Northbrook, IL 60062 -- (SBWIRE) -- 01/11/2023 -- The global NDT and Inspection market size is estimated to be USD 10.3 billion in 2023 and is projected to reach USD 18.5 billion by 2028, at a CAGR of 10.1% during the forecast period according to a new report by MarketsandMarkets™. Key factors propelling the market growth include a rising focus on public safety concerns, increasing demand in oil & gas, power generation, and public infrastructure sectors, increasing demand for artificial intelligence in NDT and inspection, and rising demand for NDT in industrial automation and electronics.
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Ultrasonic technique segment to hold largest market share in NDT and Inspection market in 2022
The ultrasonic technique can be carried out easily, as compared to other techniques. It is lesser complex and is easy for the operators and inspectors to carry out. Hence, the ultrasonic technique tends to hold a major market share in the NDT and Inspection market in 2022, and a similar trend is expected during the forecast period. In ultrasonic testing, high-frequency sound waves are used to detect flaws or variations in the properties of materials. It can also be used to measure the thickness of a wide range of metallic and non-metallic materials.
Following are a few methods of ultrasound testing:
Straight beam testing
Angle beam testing
Immersion ultrasound testing
Phased array testing
Time-of-flight diffraction testing
Guided wave testing
Process Compensated Resonance Testing (PCRT)
Power Generation segment to hold the largest market share in 2022
The NDT and Inspection market for the power generation segment held the largest market share. The segment's growth can be attributed to the growing demand for public safety, especially labor safety in power plants, as power plants' equipment is most vulnerable to damage and can cause hazardous effects if not operated and maintained properly. Hence, timely testing and inspection of power plants have to be taken care of, which in turn, scales up the market for the power generation segment.
Inspection Services segment is expected to hold the highest market share in 2022 as well as during the forecast period
The NDT and Inspection market for the Inspection Services segment is likely to hold the highest market share in 2022 as well as during the forecast period. The segment's growth can be attributed to the definite and prominent higher adoption of inspection services out of all services in the NDT and Inspection market. Any sector, be it public infrastructure, power generation, aerospace, automotive, manufacturing, or oil & gas, requires inspection at regular intervals. Hence, inspection services are predominant in the service segment of the NDT and Inspection market for all the verticals.
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Asia Pacific region to grow at the highest CAGR between 2023 – 2028
Asia Pacific is expected to dominate the NDT and Inspection market in terms of value in 2028 and grow at the highest CAGR during the forecast period. The regional market's growth can be attributed to the increasing public infrastructure projects as well as the growth of power generation sectors, which henceforth require NDT and Inspection keeping in regard to the public safety and stringent government regulations in the region. The major driver for the growth of the NDT and inspection market in this region is the inclination toward alternative energy generation sources, such as nuclear power, wind turbines, and hydroelectricity, owing to the rapid depletion of natural resources, which leads to increased foreign direct investment (FDI).
A few of the key players in the NDT and Inspection market are General Electric (US), MISTRAS Group (US), Olympus Corporation (Japan), Ashtead Technology (Scotland), and Nikon Metrology NV (UK).