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

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..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

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. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

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.

Discover how AI is revolutionizing market trends- Get your access now!

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.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/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-302292470.html

SOURCE Technavio