Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A12139 | Pages: 330 | Charts: 62 | Tables: 149 |
The global eddy-current testing market size was valued at $964.45 million in 2020 and is projected to reach $2.3 billion by 2030, growing at a CAGR of 9.5% from 2022 to 2030.
Eddy current testing is an enhanced non-destructive testing inspection method that is used to discover flaws, measure material &coating thickness, identify materials, and determine the heat treatment state of specific materials. Eddy current testing is a specifically built coil powered by an alternating current, which is positioned near the test surface, creating a changing magnetic field that interacts with the test part and generates eddy current measurement in the region.
In addition, eddy current inspection uses a receiver coil to monitor the alternate current flowing in the primary excitation coil. Moreover, the rise in penetration of automation solutions in industrial sectors is anticipated to offer significant growth opportunities for the eddy-current testing market forecast.
Get more information on this report: Request Sample Pages
The eddy-current testing market share is expected to witness notable growth during the forecast period, owing to a rise in safety regulations by governments. Furthermore, advancement in the new ECT technology is expected to drive the growth of the eddy current testing Industry. Moreover, the surge in outsourcing of services is projected to propel the eddy current testing market growth during the forecast period.
However, the lack of a skilled and qualified workforce is one of the prime factors that restrain the eddy current testing market outlook. On the contrary, increased infrastructural developments in emerging economies and manufacturing opportunities in BRICS are expected to provide lucrative opportunities for the growth of the eddy-current testing market outlook during the forecast period.
The outbreak of COVID-19 has significantly impacted the growth of the eddy current testing in 2020; however, the rise in safety and security regulation in the oil & gas and manufacturing sectors is expected to drive the market by the end of 2022. Nevertheless, the market was principally hit by several obstacles created amid the COVID-19 pandemic such as a lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdowns globally. In contrast, the rise in technological advancement in emerging economies significantly boosts the need for advanced testing and security solutions, which is expected to drive the growth of the eddy-current testing market opportunity during the forecast period.
The eddy-current testing market is segmented into technique, service, and industry verticals.
By technique, the market is segmented into conventional eddy current testing, remote field testing, alternating current field measurement, eddy current array, and others. The remote field-testing segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.
[TECHNIQUEGRAPH]
By service, the market is split into inspection services, equipment rental services, calibration services, and training services. The inspection services segment dominated the eddy-current testing industry in 2020 and is anticipated to drive the market in the coming years.
[SERVICEGRAPH]
Based on industry vertical, it is classified into manufacturing, oil & gas, automotive, power generation, government infrastructure & public safety, and others. The oil & gas segment acquired the largest share in 2020, and the BFSI segment is expected to grow at a high CAGR from 2022 to 2030.
[INDUSTRYVERTICALSGRAPH]
By region, the eddy current testing market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global eddy-current testing market growth. Major organizations and government institutions in the country are intensely putting resources into the technology.
[REGIONGRAPH]
Competitive analysis and profiles of the major eddy current testing market players, such as General Electric Company, Ether NDE Limited, Olympus Corporation, Eddyfi NDT Inc, Mistras Group Inc., Ashtead Technology Ltd., TUV Rheinland AG, Ibg NDT System Corporation, Fidgeon Limited, and Magnetic Analysis Corporation Inc. are provided in this report
Key Market Segments
Key Market Players