Non-destructive Test Equipment Market Expected to Grow Strong through 2026

The Non-destructive Test Equipment Market is segmented by Method (Ultrasonic, Eddy Current, Electromagnetic, Radiography, Thermography, Other), Technique (Volumetric Examination, Surface Examination, Others), Application (Manufacturing, Petrochemical, Aerospace, Automotive, Power Generation, Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).

Market Dynamics

The growth of the non-destructive test equipment market is primarily driven by increasing use across verticals including aerospace, automotive, power generation, and petrochemical among others. Expanding the manufacturing sector in both developed and developing countries is likely to drive market growth at a significant rate during the review period. In addition to this, surging demand for advanced nondestructive test equipment is likely to create lucrative opportunities for the players operating in the global nondestructive test equipment market in the coming years.

COVID-19 Impact

The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the non-destructive test equipment market negatively as the imposition of complete lockdown and restrictions on trade affected the supply of the product for a short period.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How has the market (and its various sub-segments) grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Segment Analysis

Application Trends

The non-destructive test equipment market has been bifurcated into manufacturing, petrochemical, aerospace, automotive, power generation, and others. The manufacturing segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.

Regional Trends

The North American market accounted for the largest market share in 2020 and is projected to grow at a robust CAGR during the review period. This can be attributed to the high product adoption rate in the end-use industries coupled with the presence of key market players such as Centurion NDT, Inc. (US) and Zetec Inc. (US). The market growth in Asia-Pacific is expected to be driven by expanding industrialization in developing countries, particularly China and India.

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Digital Marketing Associate in Stratview Research