The major drivers in the non-destructive testing and inspection market are the developing construction market, public safety, and strict government policies regarding quality checks. It is predicted to exhibit a significant growth rate and generate higher revenue in the coming years. Nevertheless, the outbreak of COVID-19 had majorly disrupted the entire circular economy and this market was not an exception. Furthermore, there was a decline in the sales of inspection equipment and NDT services in numerous verticals, including aerospace and oil & gas by at least 10% in 2020.
Within the method segment, the ultrasonic testing method will rule the overall non-destructive testing and inspection market by 2030 owing to its flexibility and adaptability. Moreover, the most versatile NDT technique is ultrasonic testing. There is a surging requirement for such testing devices in industries because of their accuracy: it detects material defects with utmost precision. Furthermore, the technique comprises high-frequency waves of sound to deal with the faults in ceramics, composites, plastics, and metals.
Geographically, APAC will lead the non-destructive testing and inspection market, in terms of growth. This can be credited to the growing population, rising urbanization, and consequently, surging automation and infrastructure development in the manufacturing industries of emerging economies, including China and India. All of this is accompanied by extensive government support. For instance, the Make in India campaign initiated by the Government of India will provide extravagant opportunities to the key players. Furthermore, the highest CAGR in this region will be witnessed in India because of the large number of smart city projects.
Hence, the development of new products and services by the market players such as NDT Global GmbH, Cygnus Instruments Ltd., Fischer Technology Inc., Bosello High Technology srl, T.D. Williamson Inc., Sonatest, YXLON International, and Netec Inc. will drive this market.