Global Non-Destructive Testing Equipment MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $4,288 million by 2024 from $2,025 million in 2016; growing at a CAGR of 9.8% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 11.4% and 10.5%, respectively, during the forecast period. Non-destructive testing equipment is helpful in the examination of components and materials, without causing any damage to the object. Many key players are adopting non-destructive testing equipment for effective operations and for safety & quality assurance.
"Non-Destructive Testing Equipment Market (By Testing Method: Ultrasonic Testing, Radiography Testing, Visual Inspection, Magnetic Particle & Electromagnetic, Eddy-Current, Liquid Penetrant and Other Testing Methods; By Technique: Volumetric Examination, Surface Examination, and Other Techniques; By Industry Vertical: Oil & Gas, Energy & Power, Aerospace & Defense, Automotive & Transportation, Infrastructure, and Other Industry Verticals; By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rising need for improving the quality and durability of the materials to drive the growth of the non-destructive testing equipment market
The factors supporting growth of the global non-destructive testing equipment are 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. However, high initial investment and scarcity of skilled manpower may act as a restraint for the growth of the market. Moreover, rapid development of infrastructure & automation would provide several growth opportunities for the market in the future years.
Testing method, technique, industry vertical, and geography are the major segments considered in the global non-destructive testing equipment market. By testing method, the market is bifurcated into radiography testing, ultrasonic testing, visual inspection, magnetic particle & electromagnetic, liquid penetrant, eddy-current, and other testing methods.Technique includessurface examination, volumetric examination, and other techniques. On basis of industry vertical, the market is segmented into energy & power, oil & gas, aerospace & defense, automotive & transportation, infrastructure, and other industry verticals. By geography, the market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
The country wise analysis has been also covered under the scope of the report. North America coversthe U.S., Canada, and Mexico.Russia, Germany, Italy,France, UK, and Rest of Europe are analyzed under the European market. China, Japan, India, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Ultrasonic testing accounted for the largest market share in the testing method segment
Global Non-Destructive Testing Equipment Market,by Testing Method
Ultrasonic testing accounted for the largest market share in 2016, in the testing method segment. 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 accounted for the largest market share in the technique segment
Global Non-destructive Testing Equipment Market, by Technique 2016 Vs 2024
Volumetric examinationaccounted for the largest market share in 2016, in the technique segment, and are expected to continue its dominance during the forecast period 2016 – 2024. The growth of volumetric examination will be driven by increasing applications of radiography, and ultrasonic testing methods in various industries such as oil & gas, infrastructures, transportation, energy & power generation, chemicals & petrochemicals, and others.
Energy & power accounted for the largest market share in the industry vertical segment
Global Non-Destructive Testing Equipment Market, by Industry Vertical
Energy & power accounted for the largest market share in 2016, in the industry vertical segment, is expected to continue its dominance during the forecast period 2016 – 2024, owing to growing number of nuclear power plants & the subsequent growing demand for machines used in power plants.
North America dominated the global market with highest market share over the forecast period
GLOBAL NON-DESTRUCTIVE TESTING EQUIPMENT MARKET SHARE BY GEOGRAPHY, 2016 (%)
North America dominated the global non-destructive testing equipmentmarket with largest market of 39% share in 2016, and expected to continue its dominance during the forecasted period, owing to high investments in energy verticals such as oil &gas.
The major players are General Electric, Olympus Corporation, Zetec Inc., Sonatest Ltd., Ashtead Technology Inc., GE Measurement & Control solutions, YXLON International, Mistras Group Inc., Magnaflux Corporation, and Fischer Technology Inc., among others.