NDT Inspection Services Market Sees Promising Growth, Future Strategic Planning and Forecast to 2030
The global non-destructive testing (NDT) Inspection services market is experiencing a spike in revenues as various end users are investing making their methods safe for workers and consumers.
NDT inspection services are essential in industries that use automation machinery because they are primarily used to identify flaws, defects, and cracks. Continuous checks ensure that safety is evaluated in order to keep the processes running.
Growing investments in railroads, the aerospace industry, the art market, and the healthcare sector are expected to drive market growth in the coming years. Ultrasonic testing is expected to be in high demand in the market because it is simple to use, portable, and provides precise results in a short period of time.
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The market is also expected to be driven by the aging infrastructure that requires constant upgradation to ensure safety. Detection of instabilities and component failures help in implementing preemptive measures, reducing downtime and cost due to delays.
Advancements in radiographic testing equipment with industrial CT scanners has also emerged as strengthening trend in the global market. Future Market Insights predicts that the global NDT Inspection Services market will reach a valuation of over US$ 28 Bn by the end 2030.
Key Takeaways from Global NDT Services Market Study
- Asia Pacific to emerge as the leading regional segment as power plants and manufacturing activities are slated to surge in forecast period
- Ultrasound to occupy sizeable chunk in the market as it remains widely used equipment for assessing dysfunctionalities
- Oil and gas sector to employ NDT inspection services at a growing rate to avoid spillage, leaks, and other accidents
- Government initiatives such as “Make in India”, “Industry 4.0”, and “National Infrastructural Plan” to boost market growth in coming years
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Manufacturing Sector to Lead the Way for Global NDT Inspection Services
The manufacturing sector is expected to grow at an unprecedented pace across regions being a major contributor to global economy. This sector is expected to register a CAGR of more than 6% between 2020 and 2030. As more and more number of manufacturers are trying to automate tasks, they are likely to require testing methods to identify faults in machinery and equipment. Thus, between 2020 and 2030, the NDT inspection services are likely to see extensive application in the manufacturing sector.
The rise of automotive, aerospace, defense, electrical and electronics manufacturing, especially in India and China are expected to boost the uptake of NDT inspection services. Furthermore, stringent laws pertaining to the worker safety across developed nations is also anticipated to lead to a revenue generation for NDT inspection services in the near future.
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COVID-19 Impact on NDT Services Market
The manufacturing sector has been terribly hit by the COVID-19 pandemic. Brining the economies to halt and disrupting the supply chains, the pandemic has also prevented manufacturing activities. Stringent norms of social distancing to prevent infections have resulted in reduced manufacturing activities.
Labor migration back to villages, especially in a country like India, has affected the manufacturing activity beyond measure. Furthermore, plummeting consumption as consumers get cost conscious spending and chances of infection via deliveries, it has addled the manufacturing issues. In the light of this, the NDT inspection services market is expected to suffer as third-party vendors stand to lose their contract renewals.
More Valuable Insights on Global NDT Services Market
FMI’s research on the global NDT inspection services market is segmented into four major segments. To begin the market for global NDT inspection services is segmented into offering type, which includes NDT Inspection Services and equipment. On the basis of test method, the market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, Eddy current testing, ultrasonic testing, and radiographic testing. On the basis of industrial vertical, the market is segmented into oil and gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
Non-destructive testing (NDT) Inspection Services Market Key Segment
- Non-destructive Testing Services
- Non-destructive Testing Equipment
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Ultrasonic Testing
- Radiograhic Testing
- Oil & Gas
- Aerospace and Defense
- Power Generation