Demand for Non-Destructive Testing Market to Grow 1.8X by 2029 Surging demand for enhanced accuracy, cost efficiency, and non-intrusive testing to evaluate the properties of materials or components across industries will drive the demand for non-destructive testing. The global nondestructive testing market will grow at a positive 6% CAGR during the forecast period. For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=4665 Advancements in non-destructive testing methods such as digital ultrasonic testing and heightened portability furthers the adoption of non-destructive testing. Economies across the globe are investing in cost effective and energy efficient testing of public infrastructure and aerospace & defense instruments. There is a lack of technical expertise among non-destructive testing inspectors in the market. Leading market players are hence keen on global footprint expansion by forging strategic partnerships with local players and mergers & acquisitions in developing economies. Key Takeaways of Non-destructive Testing Market Study
North America and Europe collectively account for a lion’s share of the total market value with over 59% of global sales concentrated in these regions. Multiplying demand for high-performance smart devices across end-uses propel the demand for non-destructive testing that ensure consistent quality.
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South Asia & Oceania offer the most remunerative opportunities with a meteoric 9.5% CAGR through 2029. Booming digital economies such as Indonesia,and Singapore are investing heavily on modern infrastructure development which employs comprehensive non-destructive testing. Manufacturing end-uses bolster demand from various industries. The segment accounts for more than 20% of the total market revenues with a strong 6% CAGR during the forecast period. Aerospace & defense offers the most lucrative revenue opportunities on the back of increasing demand for upgradation and enhancement of air-force, military, and naval capabilities. Among testing methods, ultrasonic testing methods maintain their supremacy in the market with over 1/4th total market value share. Increasing efficiency and adaptability of ultrasonic testing methods are driving the demand for this type of testing. Increasing innovation in non-destructive testing products are decreasing the price of testing equipment. The non-destructive testing equipment segment records the highest growth among market offerings during the projection period.
“The growing adoption of non-destructive testing methods is aligned with the developments in nanotechnology, displays, and processing capabilities are set to transform the competitive landscape. Market players stand to gain by investing in improving the quality of services by adding support services and streamlining reporting procedures.” -Says Fact.MR Analyst For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/4665 Increasing Efficiency of Industrial Equipment – Key Growth Trend
Advancements in detection of delamination, crushed cores with minimal or no structural invasion are helping manufacturers differentiate product offerings and make the market more competitive. Adaptability of nondestructive testing methods in detecting structural integrity of carbon-fiber, glass-fiber, foam, metal, and glare will strengthen the demand for non-destructive testing within the manufacturing end-use during the forecast period. Consumer trends such as demand for improved product performance and technology enabled devices is supporting the growth of non-destructive testing to ensure product performance. Non-destructive testing services will continue to lead in terms of demand through 2029. Market players are hence investing in partner training programs to increase the quality of non-destructive testing services. Organizations in developing economies will continue to provide continuous growth opportunities for non-destructive testing services amid surging consumer demand for quality over quantity. Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/newsrelease/2019/08/28/1907829/0/en/Port-Terminals-to-Account-for-3-5th-Shares-in-Terminal-TractorsMarket-Finds-Fact-MR.html About Us: Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner. Contact: US Sales Office: 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583 Corporate Headquarter: Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A, Jumeirah Lakes Towers, Dubai, United Arab Emirates Email: sales@factmr.com Visit Our Website: https://www.factmr.com