Eddy Current Testing Equipment Market Outlook - 2027
The global eddy current testing equipment market share is experiencing a significant growth and is expected to grow considerably in the next few years. Eddy current testing uses the concept of electromagnetism and uses it for non destructive testing. Eddy current testing equipment is used for detection of surface cracks and sub surface damage in metallic material components.
This technique is one of the most widely used among other non destructive testing. This testing technique is widely used across various industry verticals in power generation, aerospace, automotive, and oil & gas. This equipment has been profitable in industries, since it enables rapid examination during different stages of manufacturing and reduces downtime of operating plant components.
The global eddy current testing equipment market is segmented on the basis of type, application services, industry vertical and region. Based on type, the market is divided into conventional eddy current, acfm and rft, eddy current array, pulsed eddy current, and others. In terms of application services, the market is categorized into inspection, calibration, and others. In terms of industry vertical, the eddy current testing equipment market is segregated into power generation, automotive, aerospace, manufacturing, oil & gas, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global eddy current testing equipment industry include Magnetic Analysis Corporation Inc., Olympus Corporation, Mistras Group Inc., Ether NDE Limited, TUV Rheinland AG, Fidgeon Limited, General Electric Company, Ashtead Technology Ltd., Eddyfi NDT Inc., Zetec Inc., IBG NDT System Corporation. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global eddy current testing equipment market.
COVID-19 Scenario Analysis
- The eddy current testing equipment market forecast has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have slowed down, which, in turn, have significant demand for intent-based networking (IBN) .
- Global factories have struggled to manufacture and assemble new devices as workers have stayed in their homes and even already available devices in various warehouses cannot be transported due to current rules and regulations, which, in turn, has disrupted the global supply chains.
- Impact of COVID-19 on this market is temporary as just production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase.
- This provide opportunities for companies to think about ways of increasing production, research about technologies, and improve current products.
Top Impacting Factors
Technological advancements used in the eddy current testing methods boosts the market growth. Evolution in these techniques has strengthened customers to adopt eddy current testing equipment. In addition, continuous support from government institutions and rise in infrastructure contribute toward growth. High adoption rate of eddy current testing equipment in the power generation, oil & gas, and aerospace industries. However, owing to limitation of the eddy current testing equipment on conductive materials impact growth of the testing market.
Rise in Adoption of Factory Automation
Factory automation being one of the top most industries in the U.S. and Canada boosts growth of the eddy current testing equipment. The process of automating factory involves a lot of safety standards that are imposed by governments in North America. Under Industry 4.0, which infers the fourth industrial revolution, the concept of automation of factories is kept in such a manner that the production continues even without any kind of human intervention. Sensors and autonomous robotics technology in industries are expected to be implemented globally. These advantages of factory automation also have a positive impact on growth of the eddy current equipment industry in the region.
Key Benefits of the Report:
- This study presents the analytical depiction of the global eddy current testing equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed global eddy current testing equipment market analysis.
- The eddy current testing equipment market trends are quantitatively analyzed to highlight the global eddy current testing equipment market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.
- This report provides the market share analysis by company for the base year.
Questions Answered in the Eddy Current Testing Equipment Market Research Report:
- Who are the leading market players active in the eddy current testing equipment market size?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the eddy current testing equipment?
- What are the projections for the future that would help in taking further strategic steps?
Eddy Current Testing Equipment Market Report Highlights
By Application Services
By Industry Vertical
Key Market Players
Mistras Group Inc., General Electric Company, IBG NDT System Corporation, Fidgeon Limited, Ashtead Technology Ltd., TUV Rheinland AG, Magnetic Analysis Corporation Inc., Olympus Corporation, Ether NDE Limited, Eddyfi NDT Inc.