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The Non-Destructive Testing Market size is expected to value USD 20.04 Billion in 2023 and is estimated to reach USD 38.32 Billion by 2032 with a growing CAGR of 7.47 % over the forecast period 2024-2032.
The increase in manufacturing activities in both developing and the developed countries is anticipated to drive the growth of the NDT market over the forecast period. Technological advancements have led to the emergence of sophisticated NDT procedures with more advanced problem identification and safety. In addition, increasing awareness among the manufacturers regarding the application of non-destructive testing market is anticipated to improve the penetration of NDT methods in the upcoming years.
According to the British Institute of Non-Destructive Testing, each year more than 25,000 inspections are carried out in factories and on-site in the UK to detect defects and damage in a huge range of products, plant, and structures; it is estimated that there are, 120,000 inspectors, worldwide.
With advancements in the automation of industrial manufacturing and infrastructure, the demand for flaw detection such as cracks, porosity, manufacturing disorders, and so on has increased significantly. Hence, adherence to industrial safety standards is one of the significant drivers of the non-destructive testing market.
Portable and handheld non-destructive testing market instruments are relatively tiny devices that offer flexibility, ease of use, and mobility in specific scenarios. The most common in which the benefits of smaller devices can be observed are the outdoor or remote portions of an inspection. These tools usually work on batteries or replaceable power cells that usually last long and can be recharged in a small amount of time. These portable devices allow the inspection technician to move from place to place and make a quicker, more concise inspection, without the need to lug out assemble, large, stationary devices.
In March 2023: United Western Technologies Corp announced the launching of an ECS-4 Handheld Rotating Bolt Hole Scanner. This lightweight (7 oz) scanner has an ergonomic design, and its probe exit is at right angles. Its rotary transformer is useful in transferring the signal between the eddy current of the ECS-4 and the probe. Its scanning speed is variable (125-2,250RPM) and has an improved torque than that of the firm’s ECS-1 Bolt hole scanner.
The nuclear power industry is an essential industry in many countries of the world. There are countries where more than 50% of electricity is generated at nuclear power stations: Lithuania has 81.5% of the total amount of electricity produced in this way, in France, this figure is 78.2%, and in Belgium, the indicator equals to 60.1%. The central issue in using nuclear power is to ensure the reliability and safety of nuclear power plants. The level of solving this problem depends on the quality of nuclear fuel and the process equipment for its production.
MARKET DYNAMICS
KEY DRIVERS
As the price of production grows, a lot more businesses are dependent on eco-friendly energies to generate electrical energy to power all of their processes.
In the current global context, when environmental problems and sustainable development have become highly important, more and more enterprises choose to generate electrical energy for their work with green sources of power. As the International Renewable Energy Agency reports, green power supply provided nearly 29% of all electric energy produced in the world in the year 2020. This tendency can be explained by the enterprises’ need to reduce carbon footprint and high adherence to the environmental regulations that become increasingly strict. The higher popularity of renewable energy sources, such as solar, wind, or hydropower, is driven by two main reasons: the advances in technology and a rapid decline in costs. As for the most efficient source of new capacity, now solar energy tops all the sources of power. Additionally, the PV electricity now costs 82% less than a decade ago. Thus, being a relatively cheap source of power, it is the leading type of generating new electrical energy.
Growth in non-destructive testing market technology due to continuing innovation is leading to more advanced, precise, mobile, and automatic methods, which is boosting its recognition in numerous sectors.
Novel innovations drive the technological progress, which makes non-destructive testing more advanced. Nowadays, more industries opt for modern non-destructive testing methods because they are more precise, portable, and accurate. Traditional testing has interacted several different innovations, which are phase array ultrasonic testing, digital radiography, and eddy current testing. For instance, Implementations, phase array ultrasonic testing is used for detecting flaws in complex geometries and replacing one large crystal by several smaller ones. As such, modern NDT methods provide clear images and data about the sample flaws that were previously unavailable to ensure the highest level of safety and performance in different aerospace and automotive equipment.
Another favorable condition creating favorable circumstances for NDT is that it can now be used remotely. Given that the equipment has become more compact and lighter, the representatives of the physical plant may come to the scene instead of disassembling and transportation of parts. As a result, using a handheld ultrasonic tester or a portable X-ray system, specialists can make an approximate calculation without much difficulty, reducing the cost of time and money. Moreover, the automation and robotization of NDT also increase its effectiveness in all areas. Various designs, such as NDT-equipped drones and robotic arms, may access almost any location, making human labor unnecessary.
RESTAINTS
Financial barriers in NDT include the high cost of advanced equipment and the added expense of training qualified personnel, making it challenging for smaller companies and those in developing nations.
In non-destructive testing market (NDT), financial barriers mostly pertain to the high cost of sophisticated equipment and substantial investments in training properly qualified personnel. Sophisticated NDT technologies, such as phased array ultrasonic inspection and digital radionuclide examination, require large investments, which smaller companies and companies in low-income countries often cannot afford. Furthermore, a complete training course combined with the certification process is too costly for smaller entities, which face substantial financial barriers when implementing advanced NDT methods.
Stringent regulations on NDT personnel training and certification pose hurdles for new workforce entrants, potentially impeding the ability to meet the growing demand for NDT services.
Non-destructive testing industry is faced with numerous training and certification requirements. These requirements though necessary to ensure that competent workforce is available in the industry, enhance the bottlenecks of new entrants into the workforce. Certification of workforce is usually completed to ensure regulatory compliance, which results in workforce availability. If certification is not carried out, then the market is limited by the number of qualified professionals that are available in the market. With growing demand for NDT services across various industries because of the increasing need for timely and quality inspection methods, NDT testing is increasingly being relied upon for the safe and integral inspection of assets across various industries.
By Offering
Services
Equipment
The services segment dominated the market and accounted for the largest revenue share of over 78% in 2023. This segment is also expected to remain leading over the forecast period. The primary reason for end-users to outsource their NDT operations is the colossal upfront cost of the non-destructive equipment along with the technical difficulties encountered in deploying and installing it. Apart from this, the scarcity by the skilled staff knowledgeable on non-destructive testing adds another constraint, therefore limiting the application of the NDT equipment across the globe.
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By Test method
Visual Testing
Magnetic Particle Testing
Liquid Penetrant Testing
Eddy Current Testing
Ultrasonic Testing
Radiographic Testing
Ultrasonic testing is one of the most dominating the market and accounted the largest revenue share of over 34% in 2023. NDT method that uses high-frequency ultrasonic sound waves to inspect and evaluate the internal structure. This segment dominates the market and is expected to be the fastest growing segment due to stringent expansion of infrastructural projects.
By Vertical
Oil & Gas
Manufacturing
Aerospace and Defense
Construction
Automotive
Power Generation
Others
The manufacturing vertical segment dominated the NDT market and accounted for the largest revenue share of more than 23.2% in 2023. The growth is attributed due to ever-increasing volume of manufacturing across the globe. The manufacturing vertical is expected to deploy numerous NDT processes thereby leading to an increase in demand for non-destructive testing services, globally. Moreover, non-destructive testing has been traditionally utilized extensively in oil and gas applications.
REGIONAL ANALYSIS:
In 2023, North America has become the dominating region and accounted for over 38% of the revenue. The regional increase is due to several reasons: the non-destructive testing is recognized in various areas; there is a skilled labor force, and the number of Non-Destructive Testing institutes and training centers. Moreover, the primary growth rate is conducted by power generation in the United States and Canada. In the former country, the shale oil is going to be used with this process, and NDT is applied for new shale extraction measures. Additionally, the demand for the application of NDT to avoid potential and unexpected system or equipment failures also constitute a factor for market expansion.
The Asia-Pacific’s market growth is predicted to stand at 9.5% during the period under consideration. The development is closely related to the increase in the number of activities and their scope in the region. Currently, the local market participants may be affected by a lack of sufficiently skilled workforce, which is unlikely to have a long-term effect since the number of people trained and start building a career in the field will go up in the next couple of years. Finally, the Middle East can also be considered as a promising market after North America because of the vast oil and gas industry present in the region.
REGIONAL COVERAGE
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
KEY PLAYERS
Some major key players are Previan Technologies, Inc., Bureau Veritas, Fischer Technology Inc. (Helmut Fischer), Mistras Group, Comet Group (YXLON International), MME Group, TWI Ltd., Nikon Corporation, Olympus Corporation, Sonatest , Acuren, Intertek Group plc, CREAFORM, Vidisco Ltd., SGS S.A., General Electric, Ashtead Technology and others.
Recent Development
May 2023: Waygate Technologies, a prominent vendor of NDT solutions for industrial inspection, presented its new flagship Computed Tomography solution Phoenix V|tome|x M Omni. The latter is an advanced system created to substitute the company’s high-demand CT system, having been made as superior in flexibility, speed, and detection quality. The solution is ideally designed for use in a broad array of applications, including 3D metrology, research, and evaluation at laboratories and precise automated inspection.
May 2023: Previan Technologies, Inc. announced the acquisition of Sensor Networks, Inc., the famous vendor of sensing tools and solutions utilized for inspecting and remotely supervising safety-critical structures and components. The acquisition implies the integration of the company into the Previan Group, providing access to the NDT solutions delivered by Eddyfi Technologies.
| Report Attributes | Details |
|---|---|
| Market Size in 2024 | US$ 20.04 Billion |
| Market Size by 2032 | US$ 38.32 Billion |
| CAGR | CAGR of 7.47% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by offering (Services and Equipment) • by test method (Visual Testing, Magnetic Particle Testing, Liquid Penetrant Testing, Eddy Current Testing, Ultrasonic Testing, Radiographic Testing) • by vertical outlook (Oil Gas, Manufacturing, Aerospace and Defense, Construction, Automotive, Power Generation, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America |
| Company Profiles | Previan Technologies, Inc., Bureau Veritas, Fischer Technology Inc. (Helmut Fischer), Comet Group (YXLON International), MME Group, TWI Ltd., Nikon Corporation, Olympus Corporation, Acuren, Intertek Group plc, CREAFORM, Vidisco Ltd., SGS S.A. |
| Key Drivers |
• As the price of production grows, a lot more businesses are dependent on eco-friendly energies to generate electrical energy to power all of their processes. • Growth in non-destructive testing market technology due to continuing innovation is leading to more advanced, precise, mobile, and automatic methods, which is boosting its recognition in numerous sectors.
|
| RESTRAINTS |
• Financial barriers in NDT include the high cost of advanced equipment and the added expense of training qualified personnel, making it challenging for smaller companies and those in developing nations. • Stringent regulations on NDT personnel training and certification pose hurdles for new workforce entrants, potentially impeding the ability to meet the growing demand for NDT services. |
Ans: North America is the dominating region in the Non-Destructive Testing Market.
Ans: An increasing number of organizations depend on environmentally friendly power sources to create electrical energy to control their activities.
Ans: Manufacturing is the dominating segment by vertical in the Non-Destructive Testing Market.
Ans: Non-Destructive Testing Market size was USD 20.04 billion in 2023 and is expected to Reach USD 38.32 billion by 2032.
Ans: The Non-Destructive Testing Market is expected to grow at a CAGR of 7.47%.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Non-Destructive Testing Market Segmentation, By Offering
7.1 Introduction
7.2 Services
7.3 Equipment
8. Non-Destructive Testing Market Segmentation, By Test method
8.1 Introduction
8.2 Visual Testing
8.3 Magnetic Particle Testing
8.4 Liquid Penetrant Testing
8.5 Eddy Current Testing
8.6 Ultrasonic Testing
8.7 Radiographic Testing
9. Non-Destructive Testing Market Segmentation, By Vertical
9.1 Introduction
9.2 Oil & Gas
9.3 Manufacturing
9.4 Aerospace and Defense
9.5 Construction
9.6 Automotive
9.7 Power Generation
9.8 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 Trend Analysis
10.2.2 North America Non-Destructive Testing Market, By Country
10.2.3 North America Non-Destructive Testing Market, By Offering
10.2.4 North America Non-Destructive Testing Market, By Test Method
10.2.5 North America Non-Destructive Testing Market, By Vertical
10.2.6 USA
10.2.6.1 USA Non-Destructive Testing Market, By Offering
10.2.6.2 USA Non-Destructive Testing Market, By Test Method
10.2.6.3 USA Non-Destructive Testing Market, By Vertical
10.2.7 Canada
10.2.7.1 Canada Non-Destructive Testing Market, By Offering
10.2.7.2 Canada Non-Destructive Testing Market, By Test Method
10.2.7.3 Canada Non-Destructive Testing Market, By Vertical
10.2.8 Mexico
10.2.8.1 Mexico Non-Destructive Testing Market, By Offering
10.2.8.2 Mexico Non-Destructive Testing Market, By Test Method
10.2.8.3 Mexico Non-Destructive Testing Market, By Vertical
10.3 Europe
10.3.1 Trend Analysis
10.3.2 Eastern Europe
10.3.2.1 Eastern Europe Non-Destructive Testing Market, By Country
10.3.2.2 Eastern Europe Non-Destructive Testing Market, By Offering
10.3.2.3 Eastern Europe Non-Destructive Testing Market, By Test Method
10.3.2.4 Eastern Europe Non-Destructive Testing Market, By Vertical
10.3.2.5 Poland
10.3.2.5.1 Poland Non-Destructive Testing Market, By Offering
10.3.2.5.2 Poland Non-Destructive Testing Market, By Test Method
10.3.2.5.3 Poland Non-Destructive Testing Market, By Vertical
10.3.2.6 Romania
10.3.2.6.1 Romania Non-Destructive Testing Market, By Offering
10.3.2.6.2 Romania Non-Destructive Testing Market, By Test Method
10.3.2.6.4 Romania Non-Destructive Testing Market, By Vertical
10.3.2.7 Hungary
10.3.2.7.1 Hungary Non-Destructive Testing Market, By Offering
10.3.2.7.2 Hungary Non-Destructive Testing Market, By Test Method
10.3.2.7.3 Hungary Non-Destructive Testing Market, By Vertical
10.3.2.8 Turkey
10.3.2.8.1 Turkey Non-Destructive Testing Market, By Offering
10.3.2.8.2 Turkey Non-Destructive Testing Market, By Test Method
10.3.2.8.3 Turkey Non-Destructive Testing Market, By Vertical
10.3.2.9 Rest of Eastern Europe
10.3.2.9.1 Rest of Eastern Europe Non-Destructive Testing Market, By Offering
10.3.2.9.2 Rest of Eastern Europe Non-Destructive Testing Market, By Test Method
10.3.2.9.3 Rest of Eastern Europe Non-Destructive Testing Market, By Vertical
10.3.3 Western Europe
10.3.3.1 Western Europe Non-Destructive Testing Market, By Country
10.3.3.2 Western Europe Non-Destructive Testing Market, By Offering
10.3.3.3 Western Europe Non-Destructive Testing Market, By Test Method
10.3.3.4 Western Europe Non-Destructive Testing Market, By Vertical
10.3.3.5 Germany
10.3.3.5.1 Germany Non-Destructive Testing Market, By Offering
10.3.3.5.2 Germany Non-Destructive Testing Market, By Test Method
10.3.3.5.3 Germany Non-Destructive Testing Market, By Vertical
10.3.3.6 France
10.3.3.6.1 France Non-Destructive Testing Market, By Offering
10.3.3.6.2 France Non-Destructive Testing Market, By Test Method
10.3.3.6.3 France Non-Destructive Testing Market, By Vertical
10.3.3.7 UK
10.3.3.7.1 UK Non-Destructive Testing Market, By Offering
10.3.3.7.2 UK Non-Destructive Testing Market, By Test Method
10.3.3.7.3 UK Non-Destructive Testing Market, By Vertical
10.3.3.8 Italy
10.3.3.8.1 Italy Non-Destructive Testing Market, By Offering
10.3.3.8.2 Italy Non-Destructive Testing Market, By Test Method
10.3.3.8.3 Italy Non-Destructive Testing Market, By Vertical
10.3.3.9 Spain
10.3.3.9.1 Spain Non-Destructive Testing Market, By Offering
10.3.3.9.2 Spain Non-Destructive Testing Market, By Test Method
10.3.3.9.3 Spain Non-Destructive Testing Market, By Vertical
10.3.3.10 Netherlands
10.3.3.10.1 Netherlands Non-Destructive Testing Market, By Offering
10.3.3.10.2 Netherlands Non-Destructive Testing Market, By Test Method
10.3.3.10.3 Netherlands Non-Destructive Testing Market, By Vertical
10.3.3.11 Switzerland
10.3.3.11.1 Switzerland Non-Destructive Testing Market, By Offering
10.3.3.11.2 Switzerland Non-Destructive Testing Market, By Test Method
10.3.3.11.3 Switzerland Non-Destructive Testing Market, By Vertical
10.3.3.12 Austria
10.3.3.12.1 Austria Non-Destructive Testing Market, By Offering
10.3.3.12.2 Austria Non-Destructive Testing Market, By Test Method
10.3.3.12.3 Austria Non-Destructive Testing Market, By Vertical
10.3.3.13 Rest of Western Europe
10.3.3.13.1 Rest of Western Europe Non-Destructive Testing Market, By Offering
10.3.3.13.2 Rest of Western Europe Non-Destructive Testing Market, By Test Method
10.3.3.13.3 Rest of Western Europe Non-Destructive Testing Market, By Vertical
10.4 Asia-Pacific
10.4.1 Trend Analysis
10.4.2 Asia-Pacific Non-Destructive Testing Market, By Country
10.4.3 Asia-Pacific Non-Destructive Testing Market, By Offering
10.4.4 Asia-Pacific Non-Destructive Testing Market, By Test Method
10.4.5 Asia-Pacific Non-Destructive Testing Market, By Vertical
10.4.6 China
10.4.6.1 China Non-Destructive Testing Market, By Offering
10.4.6.2 China Non-Destructive Testing Market, By Test Method
10.4.6.3 China Non-Destructive Testing Market, By Vertical
10.4.7 India
10.4.7.1 India Non-Destructive Testing Market, By Offering
10.4.7.2 India Non-Destructive Testing Market, By Test Method
10.4.7.3 India Non-Destructive Testing Market, By Vertical
10.4.8 Japan
10.4.8.1 Japan Non-Destructive Testing Market, By Offering
10.4.8.2 Japan Non-Destructive Testing Market, By Test Method
10.4.8.3 Japan Non-Destructive Testing Market, By Vertical
10.4.9 South Korea
10.4.9.1 South Korea Non-Destructive Testing Market, By Offering
10.4.9.2 South Korea Non-Destructive Testing Market, By Test Method
10.4.9.3 South Korea Non-Destructive Testing Market, By Vertical
10.4.10 Vietnam
10.4.10.1 Vietnam Non-Destructive Testing Market, By Offering
10.4.10.2 Vietnam Non-Destructive Testing Market, By Test Method
10.4.10.3 Vietnam Non-Destructive Testing Market, By Vertical
10.4.11 Singapore
10.4.11.1 Singapore Non-Destructive Testing Market, By Offering
10.4.11.2 Singapore Non-Destructive Testing Market, By Test Method
10.4.11.3 Singapore Non-Destructive Testing Market, By Vertical
10.4.12 Australia
10.4.12.1 Australia Non-Destructive Testing Market, By Offering
10.4.12.2 Australia Non-Destructive Testing Market, By Test Method
10.4.12.3 Australia Non-Destructive Testing Market, By Vertical
10.4.13 Rest of Asia-Pacific
10.4.13.1 Rest of Asia-Pacific Non-Destructive Testing Market, By Offering
10.4.13.2 Rest of Asia-Pacific Non-Destructive Testing Market, By Test Method
10.4.13.3 Rest of Asia-Pacific Non-Destructive Testing Market, By Vertical
10.5 Middle East & Africa
10.5.1 Trend Analysis
10.5.2 Middle East
10.5.2.1 Middle East Non-Destructive Testing Market, By Country
10.5.2.2 Middle East Non-Destructive Testing Market, By Offering
10.5.2.3 Middle East Non-Destructive Testing Market, By Test Method
10.5.2.4 Middle East Non-Destructive Testing Market, By Vertical
10.5.2.5 UAE
10.5.2.5.1 UAE Non-Destructive Testing Market, By Offering
10.5.2.5.2 UAE Non-Destructive Testing Market, By Test Method
10.5.2.5.3 UAE Non-Destructive Testing Market, By Vertical
10.5.2.6 Egypt
10.5.2.6.1 Egypt Non-Destructive Testing Market, By Offering
10.5.2.6.2 Egypt Non-Destructive Testing Market, By Test Method
10.5.2.6.3 Egypt Non-Destructive Testing Market, By Vertical
10.5.2.7 Saudi Arabia
10.5.2.7.1 Saudi Arabia Non-Destructive Testing Market, By Offering
10.5.2.7.2 Saudi Arabia Non-Destructive Testing Market, By Test Method
10.5.2.7.3 Saudi Arabia Non-Destructive Testing Market, By Vertical
10.5.2.8 Qatar
10.5.2.8.1 Qatar Non-Destructive Testing Market, By Offering
10.5.2.8.2 Qatar Non-Destructive Testing Market, By Test Method
10.5.2.8.3 Qatar Non-Destructive Testing Market, By Vertical
10.5.2.9 Rest of Middle East
10.5.2.9.1 Rest of Middle East Non-Destructive Testing Market, By Offering
10.5.2.9.2 Rest of Middle East Non-Destructive Testing Market, By Test Method
10.5.2.9.3 Rest of Middle East Non-Destructive Testing Market, By Vertical
10.5.3 Africa
10.5.3.1 Africa Non-Destructive Testing Market, By Country
10.5.3.2 Africa Non-Destructive Testing Market, By Offering
10.5.3.3 Africa Non-Destructive Testing Market, By Test Method
10.5.3.4 Africa Non-Destructive Testing Market, By Vertical
10.5.3.5 Nigeria
10.5.3.5.1 Nigeria Non-Destructive Testing Market, By Offering
10.5.3.5.2 Nigeria Non-Destructive Testing Market, By Test Method
10.5.3.5.3 Nigeria Non-Destructive Testing Market, By Vertical
10.5.3.6 South Africa
10.5.3.6.1 South Africa Non-Destructive Testing Market, By Offering
10.5.3.6.2 South Africa Non-Destructive Testing Market, By Test Method
10.5.3.6.3 South Africa Non-Destructive Testing Market, By Vertical
10.5.3.7 Rest of Africa
10.5.3.7.1 Rest of Africa Non-Destructive Testing Market, By Offering
10.5.3.7.2 Rest of Africa Non-Destructive Testing Market, By Test Method
10.5.3.7.3 Rest of Africa Non-Destructive Testing Market, By Vertical
10.6 Latin America
10.6.1 Trend Analysis
10.6.2 Latin America Non-Destructive Testing Market, By Country
10.6.3 Latin America Non-Destructive Testing Market, By Offering
10.6.4 Latin America Non-Destructive Testing Market, By Test Method
10.6.5 Latin America Non-Destructive Testing Market, By Vertical
10.6.6 Brazil
10.6.6.1 Brazil Non-Destructive Testing Market, By Offering
10.6.6.2 Brazil Non-Destructive Testing Market, By Test Method
10.6.6.3 Brazil Non-Destructive Testing Market, By Vertical
10.6.7 Argentina
10.6.7.1 Argentina Non-Destructive Testing Market, By Offering
10.6.7.2 Argentina Non-Destructive Testing Market, By Test Method
10.6.7.3 Argentina Non-Destructive Testing Market, By Vertical
10.6.8 Colombia
10.6.8.1 Colombia Non-Destructive Testing Market, By Offering
10.6.8.2 Colombia Non-Destructive Testing Market, By Test Method
10.6.8.3 Colombia Non-Destructive Testing Market, By Vertical
10.6.9 Rest of Latin America
10.6.9.1 Rest of Latin America Non-Destructive Testing Market, By Offering
10.6.9.2 Rest of Latin America Non-Destructive Testing Market, By Test Method
10.6.9.3 Rest of Latin America Non-Destructive Testing Market, By Vertical
11. Company Profiles
11.1 Previan Technologies, Inc.
11.1.1 Company Overview
11.1.2 Financial
11.1.3 Products/ Services Offered
11.1.4 The SNS View
11.2 Bureau Veritas
11.2.1 Company Overview
11.2.2 Financial
11.2.3 Products/ Services Offered
11.2.4 The SNS View
11.3 Fischer Technology Inc.
11.3.1 Company Overview
11.3.2 Financial
11.3.3 Products/ Services Offered
11.3.4 The SNS View
11.4 MISTRAS Group
11.4.1 Company Overview
11.4.2 Financial
11.4.3 Products/ Services Offered
11.4.4 The SNS View
11.5 Comet Group
11.5.1 Company Overview
11.5.2 Financial
11.5.3 Products/ Services Offered
11.5.4 The SNS View
11.6 MME Group, TWI Ltd.
11.6.1 Company Overview
11.6.2 Financial
11.6.3 Products/ Services Offered
11.6.4 The SNS View
11.7 Nikon Corporation
11.7.1 Company Overview
11.7.2 Financial
11.7.3 Products/ Services Offered
11.7.4 The SNS View
11.8 Olympus Corporation
11.8.1 Company Overview
11.8.2 Financial
11.8.3 Products/ Services Offered
11.8.4 The SNS View
11.9 Sonatest
11.9.1 Company Overview
11.9.2 Financial
11.9.3 Products/ Services Offered
11.9.4 The SNS View
11.10 Acuren
11.10.1 Company Overview
11.10.2 Financial
11.10.3 Products/ Services Offered
11.10.4 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
14. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Storage Tank Market Size was esteemed at USD 24.34 billion in 2023 and is supposed to arrive at USD 41.9 billion by 2031 and develop at a CAGR of 7.02% over the forecast period 2024-2031.
The Compressed Air Filter and Dryer Market size was estimated at USD 5.53 Billion in 2023 and is expected to reach USD 8.85 Billion by 2031 at a CAGR of 6.02% during the forecast period of 2024-2031.
The Ozone Generator Market Size was esteemed at USD 1.26 billion in 2023 and is supposed to arrive at USD 2.13 billion by 2031 and develop at a CAGR of 6.8% over the forecast period 2024-2031.
The Smart Manufacturing Market Size was esteemed at USD 291.87 billion in 2023 and is supposed to arrive at USD 880.42 billion by 2032 and develop at a CAGR of 14.8% over the forecast period 2024-2032.
The Drilling Jars Market Size was valued at USD 1.10 billion in 2023 and is supposed to arrive at USD 2.23 billion by 2031 and develop at a CAGR 9.27% over the forecast period 2024-2031.
The Metal Cutting Tools Market size was valued at USD 82.81 Bn in 2023 and is expected to reach USD 132.98 Bn by 2031 and grow at a CAGR of 6.1% over the forecast period 2024-2031.
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