Global NDT inspection services market sees revenue spike

July 27, 2020
Primarily used to identify defects, faults and cracks, non-destructive testing inspection services play an important role in industries that use machinery for automation

The global non-destructive testing (NDT) Inspection services market is experiencing a spike in revenues as various end users are investing making their methods safe for workers and consumers says a recent Future Market Insights report. Primarily used to identify defects, faults, and cracks, the NDT inspection services play an important role in industries that use machinery for automation. Constant checks ensure evaluation of safety to keep the processes up and running.

According to FMI, in the coming years, the growing investments in railroads, aerospace industry, art market and healthcare sector is expected to fuel market growth. The market is expected to see a high demand for ultrasonic testing, as it is easy to use, portable and offers precise results in quick turnaround time.

The market is also expected to be driven by the aging infrastructure that requires constant upgrading to ensure safety. Detection of instabilities and component failures help in implementing preemptive measures, reducing downtime and cost due to delays.

Advancements in radiographic testing equipment with industrial CT scanners has also emerged as strengthening trend in the global market. Study predicts that the global NDT inspection services market will reach a valuation of more than $28 billion by the end 2030.

Takeaways from the market study

  • Asia Pacific to emerge as the leading regional segment as power plants and manufacturing activities are slated to surge in forecast period
  • Ultrasound to occupy sizeable chunk in the market as it remains widely used equipment for assessing dysfunctionalities
  • Oil and gas sector to employ NDT inspection services at a growing rate to avoid spillage, leaks, and other accidents
  • Government initiatives such as “Make in India”, “Industry 4.0”, and “National Infrastructural Plan” to boost market growth in coming years
  • Manufacturing Sector to Lead the Way for Global NDT Inspection Services

The manufacturing sector has been hit by the COVID-19 pandemic, bringing the economies to halt and disrupting the supply chains, the pandemic has also prevented manufacturing activities. Stringent norms of social distancing to prevent infections have resulted in reduced manufacturing activities. Labor migration back to villages, especially in a country like India, has affected the manufacturing activity. Plummeting consumption as consumers get cost conscious spending and chances of infection via deliveries have compounded the manufacturing issues. The NDT inspection services market is expected to suffer as third-party vendors stand to lose their contract renewals.

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