CHICAGO, Feb. 15, 2024 /PRNewswire/ -- The NDT and inspection market is expected to reach USD 18.4 billion by 2029 from USD 11.6 billion in 2024, at a CAGR of 9.6% during the 2024-2029 period according to a new report by MarketsandMarkets. Various companies are investing in NDT and Inspection which gives an opportunity for growth in the NDT and Inspection market. The NDT and Inspection market is continuously developing, with the presence of multiple players. North America is likely to contribute significantly to the growth of the NDT and Inspection market. Similarly, the Asia Pacific, Europe, and RoW regions are expected to be the growing market for the forecasted period.
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NDT and Inspection Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 11.6 billion |
Estimated Value by 2029 | $ 18.4 billion |
Growth Rate | Poised to grow at a CAGR of 9.6% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technique, Service, Method, Vertical, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Growing complexity of industrial structure and machines |
Key Market Opportunities | Growing need for NDT and inspection services within the power generation industry |
Key Market Drivers | Growing demand for structural health monitoring of infrastructure and maintenance needs |
Acoustic Emission Testing (AET) technique is expected to grow at the highest CAGR during the forecast period.
The Acoustic Emission (AE) testing method is a non-destructive technique that identifies and monitors the emission of ultrasonic stress waves from localized sources when a material undergoes deformation under stress. During the process, an inspector captures elastic ultrasonic waves traveling across the surface of a solid material using one or more sensors. As the acoustic wave traverses the object's surface or penetrates through it, encountering any defects alters the wave, affecting its speed and amplitude. Inspectors analyze these changes to detect the presence of defects.
Acoustic emission testing (AET) is a versatile approach for gathering pertinent data related to materials. It is employed in monitoring the processes of materials susceptible to active stress. AET serves as a non-destructive testing and inspection technique for identifying and tracking crack propagation and corrosion activity in test objects. It finds applications in scratch testing, weld monitoring, motor testing, cavity erosion monitoring, and leakage tracking in structures made of steel, aluminum, composites, and other materials. AET is also pivotal in monitoring the health of pipelines, pressure vessels, storage tanks, bridges, and aircraft, evaluating the mechanical performance of materials, and detecting welding-induced cracks, fatigue, and stress in the metals industry.
In the aerospace and defense sector, AET is instrumental for monitoring aerospace structures and conducting in-flight inspections to identify cracks in aircraft. Key manufacturers of equipment used for AET include Ashtead Technology (Scotland), Flawtech (US), MISTRAS (US), and NDT Seals (US). For instance, Magnaflux offers Soundsafe, a high-performance, general-purpose ultrasonic couplant known for its exceptional performance and corrosion protection. MISTRAS Group provides MISTRAS AE boards, comprehensive AE data acquisition systems featuring onboard signal processing capabilities. These boards, available in 2, 4, and 8-channel configurations, are designed for capturing accurate waveforms at higher bandwidths and sampling rates for various applications. MISTRAS also offers VPAC II IS, a secure acoustic leak instrument designed for hazardous areas, determining hydrocarbon loss to flare and contributing to significant cost savings for plants.
The power Generation vertical of the NDT and Inspection market is predicted to register the highest market share between 2024-2029.
Power generation stands as a leading sector leveraging Non-Destructive Testing (NDT) and inspection techniques to ensure the operational efficiency of power plants on a global scale. The growing worldwide demand for energy production has resulted in an increased number of power plants, subsequently driving the global demand for NDT and inspection equipment and services. Essential components of power generation plants, including boilers, heaters, turbines and generators, feedwater heaters, reactor vessels, and condensers, undergo NDT and inspections to both identify and address flaws. This process also involves monitoring material degradation due to factors such as thermal aging, plastic deformation, fatigue, residual stress, creep, and stress corrosion cracking.
A significant portion of the industry is occupied by service providers specializing in inspecting power plants at both conventional and nuclear sites. As power plants, especially nuclear ones, age, the need for maintenance grows, leading to an increased demand for NDT and inspection techniques. Various applications within the power generation industry, such as wind power plants, solar energy plants, nuclear power plants, and fossil fuel energy plants, contribute significantly to driving the growth of the NDT and inspection market.
Given the critical role of power generation in providing uninterrupted power to communities, prioritizing safety and reliability is paramount to protect the general public and plant employees. Test Equipment Distributors (TED) has established a proven track record in delivering equipment and solutions for Non-Destructive Testing (NDT) specific to power generation. NDT for power generation is essential for identifying potential weaknesses or structural defects and mitigating excessive downtime or loss of capabilities in the future. This method evaluates the current condition of power generation systems or components to determine their fitness for service and estimate remaining service life expectancy. Examples of potential sources of problems within a power plant include primary circuits, turbines, or heat exchanger tubes. Early detection of defects or flaws through NDT helps prevent or address these issues. The range of equipment available is portable and designed to penetrate hard-to-reach areas, ensuring an easy and efficient inspection process.
Advancements in AI and IoT are accelerating the growth of the NDT and inspection market.
The non-destructive testing (NDT) market is on an upward trajectory, fueled by heightened demand from the aerospace sector, necessitating superior material scrutiny and structural integrity. Extending beyond aerospace, diverse applications seek effective detection of flaws, cracks, and leaks through manual inspections in quality control processes. Overcoming challenges associated with conventional NDT, the industry embraces AI technologies, enhancing efficiency, productivity, and innovation.
As AI takes center stage in NDT, it makes these techniques accessible even to non-expert users, fostering increased adoption across manufacturing, oil & gas, aerospace, and automotive sectors. Integrating the Industrial Internet of Things (IoT) with AI-based NDT capabilities is reshaping traditional business models, ushering in changes to market structures. This evolution stimulates technological advancements, fostering a competitive landscape marked by partnerships and M&A activities.
Understanding the developments in AI and IoT requires a comprehensive overview of state-of-the-art research activities, defining capabilities and limitations. The rise of the Internet of Things (IoT) has been transformative, enabling seamless communication among various products. The NDT and inspection industry has adapted to these changes, leveraging IoT devices and mobile technology to automate testing and reporting workflows, streamlining a broad spectrum of NDT tests.
Connected IoT devices, exemplified by smart activity trackers, continuously collect data, facilitating effortless recording and organization of test results. The growing adoption of IoT is a pivotal driver propelling the NDT and inspection market. As a network of physical assets embedded with sensors, IoT reduces costs for companies, enabling proactive servicing and efficient use of human labor. Its real-time monitoring capabilities are crucial for critical infrastructure applications, emphasizing the necessity of implementing NDT and inspection techniques.
Major industry players, including Olympus Corporation, Proceq SA, and MISTRAS Group, are developing IoT solutions to enhance inspection services and provide real-time data. MISTRAS, for instance, integrates asset protection and centralizes integrity data through an Industrial IoT-connected suite, driving the adoption of IoT in NDT and inspection solutions and equipment across aerospace and energy industries.
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NDT and Inspection market for the Asia Pacific region to register the highest CAGR between 2024 and 2029 forecast.
The Asia Pacific region is poised to emerge as the fastest-growing market for NDT and inspection, driven by rapid infrastructural developments. The demand for NDT and inspection equipment is expected to surge, propelled by significant infrastructural advancements and the widespread adoption of automation in manufacturing industries, particularly in countries like India and China. The defense aircraft manufacturing sector in Asia Pacific countries is contributing to the rising need for NDT and inspection equipment and services within the defense and aerospace industry.
With numerous infrastructural projects underway and in the pipeline, the automotive sector in the region is also projected to experience substantial growth by 2024, leading to increased vehicle manufacturing. Initiatives like the Make in India campaign, supported by government promotions and advancements in the Smart Cities project, are creating lucrative opportunities for participants in the NDT and inspection market in India.
The stringent safety regulations mandated by governments in the region have resulted in a significant demand for NDT technology. The primary catalyst for market growth in Asia Pacific is the shift towards alternative energy sources, including nuclear power, wind turbines, and hydroelectricity, driven by the depletion of natural resources and increased foreign direct investment (FDI).
However, challenges such as pricing pressures pose a limitation to the growth of the NDT and inspection industry in Asia Pacific. Original equipment manufacturers face the need to meet customer expectations by delivering cost-effective yet high-quality services. Additionally, challenges are present in the form of an unskilled labor pool, further impacting market dynamics. Prominent companies operating in the NDT and inspection sector in Asia Pacific include Olympus Corporation (Japan)
Key Players
The report profiles major players in the NDT and Inspection companies are General Electric (US), MISTRAS Group (US), Olympus Corporation (Japan), Ashtead Technology (Scotland), Nikon Metrology NV (UK), SGS Société Générale De Surveillance SA, (Switzerland), Magnaflux (US), Eddyfi Technologies (Canada), Sonatest (UK), Intertek Group plc (UK), Applus+ (Spain), Bureau Veritas (France), Comet Group (Switzerland), TUV Rheinland (Germany), FISCHER TECHNOLOGY INC. (US), Acuren (US), CREAFORM (Canada), Vidisco Ltd. (Israel), DEKRA (Germany), Team, Inc. (US), Labquip NDT (US), Cygnus Instruments Ltd. (UK), FPrimeC Solutions Inc. (Canada), Carestream Health (US), and Element Materials Technology (UK).
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