Non-destructive Testing Market to Grow at an Impressive 6% CAGR, Finds Fact.MR

The surge in demand for smart devices that offer consistent performance and quality amid continuous innovation of technology strengthens demand for non-destructive testing at scale.
 
DUBLIN 2, Ireland - Sept. 3, 2020 - PRLog -- The non-destructive testing industry is projected to rise at a healthy CAGR of 6% between 2019 and 2029. The widespread application of non-destructive testing for building and construction materials is a key factor driving sales. The rapid rise of industrial manufacturing activity, and the high penetration of smart devices will continue to aid the growth of the non-destructive testing market. This promising growth outlook can also be attributed to strict quality control regulations implemented by the government, reveals Fact.MR in its new study.

"The adoption of non-destructive testing methods is rising along with innovations in nanotechnology and processing capabilities to transform the competitive landscape. Further, players are investing in service standards by adding support infrastructure and reporting processes," concludes the Fact.MR report.

Non-Destructive Testing Market - Key Takeaways

• Manufacturing applications of non-destructive testing will account for more than 20% market share with a 6% CAGR through 2029.
• The defense and aerospace segments will provide highly remunerative opportunities on the back of defense upgrade capabilities.
• Ultrasonic testing methods will maintain a leading position, accounting for more than 25% of the market share through the end of the forecast period.
• North America and Europe cumulatively account for nearly 60% of global sales, driven by the demand for smart devices.
• South Asia and Oceania will provide highly lucrative growth opportunities with an impressive 9.5% CAGR in this duration, propelled by investments in modern infrastructure projects.

Read Report- https://www.factmr.com/report/4665/non-destructive-testin...

Non-Destructive Testing Market - Key Driving Factors

• The rising investments in developing economies towards energy and cost-efficient industrial manufacturing processes is a key factor driving the adoption of non-destructive testing.
• The high demand for smart devices and the frequent innovations in technology will support demand at scale.
• Innovations in GPR and ultrasonic testing equipment, are generating demand from end use industries.
• Increasingly strict regulations imposed by governments on manufacturers and contractors is propelling the non-destructive testing market.

Non-Destructive Testing Market - Key Constraint

• The high costs associated with the deployment of non-destructive testing equipment is a key factor which is expected to hamper the industry during the forecast period.

Coronavirus Outbreak Impact

Although investments in the global construction industry were soaring before the coronavirus pandemic, the industry has now been severely affected, owing to suspension of several projects, as governments continue to grapple with the logistics of the challenge.

PR Source- https://www.factmr.com/media-release/1419/global-non-dest...

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