COVID-19 brought about major changes for companies and industries globally, followed by a recovery of operations in 2021. 2022 began with the war between Russia and Ukraine, which created fears of a global recession and inflation, resulting in uncertainties among manufacturers to plan future investments. While Europe is likely to be affected more, other regions will also be impacted.
• Europe will be the slowest to recover with moderate growth during the forecast period due to the lingering fear of an imminent recession.
• In general, the energy crisis, supply chain disruptions, and uncertainties in CAPEX investments are some of the factors that could slow down the growth of this industry.
• However, developments such as the increased use of composite materials and advancements in electronics and components that use emerging NDT techniques, such as THz, IR, laser shearography, and TFM, with enhanced testing capabilities, are expected to drive industry growth.
Sign up for a complimentary Growth Pipeline Dialog™
A Growth Pipeline Dialog is a structured open discussion with our growth experts providing unparalleled market intelligence, technology insights, and proven implementation best practices. This discussion will spark innovative thinking and help generate a pipeline of growth opportunities you can leverage to maximize your company’s future growth potential.
