Non Destructive Inspection Equipment Industry Highlights
Non Destructive Inspection Equipment Industry is expected to grow USD Significant Value at a CAGR 4.7% during the forecast period 2022-2030.
Covid Impact Analysis
COVID-19 has negatively affected the Non-Destructive Inspection Equipment Market. The decline in oil and exploration projects, temporary shutdowns of production facilities, and a decrease in crude oil prices will hamper growth of the Non Destructive Inspection Equipment Industry. There will be short-term negative impacts to market growth due to supply chain disruptions caused by the pandemic. Several production facilities worldwide have been shut down as a result of COVID-19.
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Non Destructive Inspection Equipment Industry Key Players
Some of the prominent players operating in the global Non-Destructive inspection equipment market include Promag Technologies Development Limited, OKOndt GROUP, Labquip (Ireland) Limited, MFE Inspection Solutions, TWI Ltd, Stanlay, Nexxis, Non-Destructive Testing (NDT) Products Limited, Baker Hughes Company, Olympus Corporation, and Zetec, Inc.
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Non Destructive Inspection Equipment Industry Segmentation
The global Non-Destructive Inspection Equipment Market has been segmented on the basis of Industry Vertical, and region.
The global Non-Destructive Inspection Equipment market, based on Industry Vertical, Non-Destructive Inspection Equipment is segmented into Railways Transportation, Aerospace Defense, Oil Gas, Power Energy, Healthcare, and Others.
The global Non-Destructive Inspection Equipment market, based on region is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
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Regional Analysis
North America led the Global Non-Destructive Inspection Equipment Market in 2021, whereas the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The US is the major country in the oil gas industry with the presence of prominent oil gas manufacturers such as Exxon Mobil Corporation, Chevron Corporation, and others. The expansion of the oil gas industry in the US has formed demand for non-destructive inspection (NDI) equipment as NDI equipment is widely used in the oil gas industry to detect flaws and damages in the material. The non-destructive inspection equipment is widely used in the oil gas industry to evaluate the properties of pipelines, surface corrosion, mechanical damages, and cracks. The growing oil gas and power energy industries are anticipated to generate huge demand for non-destructive inspection equipment in the years to come.
The Non-Destructive inspection equipment market in Asia-Pacifc is expected to grow at a notable rate during the forecast period. China is considered the largest producer of electricity owing to the surge in demand for energy for a huge population and major industrial hub. Compared to the rest of the regions, China alone is estimated to have produced 7,623,600 GWh of energy (combined with all sources) during 2020. The demand for energy in the country is anticipated to grow in the coming years due to more industrial setup and growing population. South Korea is estimated to be the 19th largest market for US aerospace export in 2020, exceeding USD 1 billion in the same year.
