The non-destructive testing or NDT equipment performs a thorough and detailed inspection of materials, models, structures, components, etc. This examination of the materials is done to get a clear picture of the condition of that inspected material. Non-destructive testing is performed without destroying or damaging the material, through which the various properties of the material are examined, and defects or defaults are identified, if any. This helps the user to look for changes that could be done if the material is faulted or any repairment that could be made for the same.
The process which is involved in the testing of the materials includes inspection, evaluation of the material, then an examination of any default or disparity in its functioning so as it does not hamper the performance of the material in the future. The process of examination is completed without hampering any of the material’s parts. Such non-destructive evaluation plays a vital role in the procurement of an efficient, long-lived design of the material.
Nowadays, with growing infrastructural development taking place around the globe, the various economies also implement several stringent measures to ensure the safety of those buildings and infrastructures. Regular checks of the same are to be done, which include strength evaluation, fire safety, etc.
This increased necessity for safety measures of the infrastructures urges the industries to use non-destructive testing equipment to check for any damage or default. Especially for areas of construction, defense, aerospace, and military, it is extremely important to make sure that the equipment is safe for use, no damage is done to the materials in use, or any renovation is required. Such measures cannot be overlooked. Therefore, it pushes the industry into demanding more non-destructive testing equipment for the examination of their material.
Another factor that drives the growth of the non-destructive testing equipment market is the regular maintenance of aging infrastructure. The older infrastructures require more regular maintenance than other newly developed infrastructures. Hence, companies generally spend more on non-destructive testing equipment to ensure the operational and structural integrity of existing structures, as this equipment does not harm any of the infrastructure’s parts and examines it thoroughly.
With the outbreak of noble coronavirus, the Non-Destructive Testing Equipment Market witnessed declined demand. The nations across the globe were put under lockdowns with strict social distancing norms. This resulted in the breakage of the supply chain and disruption in the end-user industries like construction, power generation, oil and gas, automotive, etc.
These declines in the industries were made due to the ease of operation during the Covid era. Workers were not allowed to continue the operations, and all the markets and players were forced to shut down their operations, and thus it reduced the demand for non-destructive testing equipment. Infrastructural projects were put on delay, growing demand for electricity fell, expansion projects slowed down, oil and gas companies cut down their investments due to the depressed oil prices during Covid, and even the companies operating in the non-destructive testing equipment market faced issues relating to lack of site access, all such factors brought negative repercussions upon the non-destructive testing equipment market.
Post the Covid era, the market made gradual improvement, complying with the WHO COVID-19 guidelines, businesses were allowed to resume their operations, which hiked the market. As activities started resuming in construction, manufacturing, and power generation, it also made the non-destructive testing equipment market back on track.
Among all other regions, North America and Asia-Pacific held the largest revenue share in the global non-destructive testing equipment market.
With an expected revenue generation of USD 1814 million at a CAGR of 8% by the year 2030, North America holds the largest share.
The United States and Canada contribute the most to the growing share of the market. This region has some of the major market players with extensive research and developmental activities that result in wide-scale usage of non-destructive testing equipment. After the hit of Covid 19, the region saw a significant rise in the pharmaceutical, retail, and agriculture segments of the economy, pushing the demand for non-destructive testing equipment further. The region also comprises the most significant market for non-destructive testing equipment in the world for the aviation and defense sector. These factors lead to the demand for non-destructive testing equipment in the region.
The Asia-Pacific region is expected to have a market share of USD 1093 million by 2030 at a CAGR of 9%. Asia-Pacific has some of the most advanced and advancing nations in the world. This contributes to the growing need for non-destructive testing equipment for various applications in the economies. China contributes to this number the most, the country is the world’s largest producer of electricity, and ultimately a developing world would need to consume more energy, thereby provoking the growth in energy production. Non-destructive testing equipment in nuclear and renewable segments will gradually grow extensively in upcoming years. Such factors will push the growth of the non-destructive testing equipment market during the forecast period.