U.S (New York) – New research study titled “Nondestructive Testing Equipment Market ” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
Global nondestructive testing equipment market is expected to reach $3 billion by 2022, growing at a CAGR of 9% during 2016 – 2022. Nondestructive testing (NDT) is the application of measurement techniques to identify defect and discontinuity in material, component, or structure. KEY PLAYERS, , Olympus Corporation, Intertek Group plc, SGS SA, Ashtead Technology, Inc., Sonatest, General Electric, Mistras Group, Inc., Zetec, Inc, Magnaflux Corporation, YXLON International GmbH
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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.
Nondestructive testing market is expected to witness considerable growth due to continuous evolution in robotics, automation, oil & gas, and electronics industry coupled with growth in need for quality-assured machines. Companies need to have quality accredit in accordance with standards such as ISO 9001 quality management system and other quality control assurance certifications. In addition, the number of companies using nondestructive inspection (NDI) to improve processes, reduce waste, and limit liability has increased considerably, resulting in growth in nondestructive testing market demand.
The market growth is supplemented by the increase in stringent safety government regulations across different geographic regions due to rise in incidence of infrastructure failures, and rise in need for extending the life of obsolete infrastructure and maintenance optimization by various industries for efficient operations and quality/safety assurance. However, high cost of equipment and lack of skilled technicians may impede the market growth. Increase in usage of advanced materials is expected to create numerous opportunities for growth.
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The nondestructive testing equipment market is segmented on the basis of testing method, technique, industry vertical, and geography. Based on testing method, it is divided into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Based on nondestructive examination (NDE) techniques, it is categorized into volumetric examination, surface examination, and others. It is classified on the basis of industry vertical into oil & gas, energy & power, aerospace & defense, automotive & transportation, infrastructure, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
POTENTIAL BENEFITS FOR STAKEHOLDERS:
This report provides an in-depth analysis of the global nondestructive testing equipment market, along with current trends and future estimations to identify lucrative investment opportunities
Key drivers, opportunities, and restraints that impact the market are analyzed.
Porter’s Five Forces analysis highlights the potency of buyers and suppliers to facilitate better business decisions for stakeholders and strengthen their supplier and buyer networks.
Market estimation of geographical regions is based on the current market scenario and future trends.
NONDESTRUCTIVE TESTING EQUIPMENT SEGMENTATION
The market is segmented on the basis of testing method, technique, industry vertical, and geography
BY TESTING METHOD
Ultrasonic Testing
Radiography Testing
Visual Inspection Testing
Magnetic Particle Testing & Electromagnetic Testing
Eddy-Current Testing
Liquid Penetrant Testing
Others (Thermography Testing, Acoustic Emission, Terahertz Imaging, and Infrared Testing)
BY TECHNIQUE
Volumetric Examination
Surface Examination
Others (Integrity Examination, and Condition Monitoring)
BY INDUSTRY VERTICAL
Oil & Gas
Energy & Power
Aerospace & Defense
Automotive & Transportation
Infrastructure
Others (Educational Institutions, Healthcare, Process Industry, and Mining Industry)
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BY GEOGRAPHY
North America
U.S.
Canada
Mexico
Europe
Russia
Germany
France
Italy
U.K.
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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