Non Destructive Testing (NDT) Equipment Market Is Expected To Attain USD 5.70 Billion By 2022, Growing At A CAGR Of Over 5% From 2014 to 2022: Hexa Research

Hexa Research Added New Report Titled “Non Destructive Testing (NDT) Equipment Market” to its Database. Application of this equipment for quality control as well as inspection is likely to witness significant growth.

Non Destructive Testing (NDT) Equipment Market – Stringent government regulations for safety and quality control are projected to fuel industry demand. Government is taking counter measures in order to prevent accidents such as pipeline explosions and nuclear reactor leakages.

The aim of NDT is to ensure safety as well as reliability, it aids in detecting errors as well as troubleshoot the defects in any equipment, to avoid unpleasant incidents. It also acts as a method of prevention in high-pressure manufacturing units. This equipment is projected to be reliable as it helps in eliminating factual errors. Thus; the aforementioned properties are estimated to boost the non destructive testing equipment market demand.

Browse Detailed Report with TOC at:

Increasing cost and efforts involved in construction of infrastructure is expected to elevate the industry demand. It helps in improving longetivity of the facility as well as machinery, thus increases operational life. For instance, oil refineries in Middle East region are now enhancing their capacities in order to tackle global demand. Operating refineries at optimum capacity may cause any breakdown. Thus, in order to preserve these machines it is mandatory to inspect them for any defects and ensure smooth functioning.

Lack of skilled workforce for testing equipment is likely to hamper the industry growth. Training institutes are not equipped with updated equipment, which might pose as a challenge to the industry growth. However, innovation paired with advancements in NDT technologies such as phased array ultrasound and eddy current array are likely to act as potential avenues for tremendous industry opportunities. These technologies offer more precise and reliable data and thus help in generating accurately assessed reports.

Technology Overview

Ultrasonic testing was the leading non destructive testing equipment market technology in 2014 and was valued over USD 1.1 billion. It is estimated to exceed USD 1.5 billion by 2022 growing at a CAGR of over 5% from 2014 to 2022. The surge in the industry can be attributed to prominent usage in numerous industries such as aerospace and defence, steel and aluminium construction, manufacturing and automotive sector.

Electromagnetic testing was valued over USD 0.60 billion in 2014. It is expected to exceed USD 1 billion by 2022 growing at CAGR of over 5.5% from 2014 to 2022. The growth can be attributed to its growing usage in oil and gas industries.

Related Reports:

3D Scanning Market:

Global Compressed Air Treatment Equipment Market:

Air Traffic Control (ATC) Equipment Market:

End-Use Overview

Power generation was the leading segment. It was valued over USD 1 billion in 2014. It is estimated to reach USD 1.50 billion by 2022 growing at a CAGR of over 5% from 2014 to 2022. The growth can be accredited to rising number of power plants accompanied by equipments used in power plant.

Oil and gas was the second largest market owing to large scale use of this equipment in industry assets such as vessels, tanks, piping, heat exchangers & condensers and rotating. It was valued over USD 0.90 billion in 2014. It is anticipated to exceed USD 1.40 billion by 2022 growing at CAGR of over 4.5% from 2014 to 2022.

Regional Overview

North America non destructive testing equipment market was valued over USD 1.3 billion in 2014, with CAGR expectation of over 5% from 2014 to 2020. It can exceed over USD 2 billion by 2022. The spur in the segment can be addressed to increasing investments in oil and gas industry.

Asia Pacific is projected to exceed USD 1.25 billion by 2022, growing at CAGR of 6% over the forecast period. Rising purchasing power along with improvising economic condition of the countries namely India, China, Malaysia, Japan and Indonesia is projected to drive the growth in the region.

Request a sample copy of this Report at:

Competitive Market Share

The global non destructive testing equipment market share is highly consolidated by top five industry players accounting for more than 70% of the overall share. GE Measurement & Control Solutions was the leading industry player accounting for more than 28% of the overall share. It has achieved the market leadership position through the expansion of the non-destructive test equipment product line through state-of-the-art technology integration. Key industry participants include GE Measurement & Control Solutions, Olympus Corporation, Zetec Inc. and Eddyfi NDT Inc. among others.

About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Media Contact
Company Name: Hexa Research
Contact Person: Michelle Thoras and Ryan Shaw
Phone: +1-800-489-3075
Address:Felton Office Plaza, 6265 Highway 9
City: Felton
State: California
Country: United States