America.
· The growth and development of industrial infrastructure will stimulate market prospects in Europe.
· Start-ups in this market are focusing on incorporating novel technologies into their products.
Competitive Landscape
Ashtead Technology, Eddyfi, Fischer Technologies Inc, General Electric, Nikon Corporation, Mistras Group, Olympus Corporation, Sonatest, YXLON International, Zetec, Inc, MME Group, TWI Ltd., among others are some of the major players in the non-destructive testing equipment market profiled in the full version of the report.
Leading market players are keen on utilizing new and advanced technologies to upgrade their product offerings. These businesses also engage in new product releases and product development to gain a competitive edge.
More Insights into Non-Destructive Testing Equipment Market Report
In its latest report, FMI offers an unbiased analysis of the global non-destructive testing equipment market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of end use verticals (petrochemical and pipe, manufacturing applications, government infrastructure, aerospace, automotive, public safety, power generation, others), services (training, inspection, consultation, others), technology (radiography testing, ultrasonic testing, visual testing, magnetic particle testing, liquid penetrant testing, others), and region.
According to the latest FMI reports, based on region, the non-destructive testing equipment market in North America will present substantial growth during 2022-2032. The target market in this region will account for 28.5% of the global market share. The presence of intense market competition and a swell in power generation activities with shale oil, particularly in Canada and the U.S., drive the growth of the non-destructive testing equipment market in North America. Besides, Europe too will demonstrate notable growth by accounting for 23.8% of the global non-destructive testing equipment market shares. Advancing industrial infrastructure will propel the target market growth in this region during the forecast period.
Key Segments Covered in the Non-Destructive Testing Equipment Industry Analysis
By End Use Verticals:
· Petrochemical and pipe
· Manufacturing applications
· Government infrastructure
· Aerospace
· Manufacturing applications
· Automotive
· Public safety
· Power generation
· Others
By Services:
· Training
· Inspection
· Consultation
· Others
By Technology:
· Radiography Testing
· Ultrasonic Testing
· Visual Testing
· Magnetic Particle Testing
· Liquid Penetrant Testing
· Others
