Updated Global Non-Destructive Testing (NDT) and Inspection Market Report: Size, Growth Rate, and Forecast (2023-2032)
The Business Research Company's latest market reports have been revised to provide the most recent market sizing information for the year 2023 and a forecast until 2032.
Non-Destructive Testing (NDT) and Inspection Market: Promising Growth and Forecast
The global non-destructive testing (NDT) and inspection market witnessed significant growth, reaching $9.49 billion in 2023 from $8.45 billion in 2022, at a robust compound annual growth rate (CAGR) of 12.3%. However, the ongoing Russia-Ukraine war has hindered global economic recovery from the COVID-19 pandemic, impacting various markets worldwide in the short term. Economic sanctions, supply chain disruptions, and surging commodity prices have led to inflation across goods and services. Despite these challenges, the non-destructive testing (NDT) and inspection market is projected to expand to $12.4 billion by 2027, exhibiting a CAGR of 6.9%.
Key Drivers of the Non-Destructive Testing (NDT) and Inspection Market
The rapid pace of industrialization and urbanization worldwide is anticipated to be a key driver for the growth of the NDT and inspection market in the coming years.
Segments of the Non-Destructive Testing (NDT) and Inspection Market
The market is segmented based on technique, method, vertical, and geography:
Technique: Magnetic Particle Testing, Ultrasonic Testing, Visual Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, and Other Techniques.
Method: Visual Inspection, Surface Inspection, Volumetric Inspection, and Other Methods.
Vertical: Manufacturing, Oil and Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Other Verticals.
Geographically, the market is segmented into Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. North America emerged as the largest region in the Non-Destructive Testing (NDT) and Inspection Market.
Key Players in the Non-Destructive Testing (NDT) and Inspection Market
Major competitors in the market include MISTRAS Group, Acuren Inspection Inc., YXLON International, Fprimec Solutions Inc., Baker Hughes, Applied Technical Services, TEAM Inc., SGS Group, Applus Services, Bureau Veritas S.A., and Intertek Group plc.
The Business Research Company's "Global Non-Destructive Testing (NDT) and Inspection Market Report 2023" provides comprehensive insights into the market, covering over 60 geographies and offering high-level market segmentation per region. The report analyzes regional and country-specific breakdowns, market sizes, and historical and projected growth rates, and identifies significant trends and strategies that businesses can leverage to expand their operations.
Table of Contents for the Non-Destructive Testing (NDT) and Inspection Market:
Executive Summary
Non-Destructive Testing (NDT) and Inspection Market Characteristics
Non-Destructive Testing (NDT) and Inspection Market Trends and Strategies
Non-Destructive Testing (NDT) and Inspection Market - Macro Economic Scenario
Non-Destructive Testing (NDT) and Inspection Market Size and Growth
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Africa Non-Destructive Testing (NDT) and Inspection Market
Non-Destructive Testing (NDT) and Inspection Market Competitive Landscape and Company Profiles
Key Mergers and Acquisitions in the Non-Destructive Testing (NDT) and Inspection Market
Non-Destructive Testing (NDT) and Inspection Market Future Outlook and Potential Analysis
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