Major factor influencing the global nondestructive testing equipment market growth is humungous use of nondestructive testing equipment in oil & gas and power generation sectors. The outbreak of COVID-19 resulted into reduction in demand for nondestructive testing equipment in 2020 and 2021. The energy and power segment held the largest share in 2020, contributing about one-fourth of the global nondestructive testing equipment market share.
Portland, OR, June 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global nondestructive testing equipment market garnered $3.55 billion in 2020, and is slated to gain $8.12 billion by 2030, registering a CAGR of 8.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Major factor influencing the global nondestructive testing equipment market growth is humungous use of nondestructive testing equipment in oil & gas and power generation sectors. In addition, large-scale demand for products across various industry verticals will provide new opportunities for the market. Need for enhancing proficiency of manufacturing processes has resulted in use of nondestructive testing equipment in the production sector, thereby driving the nondestructive equipment market expansion. However, lack of availability of skilled technicians obstructs the growth of the nondestructive equipment market.
The outbreak of COVID-19 resulted into reduction in demand for nondestructive testing equipment in 2020 and 2021. Moreover, lockdowns across globe led to fluctuations in product demand from firms operating in the oil & gas and power sectors.
With various industrial units temporarily shut down due to COVID-19 pandemic, there was less maintenance requirement in these units. This, in turn, severely obstructed the sale of nondestructive testing equipment.
Demand for nondestructive testing equipment from military & defense, oil & refineries, and power establishments remained intact even during COVID-19 pandemic.
The report offers detailed segmentation of the global nondestructive testing equipment market based on testing method, technique, industry vertical, and region.
Based on testing method, the ultrasonic testing segment contributed towards largest market share in 2020, accounting for nearly one-third of overall share of the global nondestructive testing equipment market. Nevertheless, the liquid penetrant testing segment is predicted to record highest CAGR of about 10.9% from 2021 to 2030.
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Based on industry vertical, the energy and power segment held the largest share in 2020, contributing about one-fourth of the global nondestructive testing equipment market share. Nonetheless, the automotive and transportation segment is anticipated to record fastest growth with CAGR of nearly 10.4% from 2021 to 2030.
Based on region, North America contributed towards the highest market share in 2020, accounting for nearly two-fifths of the global nondestructive testing equipment market. The region is predicted to continue its market dominance by 2030. However, Asia-Pacific nondestructive testing equipment market is set to record fastest CAGR of 10.0% during forecast timeframe.
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Key players profiled in the global nondestructive testing equipment market research report are ZETEC, Inc., Mistras Group, Inc., Carestream Health, Nikon Metrology NV, Olympus Corporation, General Electric Company, Sonatest Ltd, SGS S.A., Ashtead Technology Ltd., and Intertek Group plc.
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