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Non-Destructive Testing Market in the Oil and Gas Sector is projected to grow by USD 1.57 Billion from 2024-2028, driven by AI in NDT solutions – Technavio

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NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global non-destructive testing market in oil and gas industry size is estimated to grow by USD 1.57 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.3%  during the forecast period. Increased demand for NDT in oil and gas transportation is driving market growth, with a trend towards integration of AI and ML in NDT devices. However, high initial cost of NDT poses a challenge.Key market players include Acuren Corp., Amerapex Corp., Applus Services Technologies SL, Ashtead technology, Baker Hughes Co., Bureau Veritas, Dakota Ultrasonics Corp., Dexon Technology PLC, Eddyfi Technologies, Evident Corp, FORCE Technology, Intertek Group Plc, Magnaflux, Mistras Group Inc., Phoenix Inspection Systems Ltd, SGS SA, Sonatest Ltd, Team Inc, TUV Rheinland AG, Vibrant NDT Services, Videray Technologies Inc., and Zetec Inc..

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Non-Destructive Testing Market In Oil And Gas Industry Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 7.3%

Market growth 2024-2028

USD 1565.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.8

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 33%

Key countries

US, China, Saudi Arabia, India, Canada, UK, UAE, Germany, Russia, and Japan

Key companies profiled

Acuren Corp., Amerapex Corp., Applus Services Technologies SL, Ashtead technology, Baker Hughes Co., Bureau Veritas, Dakota Ultrasonics Corp., Dexon Technology PLC, Eddyfi Technologies, Evident Corp, FORCE Technology, Intertek Group Plc, Magnaflux, Mistras Group Inc., Phoenix Inspection Systems Ltd, SGS SA, Sonatest Ltd, Team Inc, TUV Rheinland AG, Vibrant NDT Services, Videray Technologies Inc., and Zetec Inc.

Market Driver

The integration of advanced technologies, including AI, ML, IoT, and AR, is revolutionizing Non-Destructive Testing (NDT) in the oil and gas industry. Automated NDT processes reduce human error and boost operational efficiency, enabling continuous monitoring and real-time data analysis. AI algorithms analyze vast amounts of data to identify patterns and predict potential failures, preventing costly downtimes and enhancing safety. IoT devices collect and transmit data from NDT processes, enabling remote monitoring and control, and providing real-time analysis for immediate decision-making. Augmented reality (AR) provides technicians with real-time information and guidance during inspections, enhancing accuracy and efficiency in complex environments. The adoption of these technologies is expected to set new standards for the industry, improving the accuracy, reliability, and cost-effectiveness of inspections, enabling predictive maintenance, and reducing operational risks. This trend is driving the growth of the Non-Destructive Testing market in the oil and gas sector during the forecast period. 

Non-Destructive Testing (NDT) plays a crucial role in the Oil and Gas industry, ensuring the safety and reliability of fuel rods, infrastructure, and components. Trends in NDT include advanced products like Eddy current testing and industrial CT scanners, which offer improved flaw detection and inspection capabilities. Traditional testing services, such as ultrasonic testing and radiographic testing, remain essential for component testing in various sectors like Aerospace and Defense, Power and Energy, and Automotive and Transportation. Waste management and cost-effectiveness are key concerns. Software and instrumentation, including probes and advanced NDT processes, help optimize NDT operations. Robotics and automated crawlers streamline inspections, reducing labor costs. In industries like healthcare, NDT aids in detecting conditions like osteoarthritis and degenerative disc disease, contributing to medical tourism and healthcare expenses. NDT is vital for system failures prevention in industries like shale oil, where safety and efficiency are paramount. By staying updated on the latest NDT trends and technologies, businesses can enhance their operations and maintain a competitive edge. 

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 Market Challenges

The oil and gas industry relies heavily on Non-Destructive Testing (NDT) to ensure the integrity and safety of their infrastructure. However, the high initial cost of NDT equipment poses a significant challenge. The expense for advanced NDT devices, such as ultrasonic flaw detectors, can be substantial, with a single stainless-steel ultrasonic testing unit costing approximately USD5,665. Concrete NDT testing equipment is more affordable but still represents a considerable investment, with a single unit costing around USD600. The cost of specialized ultrasonic testing equipment for corrosion, erosion, and plate thickness measurement can also add up, with a 25MM ultrasonic testing device costing around USD30. The high cost of NDT equipment necessitates careful budgeting by oil and gas companies. While the benefits of NDT in preventing failures and ensuring safety are clear, the financial burden of acquiring these technologies can be a significant hurdle. Companies must weigh the long-term advantages against the immediate financial outlay, balancing safety and operational efficiency with budgetary constraints. This challenge highlights the need for strategic investment and potential financial support mechanisms to facilitate the adoption of essential NDT technologies in the oil and gas industry. The high cost of NDT equipment will negatively impact the growth of the oil and gas NDT market during the forecast period.Non-destructive testing (NDT) plays a crucial role in ensuring material integrity in various industries, including oil and gas. Fault detection is essential for preventing costly downtime and maintaining safety. Ultrasonic testing using ultrasonic equipment is a popular NDT process, detecting internal defects. Advanced NDT methods like industrial CT scanners and robotics are used for complex component testing. Traditional NDT techniques like radiographic testing and magnetic particle inspection are also used. The aerospace and defense industries have led the way in NDT innovation, with remote inspection technologies and automated crawlers. NDT is also vital in power generation, especially for pipelines and pressure systems, detecting internal and external corrosion. NDT equipment includes portable devices and drones for volumetric inspection. Virtual training programs help ensure high-quality NDT inspections. The oil and gas industry, shale oil, and power industry all benefit from NDT, focusing on material integrity and inspection techniques. NDI, NDE, and NDE are interchangeable terms for NDT. NDT is used in construction, inspection of pressure systems, steam turbines, gas turbines, and nuclear power plants. Visual inspection, liquid penetrant inspection, and ultrasonic inspection are common NDT methods.

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Segment Overview 

This non-destructive testing market in oil and gas industry report extensively covers market segmentation by  

Method 1.1 Traditional methods1.2 Advanced methodsType 2.1 Services2.2 EquipmentGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Traditional methods-  The Non-Destructive Testing (NDT) market in the Oil and Gas industry is significant due to the sector’s reliance on equipment reliability and safety. NDT techniques like ultrasonic testing, radiography, and magnetic particle inspection help identify defects without damaging the equipment. These tests ensure the integrity of pipelines, tanks, and other structures, preventing potential leaks and ensuring operational efficiency. The NDT market continues to grow as the Oil and Gas industry focuses on maintaining safety standards and reducing downtime.

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Research Analysis

Non-destructive testing (NDT) is a critical process used in various industries, including oil and gas, to ensure material integrity and detect faults without damaging the tested components. Ultrasonic testing and radiographic testing are common NDT techniques, utilizing ultrasonic equipment and industrial CT scanners, respectively. Advanced NDT processes, such as robotics and automated crawlers, enhance efficiency and precision in fault detection. NDT is essential in sectors like aerospace and defense for detecting internal and surface defects in components. NDI, NDE, and NDE are interchangeable terms for this non-invasive inspection method. NDT is also crucial in power generation for detecting internal and external corrosion in pipelines and other critical infrastructure. Visual inspection and liquid penetrant inspection are additional techniques used in NDT. Training is vital for NDT professionals to maintain the highest standards and stay updated on the latest technologies and techniques.

Market Research Overview

Non-destructive testing (NDT) is a critical process used in various industries, including oil and gas, to ensure material integrity and detect faults without damaging the tested components or structures. NDT techniques, such as ultrasonic testing, radiographic testing, industrial CT scanners, and advanced NDT processes, are used to identify internal and surface defects in pipelines, pressure systems, steam and gas turbines, nuclear power plants, and other critical infrastructure. Ultrasonic equipment, robotics, automated crawlers, and remote inspection technologies enable efficient and accurate NDT. Traditional NDT methods like liquid penetrant inspection and magnetic particle inspection continue to be used alongside new technologies. NDT is essential in the aerospace sector and defense industry for component testing and inspection of complex structures. The power industry, including shale oil and gas, relies on NDT for internal and external corrosion detection, volumetric inspection, and inspection of instrumentation and probes. Training programs and virtual training are crucial for maintaining expertise in NDT techniques and technologies. Portable NDT devices, drone inspection, and software solutions further expand the capabilities of NDT in various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

MethodTraditional MethodsAdvanced MethodsTypeServicesEquipmentGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Ben Kunz Promoted to Chief Strategy Officer of Mediassociates

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Brings focus on predictive analytics and AI research to advertising media campaigns

SANDY HOOK, Conn., Nov. 26, 2024 /PRNewswire/ — Recently, Mediassociates—a leading media planning, buying, and marketing analytics agency—announced the promotion of Ben Kunz to Chief Strategy Officer. Ben has been with the agency for nearly two decades, most recently serving as Executive Vice President, where he managed the agency’s client strategy and business development teams.

Ben Kunz Promoted to Chief Strategy Officer of Mediassociates

In his new role, Ben will lead marketing client strategy and product/service development at the agency, focusing on guiding the strategic direction of Precision Branding, Mediassociates’ unique approach to media buying and analytics. Ben was a driving force behind the agency’s Precision Branding methodology, which integrates upper- and lower-funnel advertising communications with new data signals about consumer and B2B prospect behavior, leading to more effective marketing outcomes. In addition, Ben will spearhead several key initiatives the agency including evolving its next generation PrecisionBranding.AI platform for improved ad campaign planning, testing, and forecasting, as well as developing innovative data strategies to help marketers connect with future customers.

A former management consultant and nationally published columnist, Ben has established himself as a prominent voice in media innovation, artificial intelligence and behavioral economics. Ben was an early champion of digital transformation in our industry and the shift to mobile. His insights have been featured in publications such as Ad Age, Forbes, Adweek, BusinessWeek, The Atlantic, and The Wall Street Journal. Additionally, he is a sought-after speaker at industry events, including the DMA Awards and SXSW.

“Ben is always 20 moves ahead in his thinking. With his foresight and expertise in tech and media trends, Ben is the ideal leader to elevate strategic thinking for our clients and our team,” said Jeff Larson, CEO of Mediassociates. “His track record of predicting industry shifts and his innovative approach to client solutions will be instrumental in driving the next phase of our growth.”

Throughout his tenure at Mediassociates, he has played a central role in building client success, launching the agency’s analytics, programmatic, predictive modeling, and AI practices. This has contributed to over 400% growth over the past decade.

“It’s an exciting time to be a leader in media,” Kunz said. “With advertising platforms changing almost daily and artificial intelligence building power and speed in campaign planning, I look forward to bringing new solutions forward for our clients and creative-agency partners.”

In his personal time, Ben is dedicated to cancer research fundraising, enjoys hiking in Iceland with his wife, and is passionate about photography.

About Mediassociates

Mediassociates is a leading independent, full-service media agency headquartered in Sandy Hook, CT. Since its founding in 1996, the agency has experienced remarkable growth, expanding threefold since 2020. With $275 million in media billings and a dedicated team of 102 employees, Mediassociates is positioned to be both nimble and scalable. The agency serves a national client base, partnering with mid-market companies to drive growth and leverage media as a competitive advantage. Mediassociates is a proud member of the Worldwide Partners Independent Agency Network and has received numerous industry accolades, including being recognized as a Best Place to Work by Ad Age, listed among the Fastest Growing Agencies by Adweek, honored as Media All-Stars by MediaPost, and designated a Premier Partner by Google.

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LeafLink Acquires Wholesale Marketplace Leaf Trade

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Combined companies are estimated to facilitate nearly $9 billion in wholesale gross merchandise value (GMV) yearly

Acquisition further streamlines technology tools available for cannabis operators to run their businesses more efficiently

LeafLink’s suite of cannabis solutions now includes B2B Marketplace tools, business banking, payment options like Payment on Sell-Through, data insights, B2B advertising, and retailer tools

NEW YORK, Nov. 26, 2024 /PRNewswire/ — LeafLink, the nation’s leading cannabis wholesale platform, today announced it has acquired Leaf Trade, a wholesale marketplace primarily used by multi-state operators (MSOs) and enterprise cannabis companies.

With this deal, LeafLink will support the full spectrum of cannabis businesses, from small brands and retailers to MSOs, with robust marketplace offerings and industry-leading tools. The LeafLink and Leaf Trade technology platforms will operate as-is without disruption while a full integration roadmap is rolled out.

“Leaf Trade has been the clear industry leader serving the MSO and enterprise segment and we are thrilled to welcome the Leaf Trade team to LeafLink. We look forward to working closely with our new customers and providing integrated technology solutions that allow them to run their businesses more efficiently,” said Artie Minson, President and CEO of LeafLink. “Our mission at LeafLink is to help the regulated cannabis industry reach its greatest potential. We’re doing this by providing products and implementing standards that significantly streamline operational processes and meaningfully improve financial performance. Streamlining the technology stack is critical to ensuring the industry’s long-term success and we are thrilled to be partnering with the industry’s largest companies in pursuit of this goal.”

“This acquisition is an incredible win for our team, our customers, and the advancement of the cannabis industry. The Leaf Trade team has done a tremendous job driving significant growth while achieving profitability. With LeafLink’s acquisition of Leaf Trade, we’re unifying our strengths to create even more innovative solutions that drive growth and value across the supply chain. We are excited that our customers will now be able to leverage some of the major product investments that LeafLink has made recently,” said Brian Ward, CEO of Leaf Trade. “Sweed, a partner of Leaf Trade under High Tech Holdings, will remain an independent business, which allows us to reinvest in its growth and continue building on the tremendous momentum we’ve achieved. By leveraging our strategic partnership with LeafLink, Sweed will deliver smarter tools that empower our customers to drive growth and streamline operations.”

This past year, LeafLink has gained significant momentum behind its product portfolio with a suite of new tools. These new additions include Payment on Sell-Through, an industry-first fintech tool that tackles delinquent payments and enhances LeafLink’s existing payment tools; LeafLink Plus, a subscription service that includes detailed inventory analytics; and enhanced access to reliable, compliant, and safe cannabis business banking on the LeafLink platform via the acquisition of Dama Financial. These new products complement and enhance LeafLink’s existing product suite, which includes marketplace tools, targeted advertising, SaaS integrations, logistics software, and market insights.

As a result of strong performance, organic growth opportunities, and its focused mission to be the B2B operating system for the regulated cannabis industry, LeafLink recently upsized its Series D fundraising round from $100 million to $125 million. Investors in the Series D financing include CPMG, Nosara, L2 Ventures, Thrive Capital, and Tiger Global.

Contact: Press@LeafLink.com

About LeafLink
Founded in 2016, LeafLink is the wholesale cannabis industry’s leading B2B technology platform helping thousands of customers in 30+ markets. LeafLink believes that better access to modern financial services will propel the industry towards sustainable growth. In July of 2024, LeafLink announced the acquisition of leading cannabis banking platform Dama Financial in order to provide access to safe, reliable, and compliant banking. In 2024, LeafLink was included in the Fast Company, Best Workplaces for Innovators List in the Banking, Finance, and Fintech category and was also awarded Green Market Report’s Best Cannabis Fintech

About Leaf Trade
Leaf Trade, a pioneering wholesale cannabis platform, is transforming how the industry connects cultivators, distributors, and retailers. By streamlining the supply chain and integrating with top industry systems, Leaf Trade ensures efficient and compliant transactions. With a significant presence in over 25 states and trusted by many of the largest cannabis operators, Leaf Trade stands out as a reliable and innovative solution for the cannabis market.

About Sweed
Sweed is redefining cannabis retail management with its cohesive platform, seamlessly combining Point of Sale, eCommerce, and Marketing & Loyalty solutions. As the original enterprise-grade platform purpose-built for multi-location scalability, Sweed empowers retailers to efficiently manage sales, customer engagement, marketing, and inventory — all from one system. By delivering a tailored, data-driven experience without relying on external integrations, Sweed enables cannabis retailers to drive growth and deliver exceptional customer experiences. For more information, visit https://sweedpos.com/.

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Unlock Laser Engraving Excellence: Monport’s Biggest Black Friday Sale

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NEW YORK, Nov. 26, 2024 /PRNewswire/ — Monport Laser is rolling out its highly anticipated Black Friday Blowout Sale, offering up to $6,000 in savings on top-tier laser engraving machines. The Black Friday sale, which runs from November 5 to December 5, 2024, includes massive discounts, exclusive bundle deals, and free gift offers for customers looking to upgrade their engraving capabilities.

Monport’s Black Friday sale is packed with unbeatable offers for both new and seasoned laser engraving enthusiasts. Whether you’re a hobbyist, small business owner, or professional looking to upgrade, Monport’s extensive sale has something for everyone. Customers can take advantage of massive savings, including up to $6,000 off on select machines, and enjoy special bundle offers that provide even more value.

Key Deals:

Up to $6,000 Off on top Monport Laser Engravers: Monport’s top models, including the Reno Pro and Mega Laser, are available at incredible discounts, ensuring customers can get high-quality, professional-grade machines at the best prices of the year.Buy More, Save More with Bundle Offers: Shoppers can save even more by purchasing laser engraver bundles, which include essential accessories and materials at discounted prices.Limited-Time Free Gift: For a limited time, customers who purchase any laser engraver will receive a gift card up to $300, perfect for future upgrades, accessories, or materials.60-Day Price Guarantee: Monport ensures customers get the best deal by offering a 60-day price guarantee, promising the lowest price available during the promotion.

For a limited time, customers who purchase any laser engraver will receive a gift card up to $300, which can be used for future upgrades or materials. Additionally, Monport is offering a 60-day price guarantee, ensuring buyers get the best price during the Black Friday promotion period.

The Monport Black Friday Sale also includes discounts on engraving materials and accessories, with savings of up to 20%. Whether a beginner or a seasoned pro, there’s a machine or accessory to suit every need, from small business owners to laser engraving enthusiasts.

Exclusive Online Livestream Events

In celebration of the Black Friday sale and the launch of the Monport MEGA Laser, Monport is hosting three livestream events featuring product demos, engraving tips, and Q&A sessions with experts. The Black Friday livestreams will also offer a chance to win prizes like LightBurn software licenses and air purifiers.

Livestream Schedule:

November 25, 2024, at 8 PM CST: Hosted by GregNovember 27, 2024, at 8 PM CST: Hosted by CasonNovember 29, 2024, at 3 PM PST: Hosted by Brett

During these Black Friday livestream events, viewers will see the capabilities of the Monport Reno Pro, learn engraving techniques, and get a sneak peek of the Mega Laser’s advanced features. Prizes will be awarded to participants who engage during the livestreams.

Shop Now for Unbeatable Savings

Monport Laser urges customers to act quickly to secure the best deals of the year. With exclusive discounts, special bundles, and live event giveaways, the Monport Black Friday Blowout Sale is the perfect opportunity to invest in laser engraving equipment or expand an existing setup.

For more details and to shop the full range of discounts, visit Monport Laser’s Black Friday Sale.

Shop now and get exclusive savings—limited time only!

About Monport Laser
Monport Laser is a leading provider of high-quality laser engraving machines and accessories, offering innovative solutions for hobbyists, small businesses, and professionals. Known for cutting-edge technology and exceptional customer service, Monport continues to set the standard in the laser engraving industry.

 

 

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