Global NDT Equipment Market: Rising Need for Quality and Durability of The Mater
According to the latest report published by Variant Market Research, the global non-destructive testing equipment market size is projected to reach $4,288 million by 2024 from $2,025 million in 2016. In this report, non-destructive testing equipment market forecast says that the global market is growing at 9.8% CAGR from 2016 to 2024.
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Growing government rules for safety, quality control of machines to drive the global market
The global non-destructive testing equipment market trend includes rising need for improving the quality and durability of the materials, growing government rules for safety, quality control of machines, and increasing adoption of these equipment in various industries. Though, high initial investment may hinder the non-destructive testing equipment market growth. Moreover, rapid development of infrastructure & automation would provide an opportunity for players of market.
The global non-destructive testing equipment market is classified into testing method, technique, industry vertical, and geography. Testing method segment includes radiography testing, ultrasonic testing, visual inspection, magnetic particle & electromagnetic, liquid penetrant, eddy-current, and other testing methods. Further, the market is classified on basis of technique into surface examination, volumetric examination, and other techniques. Industry vertical comprises energy & power, oil & gas, aerospace & defense, automotive & transportation, infrastructure, and other industry verticals. North America (U.S., Mexico, and Canada), Europe (France, Russia, Italy, Germany, UK, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in non-destructive testing equipment & services market.
Ultrasonic testing, by testing method dominated the global market in 2016
Ultrasonic testing held for the highest market share in 2016 and likely to be dominant during the forecast period, 2016– 2024. To detect flaws in properties of the materials, ultrasonic testing uses high frequency sound waves. Also, it is used to determine the thickness & to spot the depth of internal flaws of metallic & non-metallic materials, driving the high usage of this testing method.
Volumetric examination, by technique dominated the global market in 2016
Volumetric examination held for the highest market share in 2016 and likely to be dominant during the forecast period, 2016– 2024. Increasing applications of radiography, and ultrasonic testing methods in various industries such as oil & gas, infrastructures, transportation, energy & power generation, chemicals & petrochemicals, and others is the driving factor for the growth of this segment.
Energy & power, by industry vertical dominated the global market in 2016
Energy & power held for the highest market share in 2016 and likely to be dominant during the forecast period, 2016– 2024. Growing number of nuclear power plants & the subsequent growing demand for machines used in power plants is the driving factor for the growth of this segment.
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North America dominated the global market in 2016
North America held for the highest market share in 2016 and likely to be dominant during the forecast period, 2016– 2024. High investments in energy verticals such as oil &gas is the driving factor for the growth of the market in North America. Asia-Pacific (including Singapore, Malaysia, among others) is expected to grow at a fastest CAGR during the forecast period.
Key players are offering innovative products and services to increase their non-destructive testing equipment market share. Major players of the market are Magnaflux Corporation, General Electric, Olympus Corporation, Zetec Inc., Sonatest Ltd., Ashtead Technology Inc., GE Measurement & Control solutions, YXLON International, Mistras Group Inc., and Fischer Technology Inc, among others.
Scope of the Global Non-Destructive Testing Equipment Market
Testing Method Segments
- Ultrasonic Testing
- Radiography Testing
- Visual Inspection
- Magnetic Particle & Electromagnetic
- Liquid Penetrant
- Other Testing Methods
- Volumetric Examination
- Surface Examination
- Other Techniques
Industry Vertical Segments
- Oil & Gas
- Energy & Power
- Aerospace & Defense
- Automotive & Transportation
- Other Industry Verticals
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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