FMI states in its recent study on the ndt inspection services market that the market will record a CAGR of over 6% through 2030. Demand for NDT inspection services is anticipated to continue surging as transportation services across nations are continuously undergoing repair and maintenance, which requires frequent flaw checks with high accuracy.
“Governments are expected to make significant investments in keeping the length and breadth of railroads across countries safe mode of transport with NDT Inspection Services. Furthermore, an increasing number of smart railway projects are also expected to boost the market.” says the FMI analyst.
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NDT inspection services Market – Important Highlights
· Manufacturing sector is expected to lead the market, with a CAGR of more than 6% between the projected years, owing to the rise of the automotive industry.
· Growing contribution of nuclear power to drive the growth of NDT Inspection Services market
· Asia Pacific is anticipated to emerge as the leading regional segment as power plants and manufacturing activities are slated to rise during the forecast period
· In India, the government plans like “Make in India”, “Industry 4.0”, and “National Infrastructural Plan” is expected to boost the market growth in coming years
NDT inspection services Market – Drivers
- An increase in interest in understanding the ancient sculpting, preservation, and architectural techniques has created a huge rise in demand for NDT inspection services
- Increasing the need of maintaining the integrity of medical devices to drive the growth of the market in the healthcare sector.
- The growth of Oil and gas transportation requires early detection of faults in pipes, which is driving the market for NDT inspection services.
NDT inspection services Market – Restraints
- Shortage of skilled and qualified people to carry out the NDT inspection services.
- Limited scopes across the manufacturing industry due to the onset of a pandemic
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COVID-19 Impact on NDT inspection services Market
The NDT inspection services market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. The manufacturing sector has been very badly hit by the COVID-19 pandemic. When the economies to halt and the supply chains disrupted, it also prevented manufacturing activities. Stringent rules of social distancing to stop the virus from spreading have resulted in reduced manufacturing activities. The NDT inspection services market is anticipated to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The NDT inspection services market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge, A few of the key companies functioning in the global market include Fischer Technologies Inc., General Electric, Nikon Metrology NV, Yxlon International GmbH, Sonatest Ltd, Eddyfi Technologies, Zetec In, Bureau Veritas, Duemme SpA, Element Material Technology Holding and many more. You can purchase the report to gain a deeper understanding of the market.
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