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Key Regional Trends in Global Non-destructive Testing (NDT) Equipment Market

Blog Description

The global non-destructive testing equipment market is projected to expand significantly in the coming few years. According to Transparency Market Research (TMR), the global non-destructive testing equipment market will expand at a 5.80% CAGR during the forecast period from 2015 to 2021. Some of the key factors driving the global non-destructive testing equipment market are the stringent safety regulations imposed by the government for quality control and the growing demand to enhance the quality and longevity of the machines. In addition to this, the global non-destructive testing equipment market is propelled by the growing need to ensure safety and reliable performance of the machines.

Browse the full Report of Global Non-Destructive Testing Equipment Markethttp://www.mrrse.com/nondestructive-testing-equipment

Regionally, the global non-destructive testing (NDT) equipment market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Although the global non-destructive testing equipment market will be driven by the aforesaid factors, the key drivers of the regional markets are distinct from each other.

Elevated Investments Propelling North America NDT Equipment Market

In 2014, North America dominated the non-destructive testing (NDT) equipment market. The North America non-destructive testing (NDT) equipment market is primarily driven by the growing amount of investments made in energy verticals. The energy industry is the third largest industry in the U.S, attracting a huge amount of investments. For instance, to drive the renewable energy capacity, the U.S. is projected to invest nearly US$700 bn in the next two decades, according to Bloomberg New Energy Finance (BNEF).

Focus on Modernization of Power Generation Sectors Driving Europe Market

Europe holds a significant share in the global non-destructive testing (NDT) equipment market. This regional market is fuelled by the growing demand for modernization of the power generation sector and the oil and gas sector. In the next few decades, significant modernization will take place in Europe’s power generation sector. According to the Institute of Energy Economics and the Rational Use of Energy, around 75% of today’s energy generation capacity in Europe will be replaced by 2030.

Rapidly Expanding Power Generation Sector to Benefit APAC Market

APAC is projected to observe the fastest growth in the non-destructive testing (NDT) equipment market during the forecasting horizon. By end use, the non-destructive testing (NDT) equipment market is divided into aerospace and defense, oil and gas, power generation, automotive, and others. The presence of a large number of domestic and international power generation companies in the emerging economies in APAC is projected to drive the global non-destructive testing (NDT) equipment market significantly.

Furthermore, the rapidly expanding installed capacity of wind energy in APAC will also benefit this regional NDT equipment market. This, along with the growing transportation infrastructure in countries such as India and China, will drive the APAC non-destructive testing (NDT) equipment market in the coming years.

Browse the full Press Release of Global Non-Destructive Testing Equipment Markethttp://www.mrrse.com/nondestructive-testing-equipment-industry

Some of the key companies operating in the global non-destructive testing (NDT) equipment market are Sonatest, MISTRAS Group, YXLON International, Magnaflux Corporation, GE Measurement & Control Solutions, and Olympus Corporation. The key players in the global non-destructive testing equipment market will benefit from the opportunity presented by the growing demand for advanced non-destructive testing equipment.