Portland, OR, June 14, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global nondestructive testing equipment market garnered $3.55 billion in 2020, and is slated to gain $8.12 billion by 2030, registering a CAGR of 8.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Major factor influencing the global nondestructive testing equipment market growth is humungous use of nondestructive testing equipment in oil & gas and power generation sectors. In addition, large-scale demand for products across various industry verticals will provide new opportunities for the market. Need for enhancing proficiency of manufacturing processes has resulted in use of nondestructive testing equipment in the production sector, thereby driving the nondestructive equipment market expansion. However, lack of availability of skilled technicians obstructs the growth of the nondestructive equipment market.
COVID-19 Scenario:
- The outbreak of COVID-19 resulted into reduction in demand for nondestructive testing equipment in 2020 and 2021. Moreover, lockdowns across globe led to fluctuations in product demand from firms operating in the oil & gas and power sectors.
- With various industrial units…
