The most recent study conducted by Report Ocean, titled “Global Non-destructive Testing Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Non-destructive Testing. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Non-destructive Testing Market to reach USD 2072.93 million by 2027.Global Non-destructive Testing Market is valued approximately at USD 573.57 Million in 2020 and is anticipated to grow with a healthy growth rate of more than 4.40% over the forecast period 2021-2027. Non-destructive testing is a technique used to evaluate the properties of a material, structure, component or system for characteristic differences or welding defects and discontinuities without causing damage to the original part. Hike in demand for flaw detection owing to increasing automation in the industrial manufacturing, government norms regarding safety of equipment and regular inspections, and new product launch by market players are fueling demand in the market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
As per the norms penned by Occupational Safety and Health Administration (OSHA), according to rule 1919.15(c), all hoisting machines (e.g., cranes, winches, blocks, shackles, and all other accessory gear), shall be thoroughly examined every 12 months by means of a visual examination, supplemented as necessary by other means, such as a hammer test or with electronic, ultrasonic, or other nondestructive methods. Furthermore, growing investment in research by market players and rising awareness regarding use of non-destructive testing among manufacturers are expected to inject growth in coming years.
Such as, in February 2021, Ashtead Technology invested USD 1.37 million to develop a new research and engineering facility in Aberdeenshire. However, high equipment cost and lack of skilled professionals may hinder the demand in near future.
North America is the dominating region among Asia Pacific, North America, Europe, Latin America, and Rest of the World, owing to availability of skilled professionals and adoption of non-destructive techniques across various applications. Whereas, Asia Pacific is expected to grow with the significant growth rate during forecast period owing to growing manufacturing, construction and power generation activities in the region.
Major market player included in this report are:
Ashtead Technology Ltd.
Eddyfi
Fischer Technologies Inc.
General Electric
Nikon Metrology Inc.
Mistras Group, Inc.
Olympus Corporation
Sonatest
YXLON International GmbH
Zetec Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Offering:
Services
Equipment
By Method:
Visual Testing
Magnetic Particle Testing
Liquid Penetrant Testing
Eddy Current Testing
Ultrasonic Testing
Radiographic Testing
By Vertical:
Oil & Gas
Manufacturing
Aerospace and Defense
Construction
Automotive
Power Generation
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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