NON-DESTRUCTIVE TESTING MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The Non-Destructive Testing (NDT) market is on the cusp of a transformation led by the deployment of digitalization and advanced data analytics tools. Traditionally ND tests involved manual examinations that were labor intensive, time consuming and difficult to standardize. However the integration of innovative technologies like Artificial intelligence (AI), machine learning, predictive maintenance solutions, remote visual inspection devices, and portable sensors is automating inspection processes and making them more accurate and reliable. Vast amounts of test results data that was earlier unanalyzed is now being fed into analytical models helping predict defects, schedule proactive maintenance, and reduce total inspection costs. Remote data monitoring allows round the clock surveillance of critical assets from any location. These advantages have spurred many organizations across industries to embrace smart NDT solutions. Also, analytics driven insights are raising the value proposition of NDT by transforming it from a pure compliance activity to a strategic asset management and risk prevention tool. The growing digitization of ND inspections will be a defining trend that is likely to expand market opportunities tremendously in the coming years.