The North America NDT and Inspection Market would witness market growth of 9.6% CAGR during the forecast period (2023-2030).
The US market dominated the North America NDT and Inspection Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,290.3 million by 2030. The Canada market is experiencing a CAGR of 12.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 11.1% during (2023 - 2030).
Safety remains of the utmost importance within the oil and gas sector, considering the inherent dangers that may arise during the extraction and exploration procedures. The services are of the utmost importance in identifying structural issues, corrosion, and defects in pressure vessels, pipelines, and other equipment to avert catastrophic failures that might result in environmental catastrophes or accidents. Oil and gas exploration frequently occurs in arduous and difficult environments, including offshore drilling platforms and remote locations on land.
Moreover, pipelines are a lifeline of the oil and gas industry, transporting hydrocarbons over vast distances. NDT techniques like ultrasonic, magnetic particle, and radiographic testing are employed to assess pipeline integrity, identify defects, and ensure pipelines can withstand transportation stresses without leaks or failures. Pressure vessels are critical components in oil and gas processing facilities. Ensuring their integrity is vital to prevent catastrophic failures.
The growth of manufacturing in Canada is likely to contribute to the expansion of the market in the country. Like many developed nations, Canada maintains strict regulatory standards across industries. Compliance with these standards necessitates using NDT and inspection techniques to identify and rectify defects or irregularities, ensuring that products and processes meet the required safety and quality criteria. According to Statistics Canada, in 2020, manufacturing revenues reached $24.6 billion. In 2020, net revenues reached $2.47 billion compared to $2.05 billion in 2019. Thus, the growing manufacturing activities in North America will lead to enhanced growth in the regional market.
Free Valuable Insights: The NDT and Inspection Market is Predict to reach USD 21.3 Billion by 2030, at a CAGR of 10.4%
Based on Offering, the market is segmented into Services (Inspection Services, Equipment Rental Services, Calibration Services, and Training Services) and Technique (Ultrasonic Testing (UT), Magnetic Particle Testing (MPT), Radiographic Testing (RT), Acoustic Emission Testing (AET), Visual Testing (VT), Liquid Penetrant Testing (LPT) and Eddy-Current Testing (ECT)s). Based on Vertical, the market is segmented into Manufacturing, Public Infrastructure, Automotive, Power Generation, Aerospace, Oil & Gas and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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