08 April 2021
The new report the Non-Destructive Testing (NDT) and Inspection Market Report to 2031: Forecasts by Technique (Visual Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy-Current Testing, Ultrasonic Testing, and Others), Method (Visual Inspection, Surface Inspection, Volumetric Inspection, and Others), Application (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others), by Region, Country, and Profiles of Leading Companies indicates that the Global Non-Destructive Testing and Inspection Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The Non-Destructive Testing and Inspection Market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand for non-destructive testing and inspection."
The global increase in the manufacturing activities amongst the developed and developing countries is primarily driving the demand for non-destructive testing and inspection market over the forecast period. Furthermore, technological innovations have led to advanced non-destructive testing processes with improved fault detection and safety. Also, increasing awareness amongst the manufacturers regarding non-destructive testing is expected to improve testing and inspection techniques' penetration over the forecast period. Rising awareness leading the demand for automation in the industrial manufacturing and infrastructure industry has been a substantial growth in demand for flaw detection associated with porosity, cracks, and manufacturing disorders. Therefore, adherence to industrial safety standards is a significant factor in developing non-destructive testing demand worldwide.
The governmental authorities and regional agencies, such as the International Organization for Standardization (ISO) and the American Society of Mechanical Engineers (ASME) have introduced various stringent measures for assuring the safety and supervision of the instrument of engineering services testing to enhance the operation value of non-destructive testing and inspection in the global market. Such factors are estimated to create opportunities in the market. However, the lack of skilled workers and the high equipment cost coupled with high maintenance costs are primarily restraining the market's growth over the forecast period.
The outburst of the COVID-19 has strictly impacted the growth of the non-destructive testing and inspection market. Global non-destructive testing and inspection sales have expected to witness a double-digit downfall in the fiscal year 2020. Also, the decline in new oil and exploration projects counts, and temporary production facilities shutdown are expected to affect market growth in the global market.
The XX page report contains 152 tables and 275 graphs that add visual analysis to explain developing trends within the non-destructive testing and inspection market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the non-destructive testing and inspection submarkets, namely by technique, i.e., visual testing, magnetic particle testing, liquid penetrant testing, eddy-current testing, ultrasonic testing, and others.
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies' chapter covering more than 15 companies leading the field in the non-destructive testing and inspection.
The global non-destructive testing and inspection market 2021-2031 report will be of value to anyone who wants to understand better the non-destructive testing and inspection market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in, or those wishing to enter or expand into a different regional or technical aspect of the non-destructive testing and inspection industry.
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India, China, Malaysia, and Brazil are all building new bridges, dams, railroads, power plants, and refineries as part of their infrastructural growth. As a result, demand for NDT and inspection services and equipment is expected to rise, propelling the expansion of businesses that provide these services and equipment.
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