According to Future Market Insights (FMI), global Non-Destructive Testing Equipment market is expected to reach USD 17324 Million in 2022 and USD 31574.6 Million by 2032. The market is projected to rise at a CAGR of 6.2% by 2032.
The growing use of machinery and demand for high-quality products across various industries, combined with the integration of smart devices into machinery, are key factors driving the growth of the Non-Destructive Testing Equipment market in the industrial automation sector. Many industries are adopting automation to boost productivity and reduce labor costs. FMI offers detailed insights to help market players develop long-term strategies to stay competitive.
Impact of COVID-19 on the Industrial Automation Industry
The COVID-19 pandemic has posed significant challenges for the industrial automation sector. Like other industries, it has been impacted by equipment shortages and product availability issues. Labor shortages, factory closures, and supply chain disruptions caused by the pandemic led to a temporary setback in 2020.
The lack of human assistance and reluctance of key players to invest in high-end machinery during the pandemic further slowed the industry’s growth. However, with the easing of lockdowns, the Non-Destructive Testing Equipment market has started to recover.
FMI’s latest report includes a detailed analysis of the market conditions during the pandemic, helping market players prepare for future challenges.
Key takeaways:
- Simplicity Drives Adoption: The straightforward approach of Non-Destructive Testing (NDT) equipment, particularly in measuring ultrasonic wave arrival times, is a key factor driving global market growth.
- Increased Usage in R&D: The adoption of NDT equipment is steadily rising, especially in laboratories and civil engineering research institutions, further propelling market expansion.
- High Equipment Costs: The high cost of NDT equipment presents a significant challenge, limiting widespread adoption across industries.
- Skilled Personnel Requirement: Efficient use of NDT technology requires trained professionals for statistical analysis, creating a barrier for many organizations.
- Heavy Investment Needs: Research labs and organizations must make substantial investments to acquire and maintain modern NDT equipment, which can hinder market growth.
Key Companies Profiled
- GE Inspection Technologies
- YXLON International
- Mistras
- Nikon Metrology
- Olympus Corporation
- Eddyfi, Sonatest Ltd.
- Magnaflux Corporation
- Zetec Inc.
Key Segments Covered in the Non-Destructive Testing Equipment Industry Analysis
By End Use Verticals:
- Petrochemical and pipe
- Manufacturing applications
- Government infrastructure
- Aerospace
- Manufacturing applications
- Automotive
- Public safety
- Power generation
- Others
By Services:
- Training
- Inspection
- Consultation
- Others
By Technology:
- Radiography Testing
- Ultrasonic Testing
- Visual Testing
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Others
By Region:
- North America Non-Destructive Testing Equipment Market
- Latin America Non-Destructive Testing Equipment Market
- Europe Non-Destructive Testing Equipment Market
- Asia Pacific Non-Destructive Testing Equipment Market
- MEA Non-Destructive Testing Equipment Market
Report Preview: https://www.futuremarketinsights.com/reports/non-destructive-testing-equipment-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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