Non-destructive Testing Equipment Market Overview
Global Nondestructive Testing Equipment Market is expected to reach $3 billion by 2022, growing at a CAGR of 9% during the forecast period 2016 - 2022. Nondestructive testing (NDT) is the application of measurement techniques to identify defect and discontinuity in material, component, or structure. Nondestructive testing equipment market is expected to witness considerable growth, owing to continuous evolution in power & energy, oil & gas, and aerospace & defense coupled with growth in need for quality-assured machines. Companies need to have quality accredit in accordance with standards such as ISO 9001 quality management system and other quality control assurance certifications. In addition, the number of companies using nondestructive inspection (NDI) to improve processes, reduce waste, and limit liability has increased considerably, resulting in growth in the market demand.
The market growth is supplemented by the increase in stringent safety government regulations across different geographical regions owing to rise in incidence of infrastructure failures and need for extending the life of obsolete infrastructure and maintenance optimization by various industries for efficient operations and quality/safety assurance. However, high cost of equipment and lack of skilled technicians may impede the market growth. Increase in usage of advanced materials is expected to create numerous opportunities for growth.
The nondestructive testing equipment market is segmented on the basis of testing method, technique, industry vertical, and geography. Based on testing method, it is divided into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Based on nondestructive examination (NDE) techniques, it is categorized into volumetric examination, surface examination, and others. It is classified on the basis of industry vertical into oil & gas, energy & power, aerospace & defense, automotive & transportation, infrastructure, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Nondestructive Testing Equipment Market Scenario
The impending need of safe and reliable product/material has increased the usage of NDT equipment in various emerging economies. The market growth is driven by the stringent safety government regulations, maintenance optimization by various industries to ensure safety and efficient performance of the machines and increasing oil & gas, and power generation projects across different geographical regions. Furthermore, technological advancements have augmented the overall industrial development within a wide range of industries. Oil & gas, energy & power, and aerospace & defense are some of the leading sectors (commercial and government agencies) which use NDT techniques to ascertain the quality of end products, related material during manufacturing, and gain operations efficiency.
Impact of NDT on the Rail System
UK network used various NDT methods to curb the rail breaks. As per Rail Accident Investigation Branch, in UK, the number of rail breaks have reduced from 919 in 2000 to 178 in 2013.
NONDESTRUCTIVE TESTING EQUIPMENT MARKET KEY BENEFITS:
- This report provides an in-depth analysis of the global nondestructive testing equipment market, along with current trends and future estimations to identify lucrative investment opportunities
- Key drivers, opportunities, and restraints that impact the market are analyzed.
- Porters Five Forces analysis highlights the potency of buyers and suppliers to facilitate better business decisions for stakeholders and strengthen their supplier and buyer networks.
- Market estimation of geographical regions is based on the current market scenario and future trends.
NONDESTRUCTIVE TESTING EQUIPMENT SEGMENTATION
The market is segmented based on testing method, technique, industry vertical, and geography.
BY TESTING METHOD
- Ultrasonic Testing
- Radiography Testing
- Visual Inspection Testing
- Magnetic Particle Testing & Electromagnetic Testing
- Eddy-Current Testing
- Liquid Penetrant Testing
- Others (Thermography Testing, Acoustic Emission, Terahertz Imaging, and Infrared Testing)
- Volumetric Examination
- Surface Examination
- Others (Integrity Examination, and Condition Monitoring)
BY INDUSTRY VERTICAL
- Oil & Gas
- Energy & power
- Aerospace & Defense
- Automotive & transportation
- Others (Educational Institutions, Healthcare, Process Industry, and Mining Industry)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East