The global non-destructive testing (NDT) market is projected to experience robust growth over the next decade, with an estimated compound annual growth rate (CAGR) of 6.7% from 2024 to 2034. Valued at US$ 15.5 billion in 2023, the market is anticipated to reach a substantial US$ 31.9 billion by the end of 2034. This growth is primarily driven by the increasing need for inspection and health monitoring of concrete and steel structures, as well as the ongoing development of new NDT products and technologies.
Key Market Drivers
Surge in New Product Development
The rapid development of innovative NDT products is a significant factor driving market growth. New technologies such as Computed Tomography (CT), phased array ultrasonic testing, and remote visual inspection have significantly enhanced the precision and efficiency of NDT methods. For example, Waygate Technologies launched the Krautkrämer RotoArray comPAct in August 2023, a portable roller probe equipped with advanced ultrasonic phased array technology, representing a leap in manual inspection of large-scale composite materials.
Demand for Inspection and Health Monitoring
With aging infrastructure becoming a critical issue, there is a heightened demand for regular inspection and health monitoring of concrete and steel structures. NDT techniques provide a non-invasive means to assess the condition of these structures, ensuring safety and reliability while minimizing downtime and costs associated with repairs or replacements. In developed regions like North America and Western Europe, where infrastructure maintenance is a priority, the application of NDT services is extensive and continually expanding.
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Regional Insights
Asia Pacific Leading the Charge
Asia Pacific emerged as the leading region in the NDT market in 2023. The region's growth is fueled by the rapid development and expansion of industries such as construction, healthcare, aerospace, marine, aviation, and defense. The increasing demand for superior equipment, machinery, and infrastructure further bolsters the market's growth in this region.
North America: A Strong Contender
North America held the second largest market share in 2023, driven by stringent regulatory standards, advancements in NDT technologies, and a strong focus on preventive maintenance. The aging infrastructure in the region necessitates regular inspections, fostering a conducive environment for the growth of NDT services.
Key Industry Players
The NDT market is highly competitive, with major players like Shimadzu Corporation, Evident, Baker Hughes Company, FUJIFILM Holdings Corporation, and Mistras Group leading the charge. These companies are heavily investing in research and development to introduce innovative NDT solutions that cater to the evolving needs of various industries.
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