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Non-Destructive Testing (NDT) Equipment Global Market Report 2024-2025 & 2029 | Innovative Business Models, Industry Convergence, Transformative Megatrends, Competitive Environment - ResearchAndMarkets.com

By: via Business Wire

The "Non-Destructive Testing (NDT) Equipment Market, Global, 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The revenue estimate for the base year 2024 is $3.27 billion, with a CAGR of 4.2% for the study period 2024-2029.

This report examines the key trends in the global NDT equipment market and identifies the factors that drive and restrain market growth. With 2024 as the base year, this in-depth analysis covers NDT equipment, such as ultrasonic NDT equipment, magnetic and electromagnetic NDT equipment, radiography NDT equipment, remote visual inspection (RVI) equipment, and inspection robots. The forecast period runs from 2025 to 2029.

A regional perspective of demand patterns in the Americas, Europe, Asia-Pacific, and the Middle East and Africa, in addition to forecasts by every equipment segment across different end-user industries, such as aerospace and defense (A&D), automotive and transportation (A&T), power generation, oil and gas (O&G), electronics, chemical, foundries, and others (food and beverage, paper and pulp, construction, textiles, and medical devices) is provided. The study concludes with growth opportunities emerging from the NDT equipment space that market participants and stakeholders can leverage.

Innovative Business Models

Why

  • Traditionally, the NDT equipment market has relied on hardware sales for revenue generation. Today, hardware generates almost 95% of the revenue.
  • However, market participants find that hardware-based revenue generation is saturated. As a result, they are turning toward software solutions to add value for customers and increase products' price-performance ratio.
  • Hence, developing new business models that are software-centric becomes extremely important to witness higher growth, sustain, and lead the competition.

Analyst Perspective

  • NDT equipment companies that generate significant revenue have invested in software and developed a software-centric business model or are currently in the development process.
  • However, such initiatives are missing among smaller companies. The analysis suggests that providing customer value and extending hardware capability is possible with software. Hence, market companies across all revenue segments should focus on developing software-focused business models.

Industry Convergence

Why

  • Combining precise measurement techniques with non-invasive inspection methods lays the foundation for fully integrated solutions for holistic asset integrity management and quality assurance.
  • The interworking of dimensional metrology and NDT with Industry 4.0 technologies, such as cloud computing, big data, AI/ML, digital twin, and robotics, delivers enhanced value to customers.

Analyst Perspective

  • Though the integration of the 2 disciplines is in the nascent stage, they are being used across all stages of the product development life cycle.
  • Industry consolidation with potential partnerships, as well as acquisitions, is anticipated over the next 2-5 years.
  • A holistic and versatile solution, computed tomography (CT) will lead this convergence trend.

Transformative Megatrends

Why

  • The growing emphasis on improving worker safety and enhancing inspection efficiency will continue to drive the adoption of digital technologies such as AR/VR, AI/ML, digital twins, and industrial metaverse.

Analyst Perspective

  • Industrial metaverse will feature in the digital transformation roadmap of several NDT industry participants over the next 2-3 years.
  • Through a metaverse platform, experts from different geographic locations will collaborate.

Competitive Environment

Growth Restraints

  • The shortage of skilled technicians will affect the NDT equipment market during the forecast period.
  • The high cost of NDT equipment will restrain market growth to a certain extent, especially in the emerging countries of APAC and ROW.

Growth Driver Analysis

  • Aging infrastructure is creating an intense need for regular inspection, thereby driving the Non-Destructive Testing (NDT) Equipment Market
  • NDT denotes the technique used to inspect materials and components to detect and measure defects and deteriorations in their material properties prior to any failure occurring.
  • The primary objective of NDT is to guarantee the safe use of engineering structures, as well as to maintain the high quality and performance of products.
  • Hence, despite the current economic crisis, the need and demand for NDT will continue as an essential tool for assessing the residual life of assets in several industries, including O&G, power generation, and construction, thereby ensuring overall productivity. Thus, aging infrastructure will drive the NDT equipment market, and its impact will remain high during the forecast period.

Scope of Analysis

  • Americas: United States, Canada, and countries in South America.
  • Europe: Germany, United Kingdom, and France; Rest-of-Europe includes Italy, Scandinavia, CIS countries (Russia, Azerbaijan, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, and Armenia), and other countries in the rest of Europe.
  • Asia-Pacific (APAC): India, China, and Japan; Rest-of-APAC includes South Korea, Southeast Asia, Australia and New Zealand (ANZ), and other countries in the rest of APAC.
  • Rest-of-World (ROW): Middle East (Bahrain, Egypt, Iran, Iraq, Israel, Turkey, Saudi Arabia, United Arab Emirates, Palestine, Kuwait, Oman, Lebanon), Africa (South Africa, West Africa, and Sub-Saharan countries).

Growth Opportunity Universe in NDT Equipment Market

  • Growth Opportunity 1: Workforce for NDT 4.0 Through Industrial Metaverse
  • Growth Opportunity 2: Additive Manufacturing
  • Growth Opportunity 3: NDT 4.0

By industry, NDT technologies are segmented as follows:

UT equipment

  • Aerospace and defense (A&D)
  • Automotive and transportation (A&T)
  • Oil and gas (O&G)
  • Power generation
  • Electronics
  • Chemicals
  • Others (paper and pulp, food and beverage, construction, metals, additive manufacturing (AM), textiles, and medical devices)

Magnetic and electromagnetic test equipment

  • A&D
  • A&T
  • O&G
  • Power generation
  • Foundries
  • Others (paper and pulp, food and beverage, construction, textiles, and medical devices)

RVI test equipment

  • A&D
  • A&T
  • O&G
  • Power generation
  • Chemicals
  • Others (paper and pulp, food and beverage, construction, textiles, and medical devices)

Radiography test equipment

  • A&D
  • A&T
  • O&G
  • Power generation
  • Electronics
  • Chemicals
  • Others (paper and pulp, food and beverage, construction, textiles, and medical devices)

Inspection robots

  • O&G
  • Power generation
  • Chemicals
  • Others (paper and pulp, food and beverage, and construction)

For more information about this report visit https://www.researchandmarkets.com/r/ep6ai4

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