[300 Pages Report] The global non-destructive testing equipment market size is expected to be valued at US$ 17,324 Million in 2022. Non-destructive testing equipment is used for the evaluation and inspection of various properties of materials, components, and assemblies.
| Data Points | Key Statistics |
|---|---|
| Non-Destructive Testing Equipment Market Value 2022 | US$ 17324 Million |
| Non-Destructive Testing Equipment Market Projected Value (2032) | US$ 31574.6 Million |
| Non-Destructive Testing Equipment Market CAGR (2022 to 2032) | 6.2% |
As the name suggests, this equipment does not alter or cause any damage to the materials that are subjected to evaluation. The overall demand for non-destructive testing equipment is projected to grow at a CAGR of 6.2% between 2022 and 2032, totaling around US$ 31,574.6 Million by 2032.
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From 2016 to 2021, sales witnessed significant growth, registering a CAGR of 4.6%. Non-destructive testing equipment is deployed to determine the properties of materials and constructions in terms of ductility, ultimate tensile strength, impact resistance, fracture toughness, and fatigue strength. Non-destructive testing equipment sustains a uniform quality level and lowers the cost of production.
Since non-destructive testing equipment does not permanently alter the article being inspected, it is a highly valuable technique that can save both money and time in product evaluation, research, and troubleshooting. The various Non-destructive testing equipment methods include ultrasonic, magnetic particle, radiographic, liquid penetrant, eddy current testing, remote visual inspection, low coherence interferometry, etc.
The overall demand for non-destructive testing equipment is projected to grow at a CAGR of 6.2% between 2022 and 2032, totaling around US$ 31,574.6 Million by 2032.
Increased Safety Regulations Likely to Augment Non-Destructive Testing Equipment Sales
Increasing safety regulations for quality control, safety, and reliable performance of machines are driving the adoption of Non-destructive testing equipment in end-use industries. Focus on improving the quality and longevity of the materials is also driving the growth of the market. Focus on maintaining quality and preventing breakdowns have also led to increased adoption of Non-destructive testing equipment in end-use industries.
There are significant opportunities for existing- and new players to differentiate their offerings through product innovation and competitive price offerings. For many construction projects, carrying out Non-destructive testing has become an integral part of the overall process, and this trend is only going to be stronger over the forecast period. The development of automatic and laser-based testing equipment is also expected to create new avenues of growth for this market.
Advancements in electronics, robotics, and automation and the development of user-friendly software have made this equipment more appealing to end-users. Incorporation of Non-destructive testing equipment has been shown to reduce maintenance and repair costs in the long run, fuelling their demand from end-use industries.
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High Rates of Investment to Impede the Growth
Although Non-destructive testing equipment offers good ROI in the long run, the high initial investment is a deterrent for many organizations. Lack of product knowledge and skilled manpower continues to be a challenge for the adoption of these machines.
Rising Market Competition to Boost the Market Growth in North America
The North America Non-Destructive Testing Equipment market is expected to accumulate a market share of 28.5% in 2022. North America is dominating and contributing the leading shares to the non-destructive testing equipment market in terms of revenue and is expected to register significant growth over a forecast period due to the increasing market competition.
This is owed to the adoption of NDT techniques across numerous applications, the availability of a skilled workforce, and the number of non-destructive testing training institutes in the region. Furthermore, power generation using shale oil in the USA and Canada is projected to add immense growth to the market in the years to come.
Expansion in Industrial Infrastructure to Boost Market Growth in Europe
The European region is anticipated to hold a market share of 23.8%. Europe is expected to contribute to moderate revenue market share and register a healthy growth rate in the global non-destructive testing equipment market due to government initiatives to expand the industrial infrastructure, along with an increase in manufacturing, construction, and power generation activities in the region.
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Some key start-ups in the Non-Destructive Testing Equipment market include AAVRTTI, Spectre UAV Concepts, Inductosense, Lytid, Talcyon, and many more.
Recent Developments-
Prominent players in the Non-Destructive Testing Equipment market are Ashtead Technology, Eddyfi, Fischer Technologies Inc, General Electric, Nikon Corporation, Mistras Group, Olympus Corporation, Sonatest, Yxlon International, Zetec, Inc, MME Group, TWI Ltd. and various other regional players.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.2% from 2022 to 2032 |
| Market Value in 2022 | US$ 17,324 Million |
| Market Value in 2032 | US$ 31,574.6 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Report Customization | Available upon Request |
As of 2022, the Non-Destructive Testing Equipment market is slated to reach a valuation of US$ 17,324 Million
From 2022 to 2032, sales of Non-Destructive Testing Equipment are expected to grow at a 6.2% CAGR
By 2032, Future Market Insights expects the Non-Destructive Testing Equipment market to reach US$ 31,574.6 Million.
1. Executive Summary | Non-Destructive Testing Equipment Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyers 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2016 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2016 to 2021 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By End Use Verticals 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Use Verticals, 2016 to 2021 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Use Verticals, 2022 to 2032 5.3.1. Petrochemical And Pipe 5.3.2. Manufacturing Applications 5.3.3. Government Infrastructure 5.3.4. Aerospace 5.3.5. Automotive 5.3.6. Public Safety 5.3.7. Power Generation 5.3.8. Others 5.4. Y-o-Y Growth Trend Analysis By End Use Verticals, 2016 to 2021 5.5. Absolute $ Opportunity Analysis By End Use Verticals, 2022 to 2032 6. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Services 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Services, 2016 to 2021 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Services, 2022 to 2032 6.3.1. Training 6.3.2. Inspection 6.3.3. Consultation 6.3.4. Others 6.4. Y-o-Y Growth Trend Analysis By Services, 2016 to 2021 6.5. Absolute $ Opportunity Analysis By Services, 2022 to 2032 7. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Technology 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Technology, 2016 to 2021 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Technology, 2022 to 2032 7.3.1. Radiography Testing 7.3.2. Ultrasonic Testing 7.3.3. Visual Testing 7.3.4. Magnetic Particle Testing 7.3.5. Liquid Penetrant Testing 7.3.6. Others 7.4. Y-o-Y Growth Trend Analysis By Technology, 2016 to 2021 7.5. Absolute $ Opportunity Analysis By Technology, 2022 to 2032 8. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2016 to 2021 8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2022 to 2032 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. Asia Pacific 8.3.5. Middle East and Africa (MEA) 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 9.2.1. By Country 9.2.1.1. United States of America 9.2.1.2. Canada 9.2.2. By End Use Verticals 9.2.3. By Services 9.2.4. By Technology 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By End Use Verticals 9.3.3. By Services 9.3.4. By Technology 9.4. Key Takeaways 10. Latin America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By End Use Verticals 10.2.3. By Services 10.2.4. By Technology 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By End Use Verticals 10.3.3. By Services 10.3.4. By Technology 10.4. Key Takeaways 11. Europe Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. United Kingdom 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Europe 11.2.2. By End Use Verticals 11.2.3. By Services 11.2.4. By Technology 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By End Use Verticals 11.3.3. By Services 11.3.4. By Technology 11.4. Key Takeaways 12. Asia Pacific Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.1.4. Singapore 12.2.1.5. Thailand 12.2.1.6. Indonesia 12.2.1.7. Australia 12.2.1.8. New Zealand 12.2.1.9. Rest of Asia Pacific 12.2.2. By End Use Verticals 12.2.3. By Services 12.2.4. By Technology 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By End Use Verticals 12.3.3. By Services 12.3.4. By Technology 12.4. Key Takeaways 13. MEA Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 13.2.1. By Country 13.2.1.1. GCC Countries 13.2.1.2. South Africa 13.2.1.3. Israel 13.2.1.4. Rest of MEA 13.2.2. By End Use Verticals 13.2.3. By Services 13.2.4. By Technology 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By End Use Verticals 13.3.3. By Services 13.3.4. By Technology 13.4. Key Takeaways 14. Key Countries Market Analysis 14.1. United States of America 14.1.1. Pricing Analysis 14.1.2. Market Share Analysis, 2021 14.1.2.1. By End Use Verticals 14.1.2.2. By Services 14.1.2.3. By Technology 14.2. Canada 14.2.1. Pricing Analysis 14.2.2. Market Share Analysis, 2021 14.2.2.1. By End Use Verticals 14.2.2.2. By Services 14.2.2.3. By Technology 14.3. Brazil 14.3.1. Pricing Analysis 14.3.2. Market Share Analysis, 2021 14.3.2.1. By End Use Verticals 14.3.2.2. By Services 14.3.2.3. By Technology 14.4. Mexico 14.4.1. Pricing Analysis 14.4.2. Market Share Analysis, 2021 14.4.2.1. By End Use Verticals 14.4.2.2. By Services 14.4.2.3. By Technology 14.5. Germany 14.5.1. Pricing Analysis 14.5.2. Market Share Analysis, 2021 14.5.2.1. By End Use Verticals 14.5.2.2. By Services 14.5.2.3. By Technology 14.6. United Kingdom 14.6.1. Pricing Analysis 14.6.2. Market Share Analysis, 2021 14.6.2.1. By End Use Verticals 14.6.2.2. By Services 14.6.2.3. By Technology 14.7. France 14.7.1. Pricing Analysis 14.7.2. Market Share Analysis, 2021 14.7.2.1. By End Use Verticals 14.7.2.2. By Services 14.7.2.3. By Technology 14.8. Spain 14.8.1. Pricing Analysis 14.8.2. Market Share Analysis, 2021 14.8.2.1. By End Use Verticals 14.8.2.2. By Services 14.8.2.3. By Technology 14.9. Italy 14.9.1. Pricing Analysis 14.9.2. Market Share Analysis, 2021 14.9.2.1. By End Use Verticals 14.9.2.2. By Services 14.9.2.3. By Technology 14.10. China 14.10.1. Pricing Analysis 14.10.2. Market Share Analysis, 2021 14.10.2.1. By End Use Verticals 14.10.2.2. By Services 14.10.2.3. By Technology 14.11. Japan 14.11.1. Pricing Analysis 14.11.2. Market Share Analysis, 2021 14.11.2.1. By End Use Verticals 14.11.2.2. By Services 14.11.2.3. By Technology 14.12. South Korea 14.12.1. Pricing Analysis 14.12.2. Market Share Analysis, 2021 14.12.2.1. By End Use Verticals 14.12.2.2. By Services 14.12.2.3. By Technology 14.13. Singapore 14.13.1. Pricing Analysis 14.13.2. Market Share Analysis, 2021 14.13.2.1. By End Use Verticals 14.13.2.2. By Services 14.13.2.3. By Technology 14.14. Thailand 14.14.1. Pricing Analysis 14.14.2. Market Share Analysis, 2021 14.14.2.1. By End Use Verticals 14.14.2.2. By Services 14.14.2.3. By Technology 14.15. Indonesia 14.15.1. Pricing Analysis 14.15.2. Market Share Analysis, 2021 14.15.2.1. By End Use Verticals 14.15.2.2. By Services 14.15.2.3. By Technology 14.16. Australia 14.16.1. Pricing Analysis 14.16.2. Market Share Analysis, 2021 14.16.2.1. By End Use Verticals 14.16.2.2. By Services 14.16.2.3. By Technology 14.17. New Zealand 14.17.1. Pricing Analysis 14.17.2. Market Share Analysis, 2021 14.17.2.1. By End Use Verticals 14.17.2.2. By Services 14.17.2.3. By Technology 14.18. GCC Countries 14.18.1. Pricing Analysis 14.18.2. Market Share Analysis, 2021 14.18.2.1. By End Use Verticals 14.18.2.2. By Services 14.18.2.3. By Technology 14.19. South Africa 14.19.1. Pricing Analysis 14.19.2. Market Share Analysis, 2021 14.19.2.1. By End Use Verticals 14.19.2.2. By Services 14.19.2.3. By Technology 14.20. Israel 14.20.1. Pricing Analysis 14.20.2. Market Share Analysis, 2021 14.20.2.1. By End Use Verticals 14.20.2.2. By Services 14.20.2.3. By Technology 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By End Use Verticals 15.3.3. By Services 15.3.4. By Technology 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. GE Inspection Technologies 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.1.5.2. Product Strategy 16.1.1.5.3. Channel Strategy 16.1.2. YXLON International 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.2.5.2. Product Strategy 16.1.2.5.3. Channel Strategy 16.1.3. Mistras 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.3.5.2. Product Strategy 16.1.3.5.3. Channel Strategy 16.1.4. Nikon Metrology 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.4.5.2. Product Strategy 16.1.4.5.3. Channel Strategy 16.1.5. Olympus Corporation 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.5.5.2. Product Strategy 16.1.5.5.3. Channel Strategy 16.1.6. Eddyfi 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.6.5.2. Product Strategy 16.1.6.5.3. Channel Strategy 16.1.7. Sonatest Ltd. 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.7.5.2. Product Strategy 16.1.7.5.3. Channel Strategy 16.1.8. Magnaflux Corporation 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.8.5.2. Product Strategy 16.1.8.5.3. Channel Strategy 16.1.9. Zetec Inc. 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.9.5.2. Product Strategy 16.1.9.5.3. Channel Strategy 16.1.10. OKOndt GROUP 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 16.1.10.5.2. Product Strategy 16.1.10.5.3. Channel Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
Industrial Automation
July 2020
REP-GB-11943
June 2024
306 pages
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Non-Destructive Testing Equipment Market
