According to a new market report published by Transparency Market Research “Non-Destructive Testing Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” 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 to account for USD 4.78 Billion in 2021.
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Non-destructive testing are exercised for determining the physical properties of materials such as ductility, ultimate tensile strength and fracture toughness. The non-destructive testing is used to ensure product reliability and integrity to control manufacturing processes. In addition, stringent government safety regulations for quality control, ensure 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. However, lack of skilled technicians is posing a challenge to the growth of non-destructive testing equipment market.
The global non-destructive testing equipment market is segmented on the basis of technology, into ultrasonic testing, radiography testing, electromagnetic testing, visual testing and others (including magnetic particle testing and liquid penetrant testing). Ultrasonic testing led the global non-destructive testing equipment market in the year 2014. Key growth factors driving the ultrasonic testing market are its wide usage in steel and aluminum, construction, manufacturing, aerospace and defense and automotive sectors.
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By end use industry market is divided into following segments: power generation industry, oil & gas industry, aerospace and defense industry, automotive industry and others (including plastic and polymer, and medical). As of 2014, power generation sector was the largest contributor in the global 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.
By geography, as of 2014, North America dominated the global non-destructive testing equipment market, accounting for 35.77% of the overall market. Huge investments in energy verticals such as oil and gas are majorly driving the market growth in North America. At the same time, Europe held the second largest market share and the demand for non-destructive testing equipment market is expected to increase during the forecast period.
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The market for non-destructive testing equipment in Europe is primarily driven by increase in demand for modernization of oil & gas and power generation sectors. The automotive industry is likely to contribute a large share to market revenues in Europe. Asia Pacific is expected to be the fastest growing region through the forecast period.
The report provides company market share analysis of various industry participants. The key players were also 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), Zetec Inc. (U.S.), Eddyfi NDT Inc. (Canada), Sonatest Ltd. (U.K.) and GE Measurement & Control Solutions (U.S.) among others.
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