The Size of the NDT Market in 2024
The Non-Destructive Testing (NDT) market is poised for substantial growth in 2024, as industries worldwide increasingly recognize the importance of ensuring the structural integrity and reliability of their assets. In this blog post, we will delve into the anticipated size of the NDT market for 2024, drawing insights from reputable sources such as Mordor Intelligence and Markets& Markets.
Understanding the NDT Market:
Non-Destructive Testing involves a range of techniques aimed at evaluating materials and components without causing damage. These methods play a critical role in industries such as manufacturing, aerospace, automotive, and energy, ensuring the safety and longevity of structures and products.Here are the eight most commonly used NDT techniques:
- Visual NDT (VT)
- Ultrasonic NDT (UT)
- Radiography NDT (RT)
- Eddy Current NDT (ET)
- Magnetic Particle NDT (MT)
- Acoustic Emission NDT (AE)
- Dye Penetrant NDT (PT)
- Leak Testing (LT)
Insights from Mordor Intelligence:
Mordor Intelligence is a renowned market research firm that provides comprehensive analyses of various industries. According to their latest report on the global NDT market, the industry is set to witness significant growth by 2024.
The report explores key factors influencing the market, including technological advancements, increasing safety regulations, and the growing demand for quality control in manufacturing. It also delves into regional trends, market drivers, and challenges, offering a holistic view of the NDT landscape.
In 2023, the NDT market is appraised at approximately USD 2.36 billion, with expectations of reaching USD 3.37 billion by 2028. This growth, at a compound annual growth rate (CAGR) of 7.35% during the forecast period (2023-2028), signifies a substantial upward trajectory.
The British Institute of Non-Destructive Testing underscores the industry’s significance, revealing that over 25,000 inspections are conducted daily in the UK alone. These inspections target defects and damage across a broad spectrum of products, plants, and structures. The global scale of NDT operations is vast, involving an estimated 120,000 inspectors worldwide.
The surge in automation within industrial manufacturing and infrastructure sectors has heightened the demand for flaw detection, addressing concerns like cracks, porosity, and manufacturing disorders. The imperative to adhere to industrial safety norms emerges as a pivotal factor propelling the NDT market forward.
Furthermore, governmental agencies and regional bodies, such as the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), play a crucial role in enforcing stringent measures to ensure the safety of instruments and oversee engineering services testing worldwide. Compliance with these standards is paramount for obtaining clearances and certificates from relevant authorities, creating a positive ripple effect on the global NDT market.
Key Highlights from Markets & Markets:
MarketsandMarkets, another leading market research firm, offers valuable insights into the NDT market, focusing on equipment and services. Their comprehensive report provides a detailed analysis of market dynamics, competitive landscape, and future growth prospects.
The report from MarketsandMarkets outlines the role of various NDT techniques such as ultrasonic testing, radiography testing, and visual inspection in different industries. It also explores market trends, emerging opportunities, and challenges that may impact the growth of the NDT market.
Driver: Surge in Demand for Artificial Intelligence in NDT and Inspection
The non-destructive testing (NDT) market is on the brink of a significant upswing, primarily driven by the escalating demand for artificial intelligence (AI) applications in inspection processes. The aerospace sector, in particular, is experiencing a surge in demand for maintaining elevated standards in material, structure, and strength. The expanded application scope, encompassing the detection of cracks, flaws, and leaks, further amplifies the growth prospects of the NDT market. Additionally, heightened demand from diverse sectors such as oil & gas, automotive, and power is set to broaden the market’s footprint. The growing awareness of the pivotal role NDT plays in enhancing operational efficiency and reliability is a compelling factor propelling market growth.
Opportunity: Surging Demand for NDT in the Power Generation Industry
A promising opportunity lies within the power generation industry, where a growing adoption of NDT and inspection services is anticipated. NDT techniques play a crucial role in inspecting pressure systems, steam and gas turbines, and various components in the power sector. Notably, nuclear power plants rely on NDT techniques for inspecting rods, small valves, waste containers, and waste management infrastructure. This upsurge in demand for NDT in the power generation sector, particularly in emerging economies like China, India, and Mexico, aligns with large-scale infrastructure development projects, positioning power generation facilities at the forefront of market growth.
As industries continue to prioritize safety and quality assurance, the Non-Destructive Testing market is poised to reach new heights in 2024. The insights provided by Mordor Intelligence and MarketsandMarkets offer a comprehensive understanding of the market dynamics, trends, and growth factors that will shape the NDT landscape in the coming years.