Market Overview
The
Non-Destructive Testing Services Market will obtain a CAGR of 7.20 % and a
value of 26 billion between 2023 to 2027 in the forecast period. Nowadays,
the demand for non-destructive drug testing services is increasing as different
workplaces and businesses have understood the significance of ensuring that
employees are away from illegal controlled substances. They must be responsible
for having information from all sources regarding the materials in question.
The non-destructive drug testing services market is driving
the market growth due to the high use of internet connectivity in many
industries and companies' dependence on renewable energy sources to operate
with electrical energy. Further, the high investment in research and
development has brought more opportunities for the global market players and
manufacturers.
However, the Non-Destructive Testing Services are quite
expensive and easily affordable for the larger companies, but the real
sufferers are the small companies who cannot afford this. Hence, this can
hamper the Non-Destructive
Testing (NDT) Services Market. For
instance, the demand for non-destructive drug testing services has been reduced
during the covid-19 period due to the closure of offices or the rising work
from home facilities.
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Market Segmentation
The global market report has segmented the current market
based on technique, type, verticals, and applications.
Based on the technique segment, the Non-Destructive
Testing (NDT) Services Market Trends have been segmented into
radiographic testing, ultrasonic testing, penetrant testing, eddy-current
testing, magnetic particle testing, and liquid testing. The ultrasonic testing
sub-segment is projected to generate the largest Non-Destructive Testing
(NDT) Services Market Share during the review period.
The global market has been classified into advanced and
traditional testing services based on type segments. The current market has
been segmented into infrastructure, aerospace and defense, oil and gas,
automotive, and power in the vertical segment. The worldwide market has been
divided into flaw detection, physical properties estimation, leak detection,
stress and structure analysis, chemical composition determination, and
dimensional measurement based on the application segment.
Regional Analysis
The global Non-Destructive Testing (NDT) Services Market
Trends segregated based on regional segments that include North America,
South America, Europe, Asia Pacific, and others.
The North American region dominates the global market by
generating the largest market share for the research timeframe. This region is
growing the Non-Destructive Testing (NDT) Services because of America's rising
use of drugs.
Moreover, the countries like America and Canada are leading
the regional market due to the more prevalent usage of the Internet of Things
and better technologies. For example, the Fitbit smart watch wearable
technology and Alexa. In addition, North America has a well-built
infrastructure and advanced technologies to operate, boosting the market growth
in the research period.
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Industry News
Recently, a major Japanese company named Olympus Corporation
has shifted its attention towards research and development and significant
investments. This spending has allowed the company to become an industry leader
in the global market. Apart from that, the prominent market player Mistras
Group has developed new testing services to show its presence in the worldwide
market.
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