Oil & Gas are Expected to Dominate the Global Non-Destructive Inspection Equipment Market

Increasing adoption of non-destructive testing (NDT) in the aerospace sector drives non-destructive inspection equipment market growth

 

According to TechSci Research report, “Global Non Destructive Inspection Equipment Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Non-Destructive Inspection Equipment is anticipated to project robust growth in the forecast period with a CAGR of 7.2% through 2028. One of the primary drivers of the increased deployment of NDT technologies is the rising number of oil and gas projects globally. Though oil demand decreased in 2020 due to the pandemic, it has gradually started recovering. For instance, as per IEA, global oil consumption is projected to reach 104.1 mb/d by 2026, representing an increase of 4.4 mb/d from 2019 levels. Moreover, in 2021, there was a significant increase in the global rig fleet as oil demand increased again following the pandemic-induced economic slump. Another driver is the stringent regulatory environments, largely enforced to reduce the number of personnel safety incidents in the oil and gas industry. The increasing instances of infrastructure failures, such as refinery blasts, leakages in nuclear reactors, and pipeline explosions, in recent times have prompted governments around the world to enact stringent safety regulations, driving increased adoption of NDT equipment.

Moreover, Waygate Technologies, a provider of (NDT) solutions for industrial inspection, presented selected highlights of advanced robotic and remote visual inspection at the SPRINT Robotics World Conference 2022. The exhibited solutions were expected to create new ways to inspect the oil and gas as well as petrochemical industries by eliminating the need for a human entry in confined and hazardous spaces.

 

Browse over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global Non-Destructive Inspection Equipment Market.

 

Stringent government regulations regarding public safety and product quality: Governments around the world are increasingly enacting and enforcing regulations that require the use of NDI equipment to ensure the safety and quality of products and infrastructure. For example, the US Federal Aviation Administration (FAA) requires that all aircraft undergo regular inspections using NDI equipment. Aging infrastructure and rising maintenance needs: The global infrastructure is aging, and this is leading to an increase in the need for maintenance and repairs. NDI equipment is essential for inspecting aging infrastructure to identify and assess damage and defects. The global demand for oil and gas is growing, and this is driving investment in the oil and gas industry. NDI equipment is widely used in the oil and gas industry to inspect pipelines, drilling rigs, and other equipment for defects. NDI technology is constantly evolving, and new and more sophisticated NDI equipment is being developed all the time. These advances are making NDI more accurate, efficient, and affordable.

The Asia-Pacific region is expected to be the fastest-growing market for NDI equipment in the coming years. This is due to the factors mentioned above, as well as the region's large and growing industrial sector. The North American and European markets are also expected to grow, but at a slower pace than the Asia-Pacific market. The adoption of NDI equipment is growing rapidly in emerging economies such as China and India. This is due to a number of factors, including the increasing industrialization of these economies, the growing awareness of the importance of NDI for safety and quality, and the rising disposable incomes of consumers. Automation and robotics are being increasingly used in NDI applications. This is helping to improve the accuracy and efficiency of NDI inspections, and it is also making NDI more accessible to a wider range of industries.

 

Key market players in the Global Non Destructive Inspection Equipment Market are following:-

• OKOndt Group
• Promag Technologies Development Limited
• MFE Inspection Solutions
• Labquip (Ireland) Limited
• Stanlay
• TWI Ltd
• Nexxis
• Baker Hughes Company
• Non-Destructive Testing (NDT) Products Limited
• Olympus CorporationZetec Inc

 

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“The key factor that drives growth of the nondestructive testing equipment market share includes the need to extend longevity of machines. Costs and challenges involved in building new infrastructure have encouraged end-user industries to extend operational life of their existing infrastructure. In addition, refineries in Latin America increase their capacity utilization, owing to deficiency of refined oil in the global market. Scarcity of refined oil is due to the restrictions imposed by the U.S. on Iran. Operating the machines at advanced capacities might result in breakdowns. Inspection and maintenance to safeguard these aging assets and run them at high capacities create huge demand for nondestructive testing machine in the region. Aging pipeline infrastructure requires various inspection and integrity equipment/services to ensure safety. Thus, the demand for inspection of aging assets drives the nondestructive testing equipment market growth. It is expected that the impact of this driver would remain high throughout the nondestructive testing equipment market forecast period..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

Non-Destructive Inspection Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Product (Processor, Sensor, Connectivity IC, Memory Device, and logic Device), By End-user (Healthcare, Consumer Electronics, Industrial, Automotive, BFSI, Retail, and Building Automation), By Region, Competition 2018-2028.. has evaluated the future growth potential of Global Non Destructive Inspection Equipment Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Non Destructive Inspection Equipment Market.

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