Global Non-destructive Testing (NDT) Equipment Growth Opportunities—Forecast to 2028

Global Non-destructive Testing (NDT) Equipment Growth Opportunities—Forecast to 2028

COVID-19 brought about major changes for companies and industries globally, followed by a recovery of operations in 2021. 2022 began with the war between Russia and Ukraine, which created fears of a global recession and inflation, resulting in uncertainties among manufacturers to plan future investments. While Europe is likely to be affected more, other regions will also be impacted.

This Frost & Sullivan study indicates that the market size was $2.91 billion in 2021, with a base year growth rate of 8.7%; by 2028, the market is likely to grow up to $4.34 billion, globally. In terms of regions, NALA accounts for the largest market share; however, APAC looks promising with the highest CAGR of 6.4%. This is because of high-growth industries in the region, including power generation, automotive, and electronics. Europe will be the slowest to recover with moderate growth during the forecast period due to the lingering fear of an imminent recession. In general, the energy crisis, supply chain disruptions, and uncertainties in CAPEX investments are some of the factors that could slow down the growth of this market. However, trends such as the increased use of composite materials and advancements in electronics and components that use emerging NDT techniques, such as THz, IR, laser shearography, and TFM, with enhanced testing capabilities, are expected to drive market growth.