As per the latest report published by Variant Market Research, Global Non-Destructive Testing Equipment Market is estimated to reach $4,288 million by 2024; growing at a CAGR of 9.8% from 2016 to 2024. Non-Destructive Testing Equipment is useful for examination of material, component, and structure. Various companies are using non-destructive testing equipment for enhancement of processes, and to reduce waste. Non-destructive testing equipment is used for the examination of materials for errors and faults, according to standard norms without spoiling the object under testing. Increasing requirement regarding quality-assured machines, and development in aerospace & defense, and oil & gas industry are projected to support the growth of the non-destructive testing equipment market over the forecasted period.
Major factors driving the global non-destructive testing equipment market are strict security and safety government rules, growing requirement for improving the life of old infrastructure, maintenance development by numerous industries to confirm safety & effective performance of the machines. However, high cost of non-destructive testing equipment may act as a barrier for the market growth. Furthermore, growing infrastructure expansion in developing countries, and high usage of advanced NDT equipment would unfold with numerous growth opportunities in the forecasted year.
Major segments of the global non-destructive testing equipment market are testing method, technique, industry vertical, and geography. The testing method segment comprises radiography testing, ultrasonic testing, visual inspection, magnetic particle & electromagnetic, liquid penetrant, eddy-current, and other testing methods. By technique, the market is categorized as surface examination, volumetric examination, and other techniques. Based on industry vertical, the market is divided into aerospace & defense, oil & gas, energy & power, infrastructure, automotive & transportation, and other industry verticals.
Geographically, the global non-destructive testing equipment market is categorized into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of Russia, Germany, Italy, France, UK, and Rest of Europe. Asia-Pacific is segmented into China, Japan, India, South Korea, and Rest of Asia-Pacific. While RoW is bifurcated into South America, Middle East, and Africa.
The major players competing in the market are Ashtead Technology Inc., General Electric, Olympus Corporation, Zetec Inc., Sonatest Ltd., GE Measurement & Solutions, Magnaflux Corporation, Mistras Group Inc., Fischer Technology Inc., and YXLON International, among others.
The key takeaways from the report
- The report will provide detailed analysis of Non-Destructive Testing Equipment Market with respect to major segments such as testing method, technique, and industry vertical
- The report will include the qualitative and quantitative analysis with market estimation over 2015 - 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Non-Destructive Testing Equipment Market has been included in the report
- Profile of the key players in the Non-Destructive Testing Equipment Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Non-Destructive Testing Equipment Market
Testing Method Segments
- Radiography Testing
- Ultrasonic Testing
- Visual Inspection
- Magnetic Particle & Electromagnetic
- Liquid Penetrant
- Other Testing Methods
- Surface Examination
- Volumetric Examination
- Other Techniques
Industry Vertical Segments
- Aerospace & Defense
- Oil & Gas
- Energy & Power
- Automotive & Transportation
- Other Industry Verticals
- North America
- ·Rest of Europe
- ·South Korea
- ·Rest of Asia-Pacific
- ·South America
- ·Middle East