Global non-destructive testing equipment market was valued at USD 3.21 billion in 2014, growing at a CAGR of 5.8% from 2015 to 2021. Non-destructive testing equipment are used to evaluate or inspect the materials, assemblies or components for discontinuities in characteristics without tearing down the serviceability of the part or system.
Albany, NY -- (SBWIRE) -- 08/19/2016 -- Non-destructive testing equipment are utilized in order to evaluate or inspect the materials, assemblies or components for discontinuities in their characteristics without affecting the serviceability of the part or system. The non-destructive testing equipment are used to determine the physical properties of materials such as ultimate tensile strength, ductility, impact resistance, fatigue strength and fracture toughness. In addition, non-destructive testing equipment also lowers the cost of production and sustains a uniform quality level. Furthermore, stringent government safety regulations for quality control, safety and reliable performance of the machines, and increasing demand to improve quality and longevity of the machines are the major factors that are driving the non-destructive testing equipment market globally.
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Among all the end use industry segments, power generation industry holds the largest market share at present in the non-destructive testing equipment market. The main factors driving this growth of the power generation industry are increasing number of nuclear power plants and the subsequent increasing demand for machines used in power generation plants. In 2014, oil and gas industry was the second largest end use industry in the non-destructive testing equipment market globally. Non-destructive testing equipment are utilized in oil and gas operations on the critical assets such as tanks, vessels, heat exchangers and condensers, piping and rotating equipments to identify potential damage mechanisms. The increasing number of failures of oil and gas equipment and tools, especially of pipes are spurring the need of non-destructive testing equipment in this industry.
This market research study analyzes the non-destructive testing equipment market on a global level, and provides estimates in terms of revenue (USD billion) from 2015 to 2021. The report identifies the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.
The report segments the market on the basis of geography as North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW), and these have been estimated in terms of revenue (USD billion). Furthermore, the report segments the market based on technology as ultrasonic testing, radiography testing, electromagnetic testing, visual testing and others (including magnetic particle testing and liquid penetrant testing). In addition, the market is segmented on the basis of end use industry which includes power generation, oil & gas, aerospace and defense , automotive and others (including plastic and polymer, and medical). All these segments have also been estimated on the basis of geography in terms of revenue (USD billion).
North America represents the largest market share of the non-destructive testing equipment market. In 2014, North America accounted for largest revenue share in the global non-destructive testing equipment market. Large investments in energy verticals such as oil and gas are chiefly driving the market growth in North America. Europe holds the second largest market share in the non-destructive testing equipment market followed by Asia Pacific and RoW respectively.
For better understanding of the non-destructive testing equipment market, the study also includes competitive landscape and market attractiveness analysis, wherein applications are benchmarked based on their market scope, growth rate, and market attractiveness.
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The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company details, product type, financial overview, historical roadmap, business strategies and the recent developments in the field of non-destructive testing equipment market. Major market participants in the non-destructive testing equipment market include Olympus Corporation (Japan), Magnaflux Corporation (United States), YXLON International GmbH (Germany), Nikon Metrology NV (Belgium), Mistras Group Inc. (United States), Zetec Inc. (United States), Eddyfi NDT Inc. (Canada), Sonatest Ltd. (United Kingdom) and GE Measurement & Control Solutions (United States).
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