The global Non-Destructive Testing Market is estimated to be valued at US$ 7902.72 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Non-destructive testing (NDT) refers to a wide range of analysis techniques used to evaluate the properties of a material, component or system without causing damage. It involves testing for surface and sub-surface defects using techniques such as ultrasonic, radiographic, liquid penetrant, magnetic particle and eddy current testing. These techniques help determine integrity, properties and characteristics of an object without interfering with its future usefulness or performance. NDT aids in detecting imperfections and discontinuities in welds, castings and components. It finds wide application in industries such as aerospace, automotive, oil & gas, construction and manufacturing.
Market key trends:
The non-destructive testing market is witnessing significant growth owing to increasing requirements of quality control and safety assurance across various industries. Rapid digitization and adoption of IoT and advanced data analytics is further driving the demand for automation and real-time monitoring solutions in NDT. Development of nanotechnology based sensors and imaging technologies is also augmenting the market growth. Furthermore, stringent regulations governing product quality and reliability to ensure public safety have increased the importance of NDT techniques globally.
Porter’s Analysis:
- Threat of new entrants: The threat of new entrants is low due to high capital requirements and established presence of existing players in the market.
- Bargaining power of buyers: The bargaining power of buyers is moderate owing to availability of substitutes and standardized products offered by vendors.
- Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of several component suppliers in the market.
- Threat of new substitutes: The threat of substitutes is moderate as alternative destructive testing techniques can be used for certain applications.
- Competitive rivalry: Intense competition exists among the existing vendors.
Key Takeaways:
The Global Non-Destructive Testing Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing need for quality inspection and minimum product recalls.
The North America region dominates the market currently due to stringent regulations regarding pipeline safety and infrastructure integrity assessment. However, Asia Pacific region is expected to witness fastest growth aided by expanding manufacturing industry and rising foreign investments in countries like India and China.
Key players operating in the non-destructive testing market include Tech4Imaging LLC, SGS SA, ROSEN Group, Acuren Group Inc., Olympus Corporation, Mistras Group Inc., Intertek Group PLC, Applus Services SA, Infrastructure Preservation Corporation, Bureau Veritas SA, and FLIR Systems Inc. ROSEN offers advanced robotic crawler inspection systems equipped with multiple NDT techniques like UT, EMAT, and ECA for pipeline inspections. Mistras Group provides comprehensive one-stop-shop NDT services and one of the largest NDT service provider globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
