NEW YORK , Oct. 23, 2023 /PRNewswire/ — The nondestructive testing(NDT) equipment market is expected to grow by USD 848.26 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 5.95% during the forecast period. The market is segmented by product type (ultrasonic testing equipment, radiography testing equipment, visual testing equipment, and others), end-user (oil and gas, power generation, aerospace and defense, automotive and transportation, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
Technavio has announced its latest market research report titled Global Nondestructive Testing Equipment Market 2023-2027
Increase in oil and gas and power generation projects is a key factor driving market growth. As demand for energy increases, investments in developing oil and gas infrastructure are increasing. In order to ensure the safety of oil and gas extraction activities, it is necessary that DT perform checks on the integrity of equipment, and their safety at refining or production. The report analyses the market size and growth and provides accurate predictions of the market’s growth. View FREE PDF Sample
Key Highlights:
The report recognizes the following as some of the key players in the nondestructive testing(NDT) equipment market: Acuren, Ashtead technology, Carl Zeiss AG, Eddyfi NDT Inc., FPrimeC Solutions Inc., FUJIFILM Corp., General Electric Co., HELMUT FISCHER GMBH INSTITUT FUR ELEKTRONIK UND MESSTECHNIK, Illinois Tool Works Inc., Labquip NDT Ltd., Mistras Group Inc., MME Group, Nikon Corp., Roper Technologies Inc., Sonatest Inc., TWI Ltd., YXLON International GmbH, Zetec Inc., Cygnus Instruments Ltd., and Olympus Corp.
Nondestructive Testing(NDT) Equipment Market is fragmented in nature.
Market to observe 5.21% YOY growth in 2023.
Market Dynamics:
Major Trend
The advent of new types of materials for manufacturing is a major trend in the market.
To meet the changing requirements of end customers, manufacturers experiment with new types of materials in their production processes.
For example, a number of new grades of advanced high-strength steel, such as advanced high-strength steel (AHSS) 101, are being used in the automotive and aeronautics sectors.
Significant Challenge
The growing availability of pre-used variants of NDT equipment is a significant challenge restricting the market growth.
Many end users also prefer to buy used NDT equipment, which costs much less than new equipment.
In addition, Sales of new units are likely to be negatively affected by increased end users’ preference for used NDT models.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The market share growth of the ultrasonic testing equipment segment will be significant during the forecast period. Using the propagation of ultrasonic waves in a test object or material, ultrasonic testing equipment also referred to as ultrasonic Welding Testing Equipment operates. As a result of the relaxation of the COVID-19 lockdowns, certain suppliers have begun to develop new versions of ultrasound testing equipment. For example, the launch of the Mantis PAUT flaw detector has already been declared by Eddyfi NDT Inc.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product Type
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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