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The non-destructive testing (NDT) equipment market is estimated to grow at a CAGR of 5.95% between 2022 and 2027. The size of the market is forecast to increase by USD 848.26 million. The growth of the market depends on several factors, including an increase in oil and gas and power generation projects and growing demand for RVI in the aerospace industry.
This report extensively covers market segmentation by product type (ultrasonic testing equipment, radiography testing equipment, visual testing equipment, and others), end-user (oil and gas, power generation, aerospace and defense, automotive and transportation, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increase in oil and gas and power generation projects is notably driving the market growth, although factors such as the growing availability of pre-used variants of NDT equipment may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Nondestructive Testing Equipment Market Driver
Increase in oil and gas and power generation projects is a crucial driver shaping the market. Investments in the development of oil and gas infrastructure have increased owing to the growing energy demand. In the oil and gas industry, companies are shifting from onshore locations to deepwater and ultra-deepwater oil and gas fields. NDT is required to assess the integrity of equipment, the safety of petroleum refining, and the safety of petroleum extraction operations in the oil and gas industry.
New discoveries of offshore gas reserves in Africa will further spur the demand for NDT equipment. For instance, in February 2019, Total SA (Total) discovered 57 meters of net gas condensate pay in South Africa, located 175 kilometers off the country southern coast. New power plant projects are getting launched. For instance, in October 2020, Tesla Inc. (Tesla) announced the launch of a new UK-based virtual power plant project. Such expansions in the oil and gas and power generation sectors can increase the demand for NDT equipment during the forecast period.
Significant Nondestructive Testing Equipment Market Trend
The advent of new types of materials for manufacturing is the key trend in the market. Manufacturers are experimenting with new types of materials in manufacturing processes to meet the changing requirements of end-users. For instance, in the automotive and aerospace industries, many new grades of advanced high-strength steel are being used, such as advanced high-strength steel (AHSS) 101. OEMs are increasingly adopting lightweight materials for the vehicle body, chassis, interior, and other applications. Lightweight materials are one of the top priorities among OEM manufacturers.
NDT is also used for inspecting plastic parts. During the plastic injection molding process, every change in the molding process can cause a significant delay and incur huge costs. It is important to use a technique that can find issues rapidly. NDT is known for offering accuracy and speed, reducing the overall process with respect to time and cost. These factors can increase the demand for NDT equipment during the forecast period.
Major Nondestructive Testing Equipment Market Challenge
The growing availability of pre-used variants of NDT equipment is a major challenge in the market. The vendors operating in the market are focusing on developing solutions with improved features. All end-users cannot, however, invest in updated variants of NDT equipment frequently. Many end-users also prefer purchasing pre-used NDT equipment, which is available at much lower costs when compared with new units.
The end-users can get information regarding the availability of such models through advertisements in printed media. The pre-used variants can also be availed from various online portals such as NDT Supply.com Inc. (NDT Supply), R-CON NDT, Test Equipment Distributors, and JWJ NDT. The increasing end-user inclination toward pre-used models of NDT equipment will negatively impact the sales of new units, which will hinder the potential growth of the market during the forecast period.
Key Nondestructive Testing Equipment Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Nondestructive Testing (NDT) Equipment Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cygnus Instruments Ltd. - The company offers non-destructive testing solutions such as radiographic, and CT applications. The company also offers ultrasonic thickness gauges, ultrasonic hatch cover testing, ultrasonic tightness testing and flooded member detection equipment.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the ultrasonic testing equipment segment will be significant during the forecast period. Ultrasonic testing equipment, also known as ultrasonic weld testing equipment, is operated based on the propagation of ultrasonic waves in the object or material tested. In common ultrasonic testing, very short ultrasonic pulse waves with center frequencies ranging from 0.1-15 megahertz (Mhz) and occasionally up to 50 MHz are transmitted into materials to detect internal flaws or to characterize materials.
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The ultrasonic testing equipment segment was valued at USD 931.98 million in 2017 and continued to grow by 2021. Some of the vendors launched new variants of ultrasonic testing equipment after the COVID-19-related lockdowns were relaxed. For instance, in June 2020, Eddyfi NDT Inc. announced the launch of the Mantis PAUT flaw detector. The new variant has applications in high-speed corrosion mapping, butt weld, and long seam weld inspection, commonly up to 5 to 30 millimeters. Thus, the ultrasonic testing equipment segment holds the largest market share and contributes towards the growth of the global NDT equipment market during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is North America. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in focus in North America is mainly driven by the strong presence of the oil and gas and aerospace industries in the region. The US is also a global leader in terms of petroleum and natural gas production, which has been witnessing continuous growth in the country. In the oil and gas sector, the US continues to invest in the upstream sector, including shale basins. The rise in crude oil prices is expected to drive investments in conventional oil and gas basins in the region. Some of the companies operating in the oil and gas sector are also expanding their presence in North America. For instance, in January 2019, Exxon Mobil Corp. (Exxon Mobil) announced an increase in production capacity in its Texas refinery.
In 2020, the NDT equipment market in North America witnessed certain challenges owing to the COVID-19 pandemic. However, in 2021, several business and industrial activities resumed, such as the production of vehicles and the resumption of construction sites. Furthermore, the presence of several oil refineries and increasing domestic production of natural gas and oil are increasing the demand for NDT equipment. These factors can positively influence the growth of the market in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global nondestructive testing (NDT) equipment market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The global industrial machinery market is expected to grow at a moderate pace. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Nondestructive Testing (NDT) Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.95% |
Market growth 2023-2027 |
USD 848.26 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.21 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, India, Russia, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acuren, Ashtead technology, Carl Zeiss AG, Eddyfi NDT Inc., FPrimeC Solutions Inc., FUJIFILM Corp., General Electric Co., HELMUT FISCHER GMBH INSTITUT FUR ELEKTRONIK UND MESSTECHNIK, Illinois Tool Works Inc., Labquip NDT Ltd., Mistras Group Inc., MME Group, Nikon Corp., Roper Technologies Inc., Sonatest Inc., TWI Ltd., YXLON International GmbH, Zetec Inc., Cygnus Instruments Ltd., and Olympus Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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