Non-Destructive Testing Equipment - Worldwide Market Trend 2015-2022

• Analysis
• 23-July-2016

The "Global Non-Destructive Testing Equipment Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast" offered by Decisiondatabases.com covers the growth trend and complete market overview of the industry. The report is useful for business strategists for gaining a detailed understanding about the market, its value chain, competitor study and detailed company profiles leading or operational in the industry.
 

 
Non-destructive testing equipment (NDT) is used to inspect the components or materials for discontinuities in features without hampering the serviceability of the system or part. Over the past few years, NDT has become a basic need in various industries including aerospace, petroleum, oil & gas and construction across the globe. These tests are generally used to evaluate the physical characteristics of materials such as fatigue strength, impact resistance, ductility, fracture toughness and tensile strength. Stringent government regulations related to quality control along with increasing demand from end-user industries are the leading drivers of the non-destructive testing equipment industry under the research period. Moreover the growing demand to improve the longevity and performance of the machines is also anticipated to augment market growth in the near future. However, shortage of skilled professionals and high cost of automated NDT equipment are major restraints foreseen under the study period.

Recent technological innovations in the NDT equipment with the introduction of modern X-ray equipment including integrated X-ray equipment, glass X-ray tubes, radiation shielded X-ray equipment and others have increased the market penetration of the NDT equipment across various end-use industries. Rising demand for NDT equipment to ensure product consistency and integrity to organize manufacturing processes will further aid to the market growth. Furthermore, non-destructive testing equipment also reduces the manufacturing cost and maintains a regular quality level. Increasing incidences of infrastructure issues such as oil refinery blasts, nuclear leakages, and pipeline explosions have prompted strong regulations for safety and security thus driving the adoption of NDT in the recent scenario.

The non-destructive testing (NDT) equipment market is segmented on the basis of technology into ultrasonic testing, electromagnetic testing, radiography testing, visual testing and others (including magnetic particle testing and liquid penetrant testing). Ultrasonic testing is a major technology segment and is anticipated to grow at the highest CAGR over the forecast period owing to its rising usage in various end-user industries including steel & aluminium construction, manufacturing, defence, aerospace and automotive sectors.

Furthermore, non-destructive testing equipment market is sub-segmented based on end use industry into power generation, aerospace & defence, oil & gas, automotive industry and others (including plastic and polymer, and medical). The power generation is a leading end-user industry and is projected to grow significantly over the coming years due to an expansion of nuclear power projects and the subsequent growing demand for machinery used in power plants.

North America is a major market for NDT equipment and is anticipated to continue its dominance over the forecast period on account of rising capital investments in energy industries such as oil and gas. Asia Pacific is projected to grow at the fastest rate over the coming years owing to the high disposable income and presence of manufacturing units in the region.

The key industry players include Olympus Corporation, Magnaflux Corporation, YXLON International GmbH, Nikon Metrology NV, Mistras Group Inc., Zetec Inc., Eddyfi NDT Inc., GE Measurement & Control Solutions and Sonatest Ltd.
   
In July 2016, VisiConsult, a leading NDT equipment manufacturer, announced the opening of its first subsidiary in Atlanta, an American continent, to guarantee a faster and better support of existing systems in the aerospace and automotive industry.
In July 2016, Phoenix Inspection Systems Ltd launched a new scanning solution for the inspection of nozzle welds in set-through and set-on configurations as well.

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