The non-destructive inspection equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Non-Destructive Inspection Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The non-destructive inspection equipment market size has grown rapidly in recent years. It will grow from $2.69 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing demand for non-destructive inspection equipment in aerospace & defense industries, increasing demand for NDT methods in the oil, gas, and power industries, increasing demand for advanced material testing, increasing government investments in oil & natural gas, increasing focus on safety requirements and quality control.
The non-destructive inspection equipment market size is expected to see strong growth in the next few years. It will grow to $3.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growing focus on safety and reliability, rising use of classic non-destructive testing (NDT) methods, increasing awareness about enhancing operational efficiency, increasing rig fleet, increasing expansion of the renewable energy sector. Major trends in the forecast period include integration of advanced imaging technologies, growth of robotics and automation, use of artificial intelligence (AI) and machine learning (ML), development and adoption of portable and handheld NDI devices, digitalization and connectivity, focus on environmental and energy efficiency.
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Scope Of Non-Destructive Inspection Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Non-Destructive Inspection Equipment Market Overview
Market Drivers –
The rising oil and gas industry is expected to propel the growth of the non-destructive inspection equipment market going forward. The oil and gas industry are rising due to their critical role in powering transportation, heating, generating electricity, and serving as raw materials for various industries, including aviation, automotive, machinery and others. Non-destructive inspection equipment is essential for the oil and gas industry as it ensures the integrity and safety of infrastructure and equipment by detecting defects without causing damage, thereby preventing accidents and costly downtime. For instance, according to the U.S. Energy Information Administration, a US-based government agency, in November 2023, U.S. crude oil production reached 13,308 thousand barrels per day, up from 12,376 thousand barrels per day in November 2022. Similarly, U.S. natural gas gross withdrawals were 128,064 million cubic feet per day in November 2023, increasing from 123,740 million cubic feet per day in the same month of 2022. Therefore, the rising oil and gas industry is driving the growth of the non-destructive inspection equipment market.
Market Trends –
Major companies operating in the non-destructive inspection equipment market are focused on developing advanced inspection products, such as ultrasonic inspection device, to sustain their position in the market. An ultrasonic inspection device is a type of non-destructive testing (NDT) equipment that utilizes high-frequency sound waves to assess the integrity, quality, and characteristics of materials. For instance, in August 2023, Baker Hughes Company, a US-based energy technology company, launched krautkrämer rotoarray through its subsidiary Waygate Technologies LP, an industrial inspection solutions company of Baker Huges. The rotoarray is a phased array ultrasonic inspection system that provides high-speed full-body tube testing using spinning ultrasonic probes for seamless and electrical resistance welded (ERW) tubes. This innovative solution provides efficient and accurate inspection capabilities for various industrial applications, ensuring product quality, safety, and reliability. The equipment is designed for large-scale composite material inspection and has upgraded roller probes for improved connectivity and portability.
The non-destructive inspection equipment market covered in this report is segmented –
1) By Technology: Radiography Testing Equipment, Ultrasonic Testing Equipment, Magnetic Particle Testing Equipment, Liquid Penetrant Testing Equipment, Visual Inspection Equipment, Eddy Current Equipment
2) By Method: Visual Inspection, Surface Inspection, Volumetric Inspection
3) By Application: Flaw Detection, Dimensional Measurement, Chemical Composition Determination, Stress And Structure Analysis, Physical Properties Estimation, Leak Detection, Weld Verification, Other Applications
4) By Vertical: Manufacturing, Oil And Gas, Power Generation, Aerospace, Automotive, Public Infrastructure, Other Verticals
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Regional Insights –
North America was the largest region in the non-destructive inspection equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the non-destructive inspection equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the non-destructive inspection equipment market are Hitachi Ltd., TESCO Corporation, Siemens AG, Mitsubishi Heavy Industries Ltd., Baker Hughes Company, Illinois Tool Works Inc., Carl Zeiss AG, Olympus Corporation, Ametek Inc., Hexagon AB, Nikon Corporation, Mettler-Toledo International Inc., Mistras Group Inc., Comet Holding AG, FARO Technologies, Eddyfi Technologies, Zetec Inc., Sonatest Ltd., Ritec Inc., Echo Ultrasonics LLC, Dolphitech AS, OKOndt Group, Fischer Technologies Inc., Danatronics Corporation, Promag Technologies Development Limited
Table of Contents
1. Executive Summary
2. Non-Destructive Inspection Equipment Market Report Structure
3. Non-Destructive Inspection Equipment Market Trends And Strategies
4. Non-Destructive Inspection Equipment Market – Macro Economic Scenario
5. Non-Destructive Inspection Equipment Market Size And Growth
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27. Non-Destructive Inspection Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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