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Non-destructive testing equipment and services market $6.88 billion by 2020
Article Type: Industrial news From: Anti-Corrosion Methods and Materials, Volume 62, Issue 2
According to a new market research report:
Non-Destructive Testing Equipment & Services Market by Contact Methods (Ultrasonic, Eddy Current, Electromagnetic, Liquid Penetrant), Non-Contact (Radiography, Thermography, Visual Testing), Services (Inspection, Rental, Training, Consultation), Application & Geography – Analysis & Global Forecast to 2013 – 2020.
Published by MarketsandMarkets, the non-destructive testing market is expected to generate a revenue of $3.77 billion in 2013 and is expected to reach $6.88 billion by 2020, at a CAGR of 8.96 per cent between 2014 and 2020.
Non-destructive testing (NDT) is a testing of objects for their flaws and imperfections in accordance with some standard norms. The NDT market is, at present, witnessing a spree of mergers, partnerships and acquisitions among market players, which is resulting in a wide range of challenges and opportunities.
Ultrasonic testing and radiography are identified as one of the emerging NDT methods and are expected to witness major technological innovations over the next few years. Phased array technology and guided wave type of ultrasonic testing methods are expected to gain maximum traction in the future and to be the major stakeholders for the NDT contact methods, under the umbrella of the NDT Equipment market. One the other hand, traditional NDT methods, such as visual inspection and liquid penetrant testing, have been stagnated technologically over the past few years.
In the NDT services market, Eddy current testing is expected to hold the major share of the future NDT inspection services market. Eddy current testing is considered as one of the most effective NDT inspection services, as it can inspect a number of defects like welds, cracks, thickness and so on, as well as during the active phase of assembly line, and has wide applications in petrochemical and gas and power generation industry verticals.
North America is the largest geography in terms of market revenue for the NDT market. The Asia-Pacific region, Europe and the rest of the word are also considered as promising markets, along with China, Japan, India, Germany and the Middle East regions, which provide impetus to the growth.
The report profiles promising major players with a SWOT analysis of key players in the NDT market. The competitive landscape of the market presents an interesting picture, where a large number of small players have become a force to reckon with. The market is witnessing a series of new product launch announcements and partnerships across the value chain.
The major companies in the NDT Market are Mistras Group Inc. (USA), Olympus Corporation (Japan), GE Measurement & Control Solutions (USA), Nikon Corporations (Japan), Ashtead Technology (UK), Magnaflux Corporation (USA), Zetec Inc. (USA), Sonatest Ltd. (UK), Sonotron NDT (Israel), Bosello High Technology SRL (Italy), YXLON International GMBH (Germany), Fischer Technology, Inc. (Germany), Eddyfi (Canada) and many more.
More information is available from: http://www.marketsandmarkets.com