Non-destructive testing equipment are majorly used to inspect and evaluate the components, materials or assemblies for discontinuities in characteristics without breaking down the serviceability of the system. Physical properties of materials such as tensile strength, fracture toughness, and ductility are assessed with the help of these tests. The global non-destructive testing equipment market is estimated to expand at a CAGR of 5.8% during the period between 2015 and 2021. The overall market was worth US$3.21 bn in 2014.
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Stringent government safety regulations for quality control and increasing demand to improve quality and longevity of the machines will propel the growth of the global non-destructive testing equipment market. The demand for non-destructive testing equipment has further increased to ensure safety and reliable performance of the machines. However, the lack of skilled technicians will restrict the growth of the market in the coming years. The global non-destructive testing equipment market has a huge opportunity to grow with the increasing demand for advanced non-destructive testing technologies.
Automotive Industry to Drive Demand from Global Non-Destructive Testing Equipment Market
In terms of technology, the global non-destructive testing equipment market has been categorized into radiography testing, ultrasonic testing, visual testing, electromagnetic testing, and others including liquid penetrant testing and magnetic particle testing. In 2014, the ultrasonic testing technology segment led the market. The growing demand for this technology segment can be attributed to its wide usage across various industries such as manufacturing, steel and aluminium construction, automotive, aerospace, and defence.
On the basis of end-use industries, the global non-destructive testing equipment market has been segmented into oil and gas, power generation, automotive, aerospace and defence, and others including medical, and plastic and polymer. The power generation industry presently dominates the market owing to the rising number of nuclear power plants and the growing demand for machines used in the power plants. In the coming years, the automotive industry is expected to witness the fastest growth in the market, followed by the oil and gas industry.
Asia Pacific to Emerge as Fastest Growing Region in Global Non-Destructive Testing Equipment Market
The global non-destructive testing equipment market has been segmented into four key regions: North America, Europe, Asia Pacific, and Rest of the World. In 2014, North America dominated the overall market and is expected to continue its dominance in the coming years. The rapid growth of the market in North America can be attributed to the huge investments in energy verticals such as oil and gas. Europe was the second largest region in 2014, followed by Asia Pacific. In the near future, Asia Pacific is anticipated to be the fastest growing region in the global non-destructive testing equipment market.
Key Players in Global Non-Destructive Testing Equipment Market
Some of the key players in the global non-destructive testing equipment market are YXLON International GmbH, Olympus Corporation, Nikon Metrology NV, Magnaflux Corporation, Zetec Inc., Mistras Group Inc., GE Measurement and Control Solutions, Eddyfi NDT Inc., and Sonatest Ltd.