Press Release

Malaysia Non-Destructive Testing (NDT) Market to Surge at a CAGR of Around 21.05% During 2024-30

The Malaysia Non-Destructive Testing (NDT) Market is anticipated to grow at a CAGR of about 21.05% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The Non-Destructive Testing (NDT) market in Malaysia is witnessing a noteworthy growth rate due to its substantial adoption by sectors like manufacturing, oil & gas, construction, aerospace & defense, energy & utilities, etc. The establishments in these industries mostly operate under stringent regulatory standards, owing to which there is a substantial necessity for regular inspections to maintain the integrity of infrastructure. Hence, there is a heightened adoption of NDT solutions by companies operating in these sectors to comply with these standards.

Moreover, as per the United Nations Conference on Trade and Development (UNCTAD), Malaysia has showcased a remarkable 39% increase in foreign direct investment (FDI), reaching nearly USD 17 billion in 2022, compared to the previous year. This surge in FDI is spurring extensive infrastructure development, including the construction of highways, bridges, railways, etc., and to ensure that these projects meet the necessary standards of quality, the demand for Non-Destructive Testing (NDT) is growing subsequently, further states the research report, “Malaysia Non-Destructive Testing (NDT) Market Analysis, 2024.”

Segmentation Analysis

Volumetric Inspection Segment Holds a Major Market Share

Based on the method, the market is further bifurcated into, Visual Inspection, Surface Inspection, Volumetric Inspection (Situational Awareness, Counter Measures Development, etc.). Among them, volumetric inspection has seen significant growth, especially in industries with intricate structures and strict safety regulations like oil & gas, power generation, and aerospace.

Moreover, in Malaysia's industrial landscape, these industries stand out and have played a big role in the rise of volumetric inspection in the Non-Destructive Testing (NDT) Market. Along with this, the country is also seeing a rise in the adoption of preventive maintenance practices in industries, driven by the need to comply with regulations and minimize downtime. As a result, the demand for volumetric inspection techniques is expected to grow, which would lead to an increase in the market share of Volumetric Inspection in the coming years.

Oil & Gas Sector Leads the Malaysia Non-Destructive Testing (NDT) Market

In Malaysia, the oil and gas industry is a key user of Non-Destructive Testing (NDT) solutions, as the country is a significant player in the oil and natural gas market in Southeast Asia, ranking fifth in global liquefied natural gas (LNG) exports in 2019. The industry's extensive infrastructure, which includes pipelines, offshore platforms, and refining facilities, necessitates thorough inspections to uphold safety, environmental regulations, and operational efficiency. As a result, NDT methods such as ultrasonic and radiographic testing are crucial in ensuring the industry's effectiveness and compliance.

Moreover, the government is increasing investment in various new oil and gas projects to sustain the growth of the oil and gas sector. The initiation of these projects would drive the need for NDT equipment and services to maintain the operational efficiency of crucial infrastructure, which would lead to market growth & expansion during the forecast period.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including NDT Equipment Sdn Bhd, Nusantara Technologies Sdn Bhd, Aries Group, Oilfield Technical Inspection Sdn Bhd, EWF Group of Companies, Winner Inspection Sdn. Bhd., Xpert Engineering Solution Sdn Bhd, DÜRR NDT, Foerster Holding GmbH, IKM Gruppen AS, Cetim Corporate, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?