Non-Destructive Inspection Equipment Market to Gain USD 5.14 BN by 2032
Research Reports
Sep 06, 2023
Non-Destructive Inspection Equipment Market Insights
The global Non-Destructive Inspection Equipment Market is growing steadily. The increasing use of NDI equipment across end-user industry verticals drives the market demand. Market Research Future (MRFR) confirms that the global non-destructive inspection equipment market is poised to escalate from USD 2.8 BN in 2022 to USD 5.14 BN by 2032, growing at a 7% CAGR during the assessment period (2023-2032).
Besides, the spurring rise in railways & transportation, oil & gas, aerospace & defense, power & energy, and healthcare boosts the size of the market. The rising penetration of industrial automation and augmenting demand for efficient power management substantiate the non-destructive inspection equipment market revenues.
With the proliferation of IoT devices, the NDI equipment market shares will accelerate in the next decade. Growing semiconductors and consumer electronics markets impact the market growth positively. Moreover, the growing demand for time & cost-effective material testing methods & techniques in the consumer electronics sector and assess complexities in developing electronic devices.
Advancements in automation and IoT devices impact the growth of the market positively. The rising demand for significant energy saving and the low operational cost boosts the market size. The growing per capita income is also a key driving force, boosting the buying capability of consumers. Also, increased budgets in the defense sector create vast market demand.
On the other hand, technical limitations, technology dynamics, and high competition among NDI equipment manufacturers are major factors impeding market growth. Also, compliance regulations and standards pose several challenges. Nevertheless, substantial R&D investments in developing advanced NDI tools and the exceeding uptake of automation would support the market dynamics throughout the review period.
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Major Players
Players leading the non-destructive inspection equipment market are
- OKOndt GROUP,
- Promag Technologies Development Limited,
- Labquip (Ireland) Limited,
- TWI Ltd,
- MFE Inspection Solutions,
- Stanlay,
- Nexxis,
- Olympus Corporation,
- Baker Hughes Company,
- Non-Destructive Testing (NDT) Products Limited, and
- Zetec, Inc., among others.
Non-Destructive Inspection Equipment Market – Segments
The non-destructive inspection equipment market is segmented into industry verticals and regions. The industry vertical segment is sub-segmented into railways & transportation, aerospace & defense, oil & gas, power & energy, healthcare, and others. Further, the region segment is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.
Global Non-Destructive Inspection Equipment Market – Geographical Analysis
North America dominates the global non-destructive inspection equipment market. Technological advances and increased adoption of automation across industries impact market growth positively. Besides, the rising adoption of non-destructive inspection equipment across end-use verticals creates substantial market demand.
Rapidly growing oil & gas and power & energy industries contribute to the market growth. Moreover, augmented demand and the availability of high-quality, non-destructive testing devices increase the market size. The US, with its largest O&G industry, accounts for a leading share of the NDI equipment market of the region.
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Non-Destructive Inspection Equipment Market – Competitive Analysis
Highly competitive, the non-destructive inspection equipment market appears fragmented, with several well-established players forming a competitive landscape. Industry players adopt mergers & acquisitions, collaborations, and product/technology development strategies. They make substantial investments in developing products and expanding global footprints.
Industry/ Innovation/ Related News
Jan. 31, 2023 — Scanna-MSC launched its latest portable x-ray product line for industrial non-destructive inspection and testing applications. This new comprehensive range of ruggedized, portable digital radiography (DR) systems is designed to offer tailored solutions to meet specific challenges. Scanna Scansilc NDT x-ray systems are ideal for mobile NDT applications, including pipe weld inspection and inspecting & decommissioning munitions.
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