Increased Demand for NDT and Inspection Services from the Power Generation Industry Presents Opportunities

DUBLIN, April 3, 2023 /PRNewswire/ — The “NDT and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Terahertz Imaging, Acoustic Emission), Method, Service, Application, Vertical and Region – Global Forecast to 2028” report has been added to  ResearchAndMarkets.com’s offering.

The 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. 

Manufacturing vertical to grow at the highest CAGR between 2023 – 2028

The manufacturing segment is expected to be the fastest-growing vertical of the NDT and inspection market from 2023 to 2028. The manufacturing sector is flourishing in emerging economies such as China, India, and South Africa.

Government initiatives such as Make in India in India and Industry 4.0 in Europe are expected to increase the manufacturing output from the respective regions. This, in turn, is expected to drive the demand for NDT equipment and services in the coming years.

Training Services segment to hold second-largest market share during the forecast period.

The training services segment is projected to account for the second-largest size of the NDT and testing market. The growth of this segment can be attributed to the requirement of training NDT technicians to keep them updated with new technological trends and make them aware of the changing demands of customers. The NDT and inspection industry is facing a shortage of skilled workforce; hence, training services are expected to be in demand in the coming years.

Ultrasonic Technique to hold largest market share during the forecast period

The UT segment is projected to account for the largest size of the NDT and inspection market in 2022. The growth of the UT technique segment can be attributed to the ability of this technique to identify defects accurately and determine their severity. Some advanced techniques, such as ultrasonic immersion testing and guided wave ultrasonic testing, can be used in critical applications in the oil & gas and aerospace industries.

China to account for the largest size of NDT and inspection during the forecast period

China is expected to continue to account for the largest share of the NDT and inspection market in Asia Pacific in the coming years. China has developed in-house inspection facilities, yet the demand for NDT and inspection techniques from the manufacturing and oil & gas verticals is high in the country. With the exploration of shale gas sites in the country, the demand for NDT and inspection technology in China is expected to increase further during the forecast period.

The rapid infrastructural development in China is an emerging opportunity for the NDT and inspection market. Automobile production in China is estimated to grow by 2024, which, in turn, will surge the demand for NDT and inspection equipment and services from the automotive vertical. China’s economic growth has led to the expansion of its energy, infrastructure, manufacturing, construction, and transportation industries.

Market Dynamics

Drivers

• Regulatory Compliance by Governments Regarding Public Safety and Product Quality
• Increased Adoption of NDT and Inspection Equipment and Services in Electronics, Automation, and Robotics Industries
• High Adoption of IoT Devices
• Increased Demand for Structural Health Monitoring of Infrastructures
• Higher Demand for Artificial Intelligence in NDT and Inspection

Restraints

• Dearth of Skilled and Qualified Personnel to Carry Out NDT and Inspection Activities
• Huge Investments in NDT and Inspection Equipment

Opportunities

• Large-Scale Infrastructural Developments in Asia-Pacific, Europe, and South America
• Increased Demand for NDT and Inspection Services from Power Generation Industry
• Technological Advancements in NDT and Inspection Techniques and Emergence of New Applications
• Importance of NDT and Inspection Activities in Controlling Corrosion in Aging Infrastructures

Challenges

• Reluctance to Adopt New and High-Cost NDT and Inspection Techniques
• Increased Complexity of Machines and Structures
• High Replacement Costs of Automated NDT and Inspection Equipment

Case Studies

• Bolt-Load In-Service Inspection and Monitoring
• Geneva’s Oil Tank Inspection
• Reducing Boiler Downtime at Efw (Energy-From-Waste) Facilities Using Innerspec’s Thickness Measurement Technology

Companies Mentioned

• Acuren
• Applied Technical Services, LLC
• Ashtead Technology
• ATS (Associated Technical Services)
• Carestream Health
• Cygnus Instruments Ltd.
• Dekra
• Eddyfi Technologies
• Element Materials Technology
• Fprimec Solutions Inc.
• Fujifilm Holdings America Corporation
• General Electric
• Helmut Fischer
• Intertek Group plc
• Ipromar Pte Ltd
• Labquip NDT
• Lynx Inspection Inc.
• Magnaflux
• Mistras Group
• Ndtccs
• Nikon Metrology Nv
• North Star Imaging Inc.
• Olympus Corporation
• Sgs Societe Generale De Surveillance Sa
• Sonatest
• T.D. Williamson, Inc.
• Team Inc.
• Uniwest
• Vibrant Corporation
• Yxlon International
• Zeiss Group

For more information about this report visit https://www.researchandmarkets.com/r/i7tlud

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