Non-destructive Testing Inspection Service Market Poised to Reach USD 47 Billion by 2034, with a 7.7% CAGR
Non-destructive Testing Inspection Service Market Poised to Reach USD 47 Billion by 2034, with a 7.7% CAGR

The scope for NDT Inspection Services will grow exponentially as transportation services across developing and developed nations are continuously undergoing repair and maintenance, which demand detection of flaws at highest levels of accuracy.

NEWARK, Del, June 26, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights (FMI), the worldwide non-destructive testing inspection service market is expected to reach USD 22.4 billion in 2024 and USD 47 billion by 2034. The market is projected to rise at a CAGR of 7.7% by 2034.

The non-destructive testing inspection service market is experiencing rapid growth due to technological advancements, predictive maintenance strategies, globalization, and increasing environmental consciousness. Industries like aerospace, automotive, oil and gas, and manufacturing increasingly rely on NDT inspection services to ensure asset integrity, safety, and regulatory compliance.

The market is benefiting from the globalization of industries and infrastructure projects, driving demand for Non-destructive Testing Inspection Service. Emerging industries like renewable energy and additive manufacturing require NDT services for quality assurance and safety.

The market is further driven by stringent regulatory standards and quality assurance mandates, necessitating regular inspections for asset reliability and operational efficiency. As industries prioritize safety, quality, and efficiency, the NDT inspection service industry is poised for continued expansion and innovation.

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Air Travel Backed by Tourism to Demand Safety Checks from Cradle to Grave

NDT Inspection Services offer the accurate way of detecting flaws in materials, ensuring design, production, and maintenance of an aircraft is never compromised. Building safe aircrafts is the most critical aspect of the aviation industry. Thus, NDT Inspection Services are used from cradle to grave across this vertical to ensure aircraft structures and engines function at their very best throughout their lifecycle.

The demand for NDT Inspection Services Market is projected to spike in the coming years as the aviation industry is expected to invest in design and development of lightweight and flexible materials to achieve fuel efficiency in the long term.

The growing need to constantly upgrade the safety standards of the fastest mode of travel has fueled the demand for NDT Inspection Services for inspecting in-service aircrafts as well. From upping the standard of economic efficiency to building a strong, reliable fleet, the role of NDT inspection services is incredibly vital.

Both civil and military aviation are expected to make sizeable investments in NDT Inspection Services in the coming years as air travel increases with flourishing tourism. Furthermore, increasing need to keep aircraft up to date with safety standards amidst growing political instability is also projected to bode well for this market during the forecast years.

Key Takeaways from the Non-destructive Testing Inspection Service Market Report:

  • The non-destructive testing inspection service market is expected to reach a value of USD 47 billion by 2034.
  • The market is projected to surge at a CAGR of 7.7% by 2034.
  • China’s non-destructive testing inspection service market is expected to grow at a CAGR of 8.6% by 2034.
  • The United States is set to surge at 4.3% CAGR in 2034.
  • Based on the test method, the ultrasonic testing segment is expected to hold a market share of 37% in 2024. 

“The non-destructive testing inspection service market is experiencing medium growth and is set to accelerate at a rapid pace through 2034. The market is fragmented with numerous players, but advancements in NDT technologies, such as automated crawlers, robots, and drones, offer growth opportunities for service providers and equipment manufacturers.” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Competitive Landscape

Fischer Technologies Inc., General Electric, Nikon Metrology NV, Yxlon International GmbH, Sonatest Ltd, and Eddyfi Technologies are key non-destructive testing inspection service vendors listed in the report.

Key companies are investing heavily in research and development to expand product lines, boosting the growth of the non-destructive testing (NDT) service industry. They are also taking strategic initiatives to grow global presence, such as new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments, and collaborations. Manufacturers are focusing on local manufacturing to reduce operating costs and benefit clients.

Top 10 Key Players in the Non-destructive Testing Inspection Service Market

  • General Electric
  • Nikon Metrology NV
  • Yxlon International GmbH
  • Sonatest Ltd
  • Eddyfi Technologies
  • Zetec Inc.
  • Bureau Veritas
  • Duemme SpA
  • Element Material Technology Holding
  • Geecy Apave Pvt. Ltd.

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Industry Updates-

  • In 2023, Sonatest partnered with Echobolt to offer Phased Array Ultrasonic Technology (PAUT) to the wind industry, enabling inspection of bolts in wind turbines, and combining Sonatest’s advanced hardware solutions.
  • In 2023, Waygate Technologies upgraded the Krautkramer USM 100 ultrasonic testing device, enhancing its performance and functionality for non-destructive testing applications across various industries.

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global non-destructive testing inspection service market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

Key Segments of Market Report

By Offering Type:

Based on offering types, the sector is divided into

  • non-destructive testing services
  • non-destructive testing equipment.

By Test Method:

By test methods, the industry is segregated into

  • visual,
  • magnetic testing,
  • liquid penetrant,
  • eddy current,
  • ltrasonic,
  • radiographic testing.

By Industry Vertical:

In terms of industry verticals, the sector is segmented into

  • oil and gas,
  • manufacturing,
  • aerospace
  • defense,
  • construction,
  • automotive,
  • power generation,
  • others.

By Region:

Based on regions, the sector is distributed across

  • North America,
  • Latin America,
  • Western Europe,
  • South Asia,
  • East Asia,
  • Eastern Europe,
  • the Middle East and Africa.

Report Preview: https://www.futuremarketinsights.com/reports/ndt-inspection-services-market

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/723059817/non-destructive-testing-inspection-service-market-poised-to-reach-usd-47-billion-by-2034-with-a-7-7-cagr-future-market-insights-inc

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