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Non-Destructive Testing Market to Hit USD 16.66 Billion by 2029 | Fortune Business Insights™

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Pune, India, Nov. 17, 2022 (GLOBE NEWSWIRE) — The non-destructive testing market size was USD 6.30 billion in 2021. The market is projected to grow from USD 6.80 billion in 2022 to USD 16.66 billion in 2029 at a CAGR of 13.66% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, Non-Destructive Testing Market, 2022-2029.” Factors such as the widening of application in designing, manufacturing, and maintenance of aircraft along with the rising adoption of integration of services will boost the growth of the market during the forecast period. Additionally, innovative measures and the integration of artificial intelligence will increase the footprint of the market.

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List of Key Players Present in the Market

  • Acuren Inspection Inc. (U.S.)
  • Ashtead Technology (U.K.)
  • Bosello High Technology Srl (Italy)
  • Eddyfi (Canada)
  • Fischer Technology Inc. (U.S.)
  • Fprimec Solutions Inc. (Canada)
  • General Electric Company (U.S.)
  • Labquip NDT Limited (U.K.)
  • LynX Inspection (Canada)
  • Magnaflux Corporation (U.S.)
  • Mistras Group (U.S.)
  • NDT Global GmbH & Co. Kg (U.S.)
  • Nikon Metrology (Japan)
  • Olympus Corporation (Japan)
  • Sonatest Ltd. (U.K.)
  • TD Williamson, Inc. (U.S.)

Report Scope and Segmentation-

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 13.66%
2029 Value Projection 16.66 billion
Base Year 2021
Market Size in 2022 USD 6.80 Billion
Historical Data for 2018 to 2020
No. of Pages 200
Segments covered By Technique, By Method, By Service
Growth Driver Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/non-destructive-testing-ndt-market-103596

Segments

Based on technique, the market is divided into ultrasonic testing, visual inspection testing, magnetic particle testing, liquid penetrant testing, eddy-current testing, radiographic testing, and acoustic emission testing.

By method, the market is broken down into visual inspection, surface inspection, volumetric inspection, and others.

With respect to service, the market is segmented across ultrasonic inspection, equipment rental services, calibration services, and training services.

Based on vertical, the market is fragmented across manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, and others.

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.

Drivers & Restraints

Increasing Demand in NDT Sector & Integration of Artificial Intelligence to Augment Market Growth

Factors, such as rising demand from the aerospace sector for maintaining a higher standard of material, structure, and strength along with widening application lists, including finding cracks, flaws, and leaks, will boost the non-destructive testing (NDT) market growth during the forecast period. Additionally, rising demand from various sectors, including oil & gas, automotive, and power will increase the footprint of the market. Also, increasing awareness regarding improving operational efficiency & reliability will drive the growth of the market.

However, lack of skilled & qualified personnel for inspection services will limit the growth of the market during the forecast period.

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Regional Insights

North America to Hold Dominance During Forecast due to Rising Demand from Emerging Economies

North America will occupy a significant non-destructive testing (NDT) market share during the forecast period due to rising demand for advanced material testing from the U.S., Canada, and Mexico along with the presence of dominant players in the region.

Asia Pacific will witness the fastest growth due to improving power generation in emerging economies, such as China and India, along with improving domestic manufacturing sector in Japan.

Europe will witness considerable market share in terms of global contribution due to expanding aerospace & automobile verticals in France and Germany, respectively. Additionally, the presence of key market players, including Labquip NDT Limited, Sonatest Ltd., and YXLON International GmbH is expected to propel the market growth.

Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights- Impact of COVID-19 Pandemic on Non-destructive Testing (NDT) Market
    • Impact of the COVID-19 pandemic on the Non-destructive Testing (NDT) Market
    • Steps taken by Industry/ Companies/ Governments to overcome the impact
    • Potential opportunities due to COVID-19 Outbreak
  • Global Non-destructive Testing (NDT) Market Analysis, Insights and Forecast, 2018-2029
    • Segmental Definitions / Summary
    • Market Size Estimates and Forecasts – By Technique
      • Ultrasonic Testing
      • Visual Inspection Testing
      • Magnetic Particle Testing
      • Liquid Penetrant Testing
      • Eddy-Current Testing
      • Radiographic Testing
      • Acoustic Emission Testing
    • Market Size Estimates and Forecast – By Method
      • Visual Inspection
      • Surface Inspection
      • Volumetric Inspection
      • Others
    • Market Size Estimates and Forecast – By Service
      • Ultrasonic Inspection
      • Equipment Rental Services
      • Calibration Services
      • Training Service
    • Market Size Estimates and Forecast – By Vertical
      • Manufacturing
      • Oil & Gas
      • Aerospace
      • Public Infrastructure
      • Automotive
      • Power Generation
      • Others
    • Market Size Estimates and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Rest of the World

TOC Continued…!      

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Competitive Landscape

Technological Advancements & Accelerated Product Development to Bolster Market Share of Players

The sector of non-destructive testing (NDT) contains market players that design technologically advanced NDT techniques and develop a range of new materials. This sector is highly competitive with players employing strategic tactics, including mergers & acquisitions, agreements, and partnerships. For example, in January 2021, Olympus announced launching RollerFORM XL scanner for launching NDT services into the aerospace sector by taking the assistance of phased array tools. This advanced tool is used for accelerating the inspection process for composite components that possess high surface areas. Other players are focused on expanding their investments in R&D activities to stay ahead of the competitive curve.

Key Industry Development

  • February 2021: NDT Global acquired Halfwave inspection services into its global business. This acquisition is expected to increase the footprint of NDT Global in the NDT segment. Halfwave provides ultrasound-based NDT techniques for high-precision measurements of pipelines.

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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

PolyU research finds improving AI large language models helps better align with human brain activity

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HONG KONG, May 27, 2024 /PRNewswire/ — With generative artificial intelligence (GenAI) transforming the social interaction landscape in recent years, large language models (LLMs), which use deep-learning algorithms to train GenAI platforms to process language, have been put in the spotlight. A recent study by The Hong Kong Polytechnic University (PolyU) found that LLMs perform more like the human brain when being trained in more similar ways as humans process language, which has brought important insights to brain studies and the development of AI models.

Current large language models (LLMs) mostly rely on a single type of pretraining – contextual word prediction. This simple learning strategy has achieved surprising success when combined with massive training data and model parameters, as shown by popular LLMs such as ChatGPT. Recent studies also suggest that word prediction in LLMs can serve as a plausible model for how humans process language. However, humans do not simply predict the next word but also integrate high-level information in natural language comprehension. 
A research team led by Prof. Li Ping, Dean of the Faculty of Humanities and Sin Wai Kin Foundation Professor in Humanities and Technology at PolyU, has investigated the next sentence prediction (NSP) task, which simulates one central process of discourse-level comprehension in the human brain to evaluate if a pair of sentences is coherent, into model pretraining and examined the correlation between the model’s data and brain activation. The study has been recently published in the academic journal Sciences Advances.
The research team trained two models, one with NSP enhancement and the other without, both also learned word prediction. Functional magnetic resonance imaging (fMRI) data were collected from people reading connected sentences or disconnected sentences. The research team examined how closely the patterns from each model matched up with the brain patterns from the fMRI brain data.
It was clear that training with NSP provided benefits. The model with NSP matched human brain activity in multiple areas much better than the model trained only on word prediction. Its mechanism also nicely maps onto established neural models of human discourse comprehension. The results gave new insights into how our brains process full discourse such as conversations. For example, parts of the right side of the brain, not just the left, helped understand longer discourse. The model trained with NSP could also better predict how fast someone read – showing that simulating discourse comprehension through NSP helped AI understand humans better.
Recent LLMs, including ChatGPT, have relied on vastly increasing the training data and model size to achieve better performance. Prof. Li Ping said, “There are limitations in just relying on such scaling. Advances should also be aimed at making the models more efficient, relying on less rather than more data. Our findings suggest that diverse learning tasks such as NSP can improve LLMs to be more human-like and potentially closer to human intelligence.”
He added, “More importantly, the findings show how neurocognitive researchers can leverage LLMs to study higher-level language mechanisms of our brain. They also promote interaction and collaboration between researchers in the fields of AI and neurocognition, which will lead to future studies on AI-informed brain studies as well as brain-inspired AI.”
Media ContactMs Annie WongSenior Manager, Public AffairsTel: +852 3400 3853Email: [email protected] 

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Artificial Intelligence

VivaTech 2024: a record-breaking event

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PARIS, May 27, 2024 /PRNewswire/ — VivaTech 2024 broke records with more than 165,000 visitors over four days, a 10% increase over 2023. The event welcomed 13,500 start-ups, a 20% increase over the previous year.

A BUSINESS AND FINANCE ACCELERATOR
VivaTech has established itself as a key business event, generating more than 400,000 online business connections this year. Startups forged business relationships with companies from 25 sectors and met over 2,000 investors.
VIVA TECHNOLOGY CONFIRMS ITS INTERNATIONAL APPEAL
The event attracted representatives from more than 120 countries and 40 national pavilions. Japan, the country of the year, showcased its ecosystem with a ministerial delegation and more than 40 startups. Africa was also in the spotlight with the Africa Tech Lab and the AfricaTech Awards, honouring innovative startups such as Schoolz, Rology and Inclusivity Solutions.
AI AND SUSTAINABLE TECH AT THE HEART OF THE PROGRAMME
VivaTech 2024 showcased the latest advances in artificial intelligence, with nearly 40% of exhibitors dedicated to this technology. Sustainable tech was also in the spotlight, especially through the Impact Bridge, a space dedicated to initiatives for a sustainable future. VivaTech’s environmental efforts were rewarded with ISO 20-121 certification.
DIVERSITY MORE THAN EVER IN VIVATECH’S DNA 
Diversity took centre stage where over 40% of speakers were women. Among the most notable initiatives, the Female Founder Challenge rewarded Albane Dersy from Inbolt. At the same time, Femtech France took advantage of the event to launch its second Femtech industry barometer.
THE MEETING PLACE FOR REVEALS, EXCLUSIVITIES AND INNOVATIONS
For four days, VivaTech was the scene of numerous revelations, with some fifty worldwide or European exclusives unveiled. Among these, Tesla’s Cybertruck made its first appearance in France, marking a highlight of the event.
INTERNATIONAL SPEAKERS
VivaTech 2024 consolidated its position as the must-attend technology event with over 400 international speakers sharing their visions on AI and sustainable tech. Speakers included Elon Musk, John Kerry, Eric Schmidt, Arthur Mensch, Robin Li, Linda Yaccarino and Serena and Venus Williams. Institutional figures such as Fumio Kishida, Bruno Le Maire and Thierry Breton also took an active part in the debates.
WE LOOK FORWARD TO SEEING YOU FROM 11 TO 14 JUNE 2025 AT PARIS PORTE DE VERSAILLES!
Contact: [email protected]
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Artificial Intelligence

Only Much Louder’s AI-powered influencer marketing tech, Hypothesis, expands globally, to empower brands to connect with international creators

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OML Entertainment’s Hypothesis is targeting the Asia–Pacific Region, Middle East, Africa, and USA by 2025.Hypothesis will open borders for brands and agencies, facilitating a region-agnostic global platformMUMBAI, India, May 27, 2024 /PRNewswire/ — Only Much Louder’s AI-powered influencer marketing tech, Hypothesis, expands its global footprint, after revolutionizing the Indian influencer market. In the first phase, Hypothesis will be available in the Asia–Pacific region (Singapore, Australia, Malaysia, Philippines, Vietnam, Thailand), Middle Eastern countries (Abu Dhabi, GCC nations, Egypt, Lebanon, Saudi Arabia, Kuwait, Qatar) as well as in Africa (Kenya, Nigeria, South Africa) and the USA.

Himani Agrawal, Senior Vice President, Hypothesis-OML, said, “At Hypothesis, we’re proud to offer a comprehensive kit for creator evaluation using 100+ data points. We provide the ultimate tool for your marketing arsenal. This is made even more convenient with our self-serve mode, empowering brands to initiate impactful influencer campaigns independently.”
Hypothesis streamlines data-driven influencer marketing globally, after recognising a critical disconnect between creator technology and services. Hypothesis was created with an inherent potential to serve a global audience, by empowering brands and agencies to transcend geographical limitations and unite discovery, outreach, and analytics in a single, user-friendly platform. This will accelerate the growth of the creator economy, creating opportunities for creators and brands.
Gunjan Arya, CEO of OML Entertainment, said, “We will be closely monitoring the milestones of Hypothesis to infiltrate the markets at the rate of 5–10% in the first year. We will also keep an eye on the acquisition rate, which is aimed to rise by 15–20%. Besides, we seek to derive over 35% of revenue from our global expansion efforts.”
With Hypothesis, OML is strategizing to expand into markets like Australia, the Asia–Pacific, the Middle East, and Africa, due to the region’s influencer marketing industry, which stands at 33.4% CAGR. Regions like the USA and the MENA have emerged as key players that are driven by advanced technologies and demand for data analytics.
Leveraging OML’s successful presence in Southeast Asia, the Middle East, Africa, and Eastern Europe, Hypothesis is set for a smooth rollout. OML’s established network, combined with their in-house expertise, will provide a strong foundation for this endeavor.
For details, visit hyp.io
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