LONDON, GREATER LONDON, UK - The non-destructive inspection equipment market has witnessed rapid growth in recent years, with the market size projected to increase from $2.69 billion in 2023 to $2.91 billion in 2024, at a compound annual growth rate (CAGR) of 8.1%. This growth can be attributed to the rising demand across various industries such as aerospace and defence, oil, gas, and power, driven by the need for reliable and safe inspection methods that do not compromise the integrity of materials or structures.
The non-destructive inspection equipment market is expected to continue its strong growth trajectory, reaching $3.78 billion by 2028, growing at a CAGR of 6.7%. This growth will be fueled by increasing safety and reliability standards across industries, coupled with the expanding use of classic non-destructive testing (NDT) methods. Additionally, advancements in technologies such as advanced imaging, robotics, and artificial intelligence (AI) are set to revolutionize inspection processes, enhancing operational efficiency and reducing inspection times.
Major companies like Hitachi Ltd., Siemens AG, and Baker Hughes Company are leading the market by focusing on innovative product development. For example, Baker Hughes Company launched the krautkrämer rotoarray, a phased array ultrasonic inspection system, to enhance the efficiency and accuracy of tube testing across industrial applications. Such advancements underscore the industry's commitment to delivering robust inspection solutions. Innovations such as portable and handheld NDI devices, digitalization, and connectivity are reshaping the market landscape, while environmental and energy efficiency concerns are influencing product design and adoption.
North America dominated the non-destructive inspection equipment market in 2023, driven by stringent regulatory standards and technological advancements. However, Asia-Pacific is poised to emerge as the fastest-growing region during the forecast period, fueled by expanding industrial activities and infrastructure development.
The Non-Destructive Inspection Equipment Global Market Report 2024 from TBRC provides comprehensive insights on market size, drivers and trends, major players, competitors' revenues, market positioning, and growth across geographies. Companies can leverage the data in the report to tap into segments with the highest growth potential.
https://www.einnews.com/pr_news/722698329/non-destructive-inspection-equipment-market-size-share-revenue-trends-and-drivers-for-2024-2033
