A report, 'Global Oil and Gas NDT Service Market 2025-2031' forecasts significant growth for the sector, driven by a concentration on top industry players, strategic business tactics, and market dynamics. The report indicates that the global market for Oil and Gas NDT services is poised for a strong expansion in the coming years.
According to the findings, the global market for Oil and Gas NDT Service was estimated to be worth US$ 857 million in 2024. This market is projected to reach a readjusted size of US$ 1151 million by 2031, representing a Compound Annual Growth Rate (CAGR) of 4.3% over the forecast period from 2025 to 2031.
Oil and Gas NDT Service is a critical professional service that employs technologies such as ultrasound, X-ray, magnetic particle, and eddy current testing to assess the structural integrity and defect status of key facilities. These services are vital for ensuring the safe operation of assets like pipelines, storage tanks, pressure vessels, and offshore platforms in demanding high-pressure, high-temperature, and corrosive environments. By detecting potential risks like cracks, corrosion, and weld defects in advance, these services play a core role in preventing production interruptions and ensuring the safety and reliability of the entire energy supply chain.
The report identifies several key market drivers, including growing consumer demand for energy products, successful marketing tactics, and substantial investments in product development. While challenges such as competition and the availability of low-cost substitutes exist, companies are expected to overcome these hurdles through strategic pricing and a focus on specialized materials and advanced technology, which will in turn increase consumer demand for their products.
The study also profiles key industry players, including Acuren, Applus+, Aries Marine, Eddyfi Technologies, NDT Global Services Limited, and TWI. These companies are evaluated based on parameters such as revenue generation, manufacturing facilities, R&D investments, market share, and geographical presence. The report further details the market by segmentation, including service types (Advanced vs. Conventional) and applications (Pipelines, Storage Tanks, Offshore Platforms, and Others), providing market participants with a comprehensive analysis to help them focus on high-growth areas. The analysis also provides regional insights, offering extensive research on markets in the Americas, APAC, and EMEA to support effective expansion strategies.
Reference: https://www.openpr.com/news/4133797/oil-and-gas-ndt-service-market-poised-for-strong-4-3-cagr-growth
