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NDT and Inspection Market

The major factors contributing to the high demand for the NDT and Inspection market includes stringent government regulations regarding public safety and product quality and continuous advancements in electronics, automation, and robotics applications.

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NDT and Inspection Market

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  1. NDT and Inspection Market Market Value $ 18.5 Billion (2028) CAGR 10.3 % (2023-28) Published On Jan, 2023

  2. NDT and Inspection Marketworth $18.5 billion by 2028 The report "NDT and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Terahertz Imaging, Acoustic Emission), Method, Service, Application, Vertical and Region - Global Forecast to 2028" The global NDT and Inspection market size is estimated to be USD 10.3 billion in 2023 and is projected to reach USD 18.5 billion by 2028, at a CAGR of 10.1% during the forecast period. Key factors propelling the market growth include a rising focus on public safety concerns, increasing demand in oil & gas, power generation, and public infrastructure sectors, increasing demand for artificial intelligence in NDT and inspection, and rising demand for NDT in industrial automation and electronics. Get Best Informational PDF Brochure Browse 212 market data Tables and 69 Figures spread through 337 Pages and in-depth TOC on "NDT and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Terahertz Imaging, Acoustic Emission), Method, Service, Application, Vertical and Region-Global Forecast to 2028" View detailed Table of Content here - https://www.marketsandmarkets.com/Market- Reports/non-destructive-testing-ndt-equipment-services-market-882.html Ultrasonic technique segment to hold largest market share in NDT and Inspection market in 2022 The ultrasonic technique can be carried out easily, as compared to other techniques. It is lesser complex and is easy for the operators and inspectors to carry out. Hence, the ultrasonic technique tends to hold a major market share in the NDT and Inspection market in 2022, and a similar trend is expected during the forecast period. In ultrasonic testing, high-frequency sound waves are used to detect flaws or variations in the properties of materials. It can also be used to measure the thickness of a wide range of metallic and non-metallic materials. Following are a few methods of ultrasound testing: • Straight beam testing • Angle beam testing • Immersion ultrasound testing • Phased array testing • Time-of-flight diffraction testing

  3. • Guided wave testing • Process Compensated Resonance Testing (PCRT) Power Generation segment to hold the largest market share in 2022 The NDT and Inspection market for the power generation segment held the largest market share. The segment’s growth can be attributed to the growing demand for public safety, especially labor safety in power plants, as power plants’ equipment is most vulnerable to damage and can cause hazardous effects if not operated and maintained properly. Hence, timely testing and inspection of power plants must be taken care of, which in turn, scales up the market for the power generation segment. Inspection Services segment is expected to hold the highest market share in 2022 as well as during the forecast period The NDT and Inspection market for the Inspection Services segment is likely to hold the highest market share in 2022 as well as during the forecast period. The segment’s growth can be attributed to the definite and prominent higher adoption of inspection services out of all services in the NDT and Inspection market. Any sector, be it public infrastructure, power generation, aerospace, automotive, manufacturing, or oil & gas, requires inspection at regular intervals. Hence, inspection services are predominant in the service segment of the NDT and Inspection market for all the verticals. Asia Pacific region to grow at the highest CAGR between 2023 – 2028 Asia Pacific is expected to dominate the NDT and Inspection market in terms of value in 2028 and grow at the highest CAGR during the forecast period. The regional market’s growth can be attributed to the increasing public infrastructure projects as well as the growth of power generation sectors, which henceforth require NDT and Inspection keeping in regard to the public safety and stringent government regulations in the region. The major driver for the growth of the NDT and inspection market in this region is the inclination toward alternative energy generation sources, such as nuclear power, wind turbines, and hydroelectricity, owing to the rapid depletion of natural resources, which leads to increased foreign direct investment (FDI). A few of the key players in the NDT and Inspection market are General Electric (US), MISTRAS Group (US), Olympus Corporation (Japan), Ashtead Technology (Scotland), and Nikon Metrology NV (UK). Don’t miss out on business opportunities in NDT and Inspection Market. Speak to our analyst and gain crucial industry insights that will help your business grow. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to- Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

  4. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 sales@marketsandmarkets.com

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