The global Non-Destructive Testing (NDT) Services market is projected to experience significant growth, with an estimated expansion from USD 12.5 billion in 2024 to USD 29.1 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.8% during the forecast period. The findings are detailed in a recent market research report published by Reports and Data, which provides an in-depth analysis of the NDT services industry, highlighting key market drivers, trends, and the impact of the ongoing COVID-19 pandemic.
The study, covering the historical data from 2017 to 2018, offers an accurate forecast of the market landscape through 2027. It further profiles leading and emerging players within the industry, including their business strategies, product portfolios, and market expansion plans.
The COVID-19 pandemic has significantly impacted various sectors, including the NDT services market. With movement restrictions and disruptions in supply and demand due to global lockdowns, the market has witnessed a slowdown. The economic downturn and fluctuating demand dynamics are expected to further affect the growth trajectory of the NDT services sector. The report, however, includes an extensive impact analysis of the pandemic on the overall market.
Key Drivers of Market Growth
A primary driver for the growth of the NDT services market is the increasing emphasis on quality improvement and enhanced quality control across various industries. Governments and regulatory bodies worldwide are introducing new standards and regulations, further accelerating the demand for NDT services to ensure safety, compliance, and product quality.
In a recent strategic move to address the shortage of skilled professionals in the sector, the American Society for Nondestructive Testing (ASNT) announced the acquisition of NDT Classroom in February 2023. This acquisition is expected to strengthen the workforce and meet the growing demand for NDT professionals in the coming years.
In addition, technological advancements in visual inspection and ultrasonic technologies are driving innovation within the NDT services sector. In February 2024, Waygate Technologies introduced the Everest Mentor Visual iQ+, a state-of-the-art video borescope solution that leverages artificial intelligence (AI) and machine learning (ML) to automate industrial inspections, thereby improving the efficiency and accuracy of NDT processes.
Market Drivers in the Automotive Industry
The automotive industry is experiencing a substantial increase in demand for NDT services. With global vehicle production rising steadily, manufacturers are increasingly utilizing NDT services to maintain safety standards, ensure material quality, and adhere to regulatory safety requirements. The adoption of NDT services has become critical in detecting defects and irregularities early in the production process, reducing safety risks and enhancing product quality.
According to the Association of European Automobile Manufacturers (ACEA), around 85.4 million vehicles were produced globally in 2022, representing a 5.7% increase from 2021. China continues to lead global vehicle production, fueling the demand for NDT services.
The growing use of lightweight components and a heightened focus on vehicle safety are expected to create new opportunities for NDT service providers. The trend of offering customized NDT solutions tailored specifically to the automotive industry is likely to gain traction, positioning NDT services as a pivotal aspect of automotive manufacturing moving forward.
As the NDT services market continues to evolve, key players are expected to invest in cutting-edge technologies and services to stay competitive, creating a robust and dynamic market environment over the forecast period.
Reference: https://www.openpr.com/news/3960909/non-destructive-testing-services-market-size-share-growth
