The global non-destructive testing market size is expected to reach USD 24.3 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.
The use of non-destructive testing helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. Use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the market is the technological advancements in the non-destructive testing methods. Improvements in the techniques has ensured deviation free fault detection and have reduced the complexity involved in the testing procedures considerably.
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The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.
Further key findings from the study suggest:
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Grand View Research has segmented the global non-destructive testing market on the basis of test method, vertical, and region:
Non-destructive Offering Outlook (Revenue, USD Million, 2016 – 2027)
Non-destructive Testing Method Outlook (Revenue, USD Million, 2016 – 2027)
Non-destructive Testing Vertical Outlook (Revenue, USD Million, 2016 – 2027)
Non-destructive Testing Regional Outlook (Revenue, USD Million, 2016 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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