Nondestructive Testing Equipment Market by Testing Method, Technique and Industry Vertical (Oil & Gas, Energy & Power, Aerospace & Defense, Automotive & Transportation, and Others) – Global Opportunity Analysis and Industry Forecast, 2014-2022
Nondestructive Testing Equipment Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3 billion by 2022, registering a CAGR of 9% during the period 2016 - 2022. In the year 2015, North America contributed major share in the market, and is projected to continue its dominance throughout the forecast period.
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North America generated the highest revenue in this market, followed by Europe and Asia-Pacific. Among the countries of North America, U.S. is the largest market with nearly 80% revenue share of the overall North American market due to significant spending in oil & gas and energy & power infrastructure. However, the market in Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of about 11%. Rise in infrastructural projects and power plants fuels the demand for NDT equipment in Asia-Pacific.
NDT refers to the method of examining materials/components to detect the defects/discontinuity in component or material to avoid equipment failure. In addition, it is used to ensure the safe utilization of engineering structures, product quality, and performance upon production. Increase in stringent government regulations across different geographical regions due to rise in incidence of infrastructure failures, need for extending the life of obsolete infrastructure, and maintenance optimization by various industries for efficient operations & quality/safety assurance are the factors that drive the growth of NDT market.
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By Testing Method
- Ultrasonic Testing
- Radiography Testing
- Visual Inspection Testing
- Magnetic Particle Testing & Electromagnetic Testing
- Eddy-Current Testing
- Liquid Penetrant Testing
- Others (Thermography Testing, Acoustic Emission, Terahertz Imaging, and Infrared Testing)
By Technique
- Volumetric Examination
- Surface Examination
- Others (Integrity Examination, and Condition Monitoring)
By Industry Vertical
- Oil & Gas
- Energy & power
- Aerospace & Defense
- Automotive & transportation
- Infrastructure
- Others (Educational Institutions, Healthcare, Process Industry, and Mining Industry)
The energy & power, and oil & gas sectors constituted largest market share owing to presence of huge shale oil & gas reserves in various countries such as U.S., UK, Germany, China, France, and Italy. The increased energy & power operation, particularly in the nuclear energy sector in U.S., also drives the NDT equipment market significantly as NDT inspection plays vital role in the functioning of the energy & power sector. At present, ultrasonic testing holds the largest market share, however, radiography testing is expected to surpass ultrasonic testing in the next five years, owing to the decline in average price of ultrasonic test equipment.
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NDT equipment industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Other key players in the industry include Olympus Corporation, Zetec Inc., and Sonatest among others. The key strategies adopted by these leading players are product launch, expansion, acquisition, partnership, and agreement to strengthen their market position and expand their geographical presence.
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