According to the report from the market research group, Global Industry Analysts, the growth in the market is being driven by factors such as government regulations with regard to product quality and public safety; and continuous robotics, automation and electronics advancements.
The report also highlighted the increasing number of IoT devices and a growing number of product failure incidents that have compelled industries to use more of such testing across manufacturing cycles.
NDT equipment encompasses a wide variety of equipment including flaw detectors, material condition testers, thickness gauges, visual inspection tools, eddy current instruments, acoustic emission testers and other devices for measuring corrosion, conductivity, and resistivity among others.
The equipment is used across a number of industries besides consumer electronics, including transportation, automotive, petrochemical, defense and aerospace industries. The global market for NDT equipment was estimated at $3.1 Billion in 2020, with a projected compound annual growth rate (CAGR) of 6 percent over the next six years.
According to the report, growth in the radiography testing segment will reach 5.5 percent CAGR over the next seven years, with radiography test equipment currently accounting for 17.5 percent of the global NDT equipment market.
The US leads the way in the manufacturer of NDT test equipment with nearly 40 percent of the global market share, translating to $1.1 billion in 2021. China is the second-biggest market and is forecast to reach $539.3 million by 2026, the report’s authors said.