Non-Destructive Testing (NDT) Market size is poised to reach USD 25 billion by 2032, according to a new research report by Global Market Insights Inc.
Low-grade raw materials and feedstock are often used in refinery and power-generating operations in regions where crude oil is widely available at low cost. The potential of these subpar feedstock and raw mat erials to rapidly erode the infrastructure has urged the market leaders to create cutting-edge NDT systems, thereby driving the industry expansion through 2032. For instance, in July 2022, Terra Drone Corporation, the leading drone services provider, collaborated with NDT CCS, a well-known NDT inspection business in the middle east to conduct the RFCC Cyclone & CO Boiler Internal Visual Inspection pilot project using drones for the Abu Dhabi National Oil Company Refining.
Mandatory surface inspection in industrial settings to support the industry growth
Based on method, the non-destructive testing market from the surface inspection segment is estimated to account for USD 5 billion by 2032. NDT is an essential tool to monitor the functioning of companies that use refineries, pipelines, oil platforms, bridges, power plants, and other infrastructure as it enables them to ensure that their employees and assets are safeguarded while adhering to the regulatory standards. Due to the increasing pressure on manufacturing facilities to minimize product surface irregularities, businesses involved in the automotive, web inspection, paper, metal, and electronics sectors regularly use NDT surface inspection systems for quality assurance management.
Development of improved ultrasonic inspection solutions to boost the market share
The ultrasonic inspection segment held over 30% share of the NDT market in 2022, owing to its numerous advantages, including fault detection and structural reliability in industrial assets and public infrastructure. Additionally, companies are developing superior ultrasonic inspection solutions that can be used in a variety of industrial sectors, which is likely to fuel the segment expansion through 2032. For instance, in April 2022, PeakNDT Ltd, a prominent ultrasonic instruments producer, collaborated with TWI, an eminent software designer, to create TWI CrystalTM, an innovative ultrasonic FMC inspection software that uses Peak NDT hardware as the primary data acquisition method.
Proliferation of advanced production technologies to accelerate automotive segment growth
The non-destructive testing (NDT) market from the automotive segment is anticipated to cross USD 2.5 billion by 2032, attributed to the growing adoption of innovative production technologies such as 3D printing, and the expanding usage of lightweight materials viz., plastics, magnesium, and aluminum. Moreover, industry leaders are collaborating closely with automakers to provide innovative solutions that can be tailored to their inspection needs and provide exceptional inspection accuracy and repeatability. Waygate Technologies, a global leader in NDT solutions for industrial inspection, unveiled Krautkrämer SpotVision, a revolutionary phased array ultrasonic system for automotive spot weld inspection.
Browse key industry insights spread across 300 pages with 430 market data tables and 35 figures & charts from the report, “Non-Destructive Testing (NDT) Market Size By Method (Volumetric Inspection, Surface Inspection, Visual Inspection), By Technology (Ultrasonic Inspection, Radiography Testing, Eddy Current Testing), By Application (Oil & Gas, Manufacturing, Government, Automotive, Energy, Aerospace) & Forecast, 2023 – 2032” in detail along with the table of contents:
Expanding domestic production of natural gas to amplify the North America industry share
The North America non-destructive testing market accounted for USD 2 billion revenue in 2022, on account of implementation of several supportive government rules requiring businesses. Furthermore, the extensive utilization of NDT services due to the presence of several oil refineries and the expanding domestic production of natural gas and oil is expected to augment the market revenues. In addition, the growing adoption of NDT solutions is encouraged by the proliferation of several innovative technologies across numerous business sectors, thereby impelling regional industry growth.
Inorganic business expansion strategies to define the industry outlook
Some of the leading companies in the non-destructive testing market are Olympus Corporation, TEAM Industrial Services, Bureau Veritas, TUV Rheinland, and Zetec Inc. These companies are concentrating on inorganic development strategies to meet the increasing product demand. Additionally, to broaden their worldwide reach, businesses have started developing their websites, which are likely to positively impact the industry landscape. To cite an instance, in April 2022, Eddyfi Technologies, the provider of a diversified portfolio of NDT instruments, announced the launch of its online store to meet the evolving needs of customers procuring modern NDT solutions.