The global NDT and Inspection market size is estimated to be USD 10.3 billion in 2023 and is projected to reach USD 18.5 billion by 2028, at a CAGR of 10.1% during the forecast period.
The global NDT and Inspection market is highly fragmented, with the presence of giant companies contributing to the majority of the market share. Key players operating in the NDT and Inspection market have witnessed consistent revenue growth from 2019 to 2022. The companies achieved their positions by launching new and innovative products. Various companies are deploying different strategies to excel in the NDT and Inspection market. They are trying to broaden their revenue stream by adopting inorganic business strategies such as acquisitions, collaborations, contracts, and agreements, which have helped companies enhance their products and expand their geographic reach.
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General Electric (US) was the leading player in the NDT and inspection market in 2021. It focuses on product innovation and launches as its key business strategies to ensure its growth in the global NDT and inspection market. The company mainly focuses on research and development (R&D). For instance, in July 2021, General Electric’s Inspection company – Waygate Technologies, launched a new service – BRIC, which uses robotics to provide the safe and efficient inspection and cleaning of industrial boilers. This will reduce physical risks to inspectors as well as provide more precise data, and reduce inspection costs. The service offers a simplified and automated workflow, as well as improved scanning speed to control the output of several production lines. The company also focuses on strategies such as agreements and partnerships. Recently, the company signed various agreements to expand its network. GE has invested more than USD 10 million to launch a customer solution center (CSC) to meet the increasing demand for industrial and infrastructure inspection technology solutions.
MISTRAS Group (US): It has a comprehensive product portfolio to serve industries such as oil & gas, chemical, power generation, aerospace & defense, pharmaceutical, metal and metalworking, and transportation. The company’s performance is above average in terms of its technologically innovative products, highly innovative designs, and availability of various techniques that comprise acoustic emission, ultrasonic testing, visual inspection, electromagnetic, electrical resistivity, thermography, and vibration for NDT and inspection applications.
Olympus Corporation (Japan): The company has a comprehensive range of products for NDT and inspection. It offers ultrasonic flaw detectors and thickness gages, videoscopes, borescopes, microscopes, in-line and advanced NDT systems, XRF and XRD analyzers, interferometers, and a wide range of industrial scanners, probes, software programs, and instrument accessories. To retain its position in the market, the company is focused on product launches and developments. For example, in March 2022, Olympus Corporation launched 72DL PLUS ultrasonic thickness gauge that delivers precision thickness measurements at high speeds in a portable, easy-to-use device. With fast scanning, advanced algorithms, and Olympus’ lowest-ever minimum thickness capability, the gauge can measure the thickness of very thin layers for challenging applications across industries.
Ashtead Technology (Scotland), a subsidiary of Ashtead Group PLC, is one of the leading services providers and distributors of NDT and inspection equipment. The company offers a wide range of services, namely, inspection, calibration, consulting, training, system integration, and equipment rental. Its distribution portfolio includes products for ultrasonic testing, magnetic particle testing, Eddy current testing, and leak detection techniques. As a distributor and service provider, the company has partnered with several leading NDT and inspection companies, such as Buckley’s Corporation (Canada), DolphiTech (Norway), GE (US), Olympus (Japan), Phoenix ISL (UK), Sonatest (UK), Silverwing (UK), and Eddyfi (Canada). It focuses on inorganic strategies to match the ongoing market trends and excel further in its offerings.
Nikon Metrology NV (UK): The company is one of the leading providers of high-quality NDT and inspection equipment. It provides vision and metrology measuring instruments harmonized with optical and mechanical 3D metrology solutions for different industries such as aerospace, automotive, consumer electronics, medical, telecommunication, and other manufacturing plants. The company’s broad product portfolio, including coordinate measuring machines, NDT and inspection equipment, and X-ray and computed tomography (CT) solutions, helps it achieve a leading position in the NDT and inspection market.
NDT and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Terahertz Imaging, Acoustic Emission), Method, Service, Application, Vertical and Region-Global Forecast to 2028
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