Artificial Intelligence (Chipsets) Market worth $57.8 billion by 2026

 

According to the latest market research report "Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing, Context Aware Computing, Computer Vision), Hardware (Processor, Memory, Network), End-User Industry, and region - Global Forecast to 2026", The global AI (chipsets) market size is expected to be valued at USD 7.6 billion in 2020 and likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period. Major drivers for the market are increasingly large and complex datasets driving the need for AI, the adoption of AI for improving consumer services and reducing operational costs, the growing number of AI applications, the improving computing power, and growing adoption of deep learning and neural networks.

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The computer vision technology projected to grow at the highest CAGR during the forecast period

Computer vision technology is expected to grow at the highest CAGR in the AI (chipsets) market during the forecast period. The growing adoption of computer vision in autonomous or semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI (chipsets) market.

The GPU segment is expected to grow the fastest during the forecast period

The market for GPUs is expected to grow at the highest CAGR during the forecast period. This growth is attributed to high parallel computing offered by GPUs and increasing adoption of GPUs at servers/edge devices for processing various AI applications/solutions across industry verticals. GPUs and FPGAs are widely used to implement machine learning algorithms. In terms of throughput, GPUs are ~100 times faster than FPGAs, whereas, in terms of power efficiency, FPGAs are 50 times better than GPUs. GPUs are used extensively to accelerate computational workloads, and their capabilities are growing faster than those of x86 CPUs

AI (chipsets) for the manufacturing industry is expected to grow at highest CAGR during the forecast period

The AI (chipsets) market for the manufacturing industry is expected to witness the fastest growth during the forecast period. This growth is attributed to increasing factory automation and growing demand to reduce operational costs. Additionally, trends such as Industry 4.0 are boosting the growth of AI (chipsets) in the manufacturing sector.

AI (chipsets) market in APAC projected to grow at the highest CAGR from 2020 to 2026

The market in APAC is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of AI services in end-user industries such as manufacturing, healthcare, and automotive in countries such as Japan, China, Australia, and South Korea. Additionally, declining AI hardware costs and increasing demand to improve consumer services are supplementing the growth of the AI (chipsets) market in APAC.

Some of the major players in the AI (chipsets) market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), Xilinx, Inc. (Xilinx) (US), Samsung Electronics Co., Ltd. (Samsung) (South Korea), Micron Technology, Inc. (Micron) (US), Qualcomm Technologies, Inc. (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), Advanced Micro Devices, Inc. (AMD) (US), General Vision, Inc. (US), and Huawei Technologies Co., Ltd. (Huawei) (China).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Cryocooler Market worth $3.1 billion by 2025

 

The report "Cryocooler Market with COVID-19 Impact and Analysis by Type (GM, PT, JT, Stirling, Brayton), Offering (Hardware, Services), Heat Exchanger (Recuperative, Regenerative) Operating Cycle (Open,Closed loop), Application, and Geography - Global Forecast to 2025", is expected to grow to USD 3.1 billion by 2025 from an estimated USD 2.3 billion in 2020, at a CAGR of 6% during 2020-2025 period. The rising adoption of cryocoolers in semiconductor industry, superconducting magnets, and power systems, along with surging adoption of cryocoolers in MRI, NMR equipment, and proton therapy in healthcare sector are major factors driving the growth of cryoclooer market globally. The other key factors driving the growth of  the market includes the increasing demand for cryocoolers in space applications and the development of cryocoolers for microsatellite military applications.

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Regenerative heat exchanger cryocooler to hold largest market share during forecast period

The market for regenerative heat exchangers cryocooler type is expected to account larger share during the forecast period. The major factors contributing to the growth of the market include the increasing adoption of regenerative heat exchangers in GM, PT, and Stirling cryocoolers. In addition, these cryocoolers are used in a wide range of applications in military, space, medical, energy, agriculture and biology, and other sectors, which is leading to the high consumption of these heat exchangers.

Closed-loop cycle cryocooler is expected to witness the highest growth rate during the period 2020 and 2025

The closed-loop cycle cryocoolers are expected to grow at the highest rate during the forecast period mainly due to their broader application areas, which include IR detectors/ sensors, thermal cameras, magnetic resonance imaging (MRI), surgical probes, night vision systems, superconducting devices, and commercial refrigerators. Recent technological advancements have led to the development of high-temperature infrared detectors with a cooling range between 150 and 200 K. Closed-cycle systems such as JT cryocoolers are being used in a wide range of applications in night vision systems due to the absence of mechanical parts, miniature size, and rapid cooling capacity.

Cryocooler market for military application to hold largest market share between 2020 and 2025

The military application is likely to hold the largest market size among all the applications of cryocoolers from 2020 to 2025. The major factors contributing to the growth of this market include the rising adoption of cryocoolers in cooling infrared sensors used in military applications. The cryocoolers are used to cool down the infrared sensors to ~80 Kelvin. In addition, the growing demand for night vision surveillance and missile detection from satellites over the last few years has led to the increasing use of cryocoolers. Moreover, cryocoolers are used in high-end systems and detectors such as missile warning systems, UAVs, miniature payloads, thermal weapon sights, and airborne enhanced vision systems (EVS).

Americas to hold largest share of cryocooler market during forecast period

The Americas is expected to hold the largest share of the cryocooler market during 2020–2025. The Americas is estimated to account for the largest market share of cryocoolers from 2020 to 2025. The US and Canada are among the leading countries in the world in terms of medical research, healthcare innovation, and expenditure on healthcare imaging equipment, medical cryosurgery, and proton therapy. Cryocoolers in the Americas also finds huge applications in satellite monitoring and missile guidance in military applications.

The report profiles key players such as Sumitomo Heavy Industries (Japan), Chart Industries (US), Sunpower (US), Cryomech (US), Northrop Grumman Corporation (US), Advanced Research Systems (US), DH Industries (The Netherlands), Janis Research Company (US), RICOR – Cryogenic & Vacuum Systems (Israel), Superconductor Technologies (US), and Air Liquide (France).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Real-Time Location Systems Market worth $10.3 billion by 2025

 

According to the new market research report "Real-Time Location Systems Market (RTLS) with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Technology, Vertical (Healthcare, Manufacturing, Retail, Education, Govt., Sports), Application/Use case, Geography- Global Forecast to 2025" , The RTLS market is expected to grow from USD 3.4 billion in 2020 to USD 10.3 billion by 2025; it is expected to grow at a CAGR of 24.8% from 2020 to 2025. The RTLS market has been witnessing significant growth over the past years, mainly owing to the high adoption of RTLS solutions in the healthcare, manufacturing & automotive, retail, and transportation & logistics verticals, and growing adoption in emerging use cases. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the RTLS market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently or were non-operational in various countries, thereby negatively impacting the demand for RTLS solutions. Additionally, COVID-19 has also disrupted the supply chain of the RTLS market, which is hindering the manufacturing, distribution, and installation of RTLS solutions.

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Wi-Fi segment to hold the largest share of the RTLS market, by technology, in 2020

Wi-Fi segment will lead the RTLS market, by technology, in terms of size, in 2020. A number of RTLS vendors have been using the existing Wi-Fi infrastructure to lay out RTLS solutions for the purpose of data sharing. This has resulted in the greater use of Wi-Fi technology for RTLS applications, especially in newer verticals and emerging markets.

The market for supply chain management & operational automation/visibility segment to grow at the highest CAGR during the forecast period

The supply chain management & operational automation/visibility application segment is expected to witness highest growth in the RTLS market during the forecast period. In this segment, RTLS solutions are gaining popularity for locating inventory in warehouses as well as throughout supply chains. RTLS technologies allow better visualization of supply chain dynamics in real time. As companies move toward Industry 4.0, there arises the demand for greater visibility to facilitate faster decision-making. Real-time data of supply chain operations allows quicker response times for any alterations in normal operations.

North America to hold the largest share of RTLS market by 2020

North America is expected to hold the largest share of the RTLS market by 2020. The US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. Europe is expected to account for the second-largest share of the RTLS market during the forecast period. The UK and Germany are significant demand-generating countries for RTLS solutions in this region.

A few key players operating in the RTLS market are Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), Savi Technology (US), TeleTracking Technologies (US), AiRISTA (US), Ubisense Group (UK), Decawave (Ireland), and Litum Technologies (Turkey).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Vibration Sensors Market worth $3.0 billion by 2025

 

According to the new market research report "Vibration Sensors Market with Covid-19 Impact by Type (Accelerometers, Proximity Probes, Displacement Sensors, Velocity Sensors), Monitoring Process (Online and Portable), Equipment, Industry, and Region - Global Forecast to 2025", the vibration sensors market was valued at USD 2.0 billion in 2020 and is projected to reach USD 3.0 billion by 2025; it is expected to grow at a CAGR of 8.2% from 2020 to 2025. A few key factors driving the growth of this market are growing adoption of automated condition monitoring technologies for the development of smart factories, rising use of wireless systems for machine condition monitoring, ongoing transition from preventive to predictive maintenance, and increasing demand for vibration sensors from emerging applications.

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Accelerometers to hold largest share of vibration sensors market during forecast period

Accelerometers are expected to account for the largest share of the vibration sensors market during the forecast period. The growth of this segment can be attributed to the increased use of accelerometers for collecting vibration monitoring data. Piezoelectric accelerometers are the most commonly used sensors in vibration monitoring applications. They are suitable for a wide band of frequencies, ranging from very low to very high frequencies. These accelerometers are also available in a wide variety of application-specific designs.

Energy and power industry to account for the largest share of vibration sensors market during forecast period

The Energy and power industry is expected to account for the largest share of vibration sensors market during forecast period. The power industry is facing challenges owing to the continuously increasing demand for power and the requirement to reduce distribution losses. This has led power generation companies to offer continuous power supply at low costs and monitor their processes for any unwanted changes. Hence, vibration sensors play a crucial role in the power sector.

Vibration sensors market in APAC to grow at highest CAGR during forecast period

Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure on industries such as oil and gas, energy and power, chemicals, and automotive to achieve operational efficiency are fueling the growth of the vibration sensors market in APAC. The expansion of manufacturing activities as a result of the shifting of production bases to APAC countries, such as China, India, and South Korea, with low labor costs, is driving the demand for vibration sensors in the region. However, the outbreak of the COVID-19 has significantly affected the manufacturing sector of APAC. As neighboring countries in the region are linked to one another through trade relations and supply chain, the entire region is affected by this pandemic.

Baker Hughes Company (US), TE Connectivity (Switzerland), SKF (Sweden), Honeywell International Inc. (US), Emerson Electric Co. (US), Robert Bosch (Germany), NXP Semiconductors (Switzerland) Omron Corp. (Japan), Rockwell Automation Inc. (US), National Instruments (US), Robert Bosch (Germany), Dytran Instruments, Inc. (US), KEYENCE Corp. (Japan), Fluke Corp. (US), Wilcoxon Sensing Technologies (US), PCB Piezotronics (US), and SPM instrument (Sweden), are among the major players in the vibration sensors market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Artificial Intelligence (Chipsets) Market worth $57.8 billion by 2026

 According to the latest market research report "Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing, Context Aware Computing, Computer Vision), Hardware (Processor, Memory, Network), End-User Industry, and region - Global Forecast to 2026", The global AI (chipsets) market size is expected to be valued at USD 7.6 billion in 2020 and likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period. Major drivers for the market are increasingly large and complex datasets driving the need for AI, the adoption of AI for improving consumer services and reducing operational costs, the growing number of AI applications, the improving computing power, and growing adoption of deep learning and neural networks.

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The computer vision technology projected to grow at the highest CAGR during the forecast period

Computer vision technology is expected to grow at the highest CAGR in the AI (chipsets) market during the forecast period. The growing adoption of computer vision in autonomous or semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI (chipsets) market.

The GPU segment is expected to grow the fastest during the forecast period

The market for GPUs is expected to grow at the highest CAGR during the forecast period. This growth is attributed to high parallel computing offered by GPUs and increasing adoption of GPUs at servers/edge devices for processing various AI applications/solutions across industry verticals. GPUs and FPGAs are widely used to implement machine learning algorithms. In terms of throughput, GPUs are ~100 times faster than FPGAs, whereas, in terms of power efficiency, FPGAs are 50 times better than GPUs. GPUs are used extensively to accelerate computational workloads, and their capabilities are growing faster than those of x86 CPUs

AI (chipsets) for the manufacturing industry is expected to grow at highest CAGR during the forecast period

The AI (chipsets) market for the manufacturing industry is expected to witness the fastest growth during the forecast period. This growth is attributed to increasing factory automation and growing demand to reduce operational costs. Additionally, trends such as Industry 4.0 are boosting the growth of AI (chipsets) in the manufacturing sector.

AI (chipsets) market in APAC projected to grow at the highest CAGR from 2020 to 2026

The market in APAC is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of AI services in end-user industries such as manufacturing, healthcare, and automotive in countries such as Japan, China, Australia, and South Korea. Additionally, declining AI hardware costs and increasing demand to improve consumer services are supplementing the growth of the AI (chipsets) market in APAC.

Some of the major players in the AI (chipsets) market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), Xilinx, Inc. (Xilinx) (US), Samsung Electronics Co., Ltd. (Samsung) (South Korea), Micron Technology, Inc. (Micron) (US), Qualcomm Technologies, Inc. (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), Advanced Micro Devices, Inc. (AMD) (US), General Vision, Inc. (US), and Huawei Technologies Co., Ltd. (Huawei) (China).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Biometric System Market expected to reach $68.6 billion by 2025

 

The report "Biometric System Market with COVID-19 Impact by Authentication Type (Single-Factor: Fingerprint, Iris, Face, Voice; Multi-Factor), Offering (Hardware, Software), Type (Contact-based, Contactless, Hybrid), Vertical, and Region - Global Forecast to 2025", is expected to grow from USD 36.6 billion in 2020 to USD 68.6 billion by 2025; it is estimated to grow at a CAGR of 13.4% during the forecast period. The major factors driving the market include the increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications.

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“Multi-factor authentication are expected to to be the fastest-growing market for biometric system market during the forecast period”

The growing demand for multi-factor authentication is attributed to the rising need for additional security against the theft of sensitive data, especially in government and defense verticals. Combining multiple identifiers adds an extra level of protection, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.

“Hybrid biometric system market is expected to be the fastest-growing segment during the forecast period”

The highest CAGR of hybrid biometric systems is attributed to the increasing adoption of efficient and reliable biometrics. Multimodal biometric solutions offer enhanced safety against spoofing or forgery through multi-level authentication. In addition, many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometric modalities, using contact-based or contactless systems) for security checkpoints at country borders due to the heightened threat of terrorist attacks.

“RoW to be the fastest-growing market for biometric system during the forecast period”

The biometric system market in RoW has been further segmented into the Middle East & Africa and South America. The Middle East is one of the fastest-growing economies in the world in terms of infrastructure, electronics industry, and other technological advancements. The growth of the biometric system market in the Middle East & Africa can be attributed to their unique geographic location, airport hubs, and increasing passenger traffic. The government sector is the primary investor in the biometric system market in the Middle East, mainly for the national ID projects; the banking sector is another major contributor to market growth in the region. The adoption of biometrics technology in other sectors such as residential and commercial security, healthcare, and travel & immigration is comparatively low, but it is expected to increase in the next few years.

Major companies involved in the development and supply of biometric system are Thales (France), Safran (France) , NEC (Japan), ASSA ABLOY (Sweden), and Fujitsu (Japan).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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NDT and Inspection Market expected to reach $11.7 billion by 2025

 

The report "NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025", size is estimated to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025, growing at a CAGR of 7.0%. Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. The high adoption of IoT devices and rising need to assess aging assets health also propel the development of the NDT and inspection market.

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General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany),
Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the market.

Browse 93 market data Tables and 59 Figures spread through 231 Pages and in-depth TOC on "NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025"

“The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market in 2019”

Ultrasonic testing is expected to account for the largest market share in 2019. It is presently the most popular NDT technique owing to its ability to identify defects and determine their severity accurately. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for critical applications in the oil & gas and aerospace industries. Ultrasonic testing has evolved considerably over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic NDT inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications. This technique can also be deployed to inspect objects that are not easily accessible through direct contact, such as inspecting the piping system buried under the earths surface.

The market for the manufacturing vertical expected to grow at the highest CAGR during the forecast period

The manufacturing sector is expected to be the fastest-growing vertical in the NDT and inspection market from 2020 to 2025. This sector is receiving a boost from emerging markets such as China, India, and South Africa due to their growing manufacturing and industrial base. The NDT and inspection technique is widely used in manufacturing to ensure the integrity of components produced. This technique is primarily employed for preventive maintenance and failure analysis and the post-care of the damages.

North America expected to hold the largest market share during the forecast period

North America is expected to hold the largest share of the overall NDT and inspection market by 2025. The rapid growth of automotive, power generation, oil & gas, and aerospace & defense industries in the region are the major reason for the growing adoption of NDT equipment and rising demand for related services in North America.

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