Global Nondestructive Testing Equipment Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 8.5% during forecast period of 2019 to 2026.
Drivers and Restrains:
Nondestructive testing (NDT) is a group of techniques that analyze, test, or evaluate materials, components or assemblies for discontinuities, or differences in characteristics without destroying the serviceability of the system or part. Aerospace, defense, oil and gas, power generation, and automotive are the prominent sectors that refer to NDT techniques to confirm the quality of products. Non-destructive testing is highly valuable for products as it returns the product in the same condition as it was before undergoing testing. An industry demanding methods of testing that can incite financial savings while enabling productive troubleshooting is driving the market growth.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The U.S. government has made it compulsory for manufacturers of non-destructive testing equipment to regularly involve in inspection activities. The European Committee for Standardization (CEN) is the European organization for planning, drafting and adopting European Standards in all areas of economic activity, excluding electro-technology and telecommunication. Thus, the strict safety government regulations are impelling the global NDT equipment market growth.
The global nondestructive testing equipment market is driven by an increase in the need for extending the life of obsolete infrastructure, increase in the oil & gas, power generation projects and stringent safety government regulations. Maintenance optimization by various industries to ensure the safety and efficient performance of the machines are also impelling the market growth. However, lack of skilled and qualified professionals are hampering the market growth at the global level. An increase in the use of advanced NDT equipment is likely to create lucrative opportunities in the global nondestructive testing equipment market.
Global Nondestructive Testing Equipment Market Segmentation Analysis:
Based on the industry verticals, the oil & gas and energy & power segment together held the largest market share of XX% in 2018 due to the presence of huge shale oil & gas reserves and nuclear power plants in various countries such as the U.S., the UK, Germany, China, France, and Italy. The augmented oil & gas and power generation projects, particularly in the nuclear energy sector in the U.S. drive the NDT equipment market growth, as NDT inspection plays an important role in the operating of these industries. Therefore, the increasing number of several oil & gas and power generation projects around the world drives the growth of the NDT equipment market.
Global Nondestructive Testing Equipment Market Regional Analysis:
Geographically, the nondestructive testing equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was accounted for US$ XX Mn in 2018 for the nondestructive testing equipment market and is expected to reach US$ XX Mn end of 2026, with a CAGR of XX%. The U.S. held the 80% revenue share of the overall North American NDT market and has XX nuclear power reactors operated by 30 different power companies that produce 798 TWh of electricity. The market in Asia Pacific is expected to expand at CAGR of XX% during the forecast period. Moreover, the rising investments in research and development activities for the introduction of advanced nondestructive testing equipment’s are predicted to accelerate the growth of this region in the near future.
A report covers the recent development in the market for the nondestructive testing equipment market e.g., January 2019 – Nikon’s X-ray and CT inspection systems are designed for quality inspection of aircraft and vehicle parts, aiding to confirm reliability. Nikon makes effective use of X-ray systems in the fields of manufacturing and R&D to contribute to a safer society.
The objective of the report is to present a comprehensive analysis of global nondestructive testing equipment market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global nondestructive testing equipment market dynamics, structure by analyzing the market segments and project the global nondestructive testing equipment market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the global nondestructive testing equipment market make the report investor’s guide.
Scope of the Global Nondestructive Testing Equipment Market:
Global Nondestructive Testing Equipment Market, by Testing Method:
• Ultrasonic Testing
• Radiography Testing
• Visual Inspection Testing
• Magnetic Particle Testing & Electromagnetic Testing
• Eddy-Current Testing
• Liquid Penetrant Testing
Global Nondestructive Testing Equipment Market, by technique:
• Volumetric Examination
• Surface Examination
Global Nondestructive Testing Equipment Market, by industry Vertical:
• Oil & Gas
• Energy & power
• Aerospace & Defense
• Automotive & transportation
Global Nondestructive Testing Equipment Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Global Nondestructive Testing Equipment Market, Major Players:
• Olympus Corporation
• Intertek Group PLC
• SGS SA
• Ashtead Technology Inc.
• General Electric
• Sonatest Ltd
• Zetec, Inc.
• Nikon Metrology NV
• Mistras Group Inc.
• Carestream Health
• YXLON International
• T.D. Williamson Inc.
• Bosello High Technology Srl
• Fischer Technology Inc.
• Cygnus Instruments Ltd.
• NDT Global GmBH
• LynX Inspection
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
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