Report Highlights
The global market for NDT equipment and services is estimated to increase from $31.3 billion in 2023 to reach $50.7 billion by 2028, at a compound annual growth rate (CAGR) of 10.1% from 2023 through 2028.
Report Includes
- 92 data tables and 39 additional tables
- An overview of the global market landscape related to the nondestructive testing equipment and services: ultrasonic, radiographic, eddy current and others
- In-depth analysis of global market trends, featuring historical revenue data for 2022, estimated figures for 2023, as well as forecasts for 2025, and 2028. This analysis includes projections of Compound Annual Growth Rates (CAGRs) spanning through 2028
- Evaluation of the current market size and revenue growth prospects specific to non destructive testing equipment and services, accompanied by a comprehensive market share analysis categorized by equipment type, service type, technique, application, and geographical region
- An overview of the challenges that the industry is facing and a discussion on how to overcome them
- Discussion on concepts, importance and life cycle assessment of the industry and information on training and NDT certification requirements and coverage of market regulations and standards
- An analysis of pipeline products and ESG trends
- Market share analysis of the key companies and coverage of their proprietary technologies, strategic alliances, and patent activity
- Company profiles of the leading players including Thermo Fisher Scientific Inc., Smiths Group plc., Olympus Corp., General Electric Company., and Nikon Corp.
Report Scope
In this report, the market has been segmented based on types (equipment type and service type), application and geography. The report provides an overview of the global NDT equipment and services market and analyzes market trends. Using 2022 as the base year, the report provides estimated market data for 2023-2028. Revenue forecasts for this period are segmented based on types (equipment type and service type), application and geography. Market values have been estimated based on the triangulation method using parameters such as the total revenue of NDT equipment and services providers, primary interview results and secondary white paper information.
The report covers the market for NDT equipment and services with regard to the application base across different regions. It also highlights major trends and challenges that affect the market and the vendor landscape. The report estimates the global market for NDT equipment and services in 2022 and provides projections for the expected market size through 2028.
Report Synopsis
| Report Metrics | Details | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Base year considered | 2022 | ||||||||||||||||||
| Forecast period considered | 2023-2028 | ||||||||||||||||||
| Base year market size | $28.6 billion | ||||||||||||||||||
| Market size forecast | $50.7 billion | ||||||||||||||||||
| Growth rate | CAGR of 10.1% for the forecast period of 2023-2028 | ||||||||||||||||||
| Units considered | $ Millions | ||||||||||||||||||
| Segments covered | Equipment Type, Service Type, Technique, Application, and Geographical Region | ||||||||||||||||||
| Regions covered | North America, Europe, Asia-Pacific, South America, and Rest of World | ||||||||||||||||||
| Countries covered | U.S., Canada, Mexico, France, Germany, U.K., Italy, China, India, Japan, Brazil, and Middle East and Africa | ||||||||||||||||||
| Key Market Drivers |
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| Companies studied |
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Frequently Asked Questions (FAQs)
Analyst Credentials
BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.
Report Highlights
The global nondestructive testing (NDT) equipment and services market should grow from $22.3 billion in 2020 to $34.1 billion by 2025 at compound annual growth rates (CAGR) of 8.9% for the period of 2020-2025.
Report Highlights
The global market for nondestructive testing (NDT) equipment and services reached $15.8 billion in 2016. This market should reach more than $17.2 billion in 2017 and $26.4 billion by 2022, at a compound annual growth rate (CAGR) of 8.9% through 2022.
Report Highlights
- The total U.S. market for nondestructive testing (NDT) technologies is valued at nearly $2.5 billion in 2010. This market is forecast at more than $2.3 billion in 2015, representing a compound annual growth rate (CAGR) of -0.9% between 2010 and 2015.
- Nondestructive testing techniques play a crucial role in the manufacturing sector. Preliminary data for 2010 indicate that the U.S. manufacturing sector is recovering. BCC estimates the 2010 market for manufacturing NDT equipment at about $422 million, or 2% more than in 2009. By 2015, the market will exceed $590 million, a 6.9% compound annual growth rate (CAGR) since 2010.
- The U.S. aerospace industry purchased about $269 million worth of NDT equipment and supplies in 2009, a figure that is projected to decline to $265 million in 2010. By 2015, this sector is expected to be worth nearly $316 million, reflecting a compound annual growth rate (CAGR) of 3.6%.
Report Highlights
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The U.S. nondestructive testing equipment market was worth some $2.2 billion in 2005, including baggage and cargo inspection systems that use NDT technologies. This market is projected to expand at an average annual growth rate (AAGR) of 5.1% between 2006 and 2011, growing from $2.3 billion in 2006 to nearly $3.1 billion in 2011.
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Transportation security is by far the largest and one of the fastest-growing, markets for NDT equipment and supplies. Other major markets, in order of size, include manufacturing (particularly electronics), power generation, and chemicals/petrochemicals.
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The NDT techniques expected to experience the fastest growth over the next 5 years are x-ray radiography, visual/optical/photonic inspection and infrared/thermal imaging.
Report Highlights
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The U.S. nondestructive testing equipment market currently stands at $1,380 million and is projected to grow at an average annual growth rate (AAGR) of 5.1% reaching $1,769 million by 2008.
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The NDT techniques expected to experience the fastest growth over the next 5 years are x-ray radiography and infrared and thermal imaging, driven by homeland security issues.
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Transportation security currently makes up 32% of the market and is also the fastest growing application, with an AAGR of 7.1%.
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Film-based radiographic testing, liquid penetrant, and magnetic particle testing are expected to continue their long-term decline, as they do not easily lend themselves to automation or computerization.
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