Global Market for NDT Equipment is Projected to Reach US$1.8 Billion by 2020
Innovation in Automated
Equipment Drives Demand for Non-Destructive Test Equipment, According to New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, market size and demand forecasts on the global Nondestructive
Test (NDT) Equipment market. Global market for NDT Equipment is projected to
reach US$1.8 billion by 2020, driven by the introduction
of automated, technologically advanced, user-friendly equipment.
As a method of
testing materials and components for identifying defects, Non-Destructive Test
(NDT) Equipment is finding widespread applications in a range of end-use
sectors. Petrochemical, aviation and manufacturing industries represent few of
the key application areas. Rising incidences of infrastructure failures such as
refinery blasts, leakages in nuclear reactors, and pipeline explosions have
prompted governments across the globe to enact stringent safety regulations,
thus driving increased adoption of NDT equipment.
Several other factors,
such as, technology advancements, growing use of machinery, increasing
complexity of machines, high cost of machinery failure, stringent product usage
specifications, and tight quality control requirements, are also helping drive demand
for NDT equipment. Development of nanomaterials,
and their use in manufacturing a range of structural equipment, is creating a need
for NDT equipment that can perform inspection of such material and structures. Introduction
of advanced, user-friendly, automated NDT equipment is resulting in the expansion
of NDT equipment into non-traditional end-use markets such as mining and
foundry, automotive manufacturing and aftermarket, chemical/refinery industry,
transportation, and biomedical.
Ultrasonic radiography and eddy-current testing equipment represent traditional
product markets which have achieved tremendous success over the years. Future growth
however is forecast to come from emerging new technologies such as X-Ray
computed tomography, phased array ultrasonic and computed radiography Remote
visual inspection equipment is also achieving considerable attention, with the aerospace
sector especially mandating use of this equipment in a range of applications.
As stated by the new market research report on Nondestructive Test
Equipment, Europe represents the largest regional market worldwide.
Asia-Pacific ranks as the fastest growing market with a projected CAGR of 10%
over the analysis period. Demand in the region is led by establishment of new power
and transportation infrastructure and rapid growth in automotive production
bases in countries such as China and India.
Major players covered in the report include Acoustic Emission
Consulting Inc., Bosello HighTechnology SRL, Centurion NDT Inc., Fischer
Technology Inc., Extech Instruments Corp., Fujifilm Corporation, GE Measurement
& Control, Everest VIT Inc., Gould-Bass Company Inc., Hamamatsu Photonics K.K.,
Insight NDT Equipment Ltd., ibg NDT Systems Corporation, INSTITUT DR. FOERSTER
GMBH & CO. KG, KARL DEUTSCH Pruef- und Messgeraetebau GmbH + Co KG, KARL
STORZ GmbH & Co. KG, Magnetic Analysis Corporation, MISTRAS Group Inc., NDT
Systems Inc., NDTS India (P) Limited, Olympus Corporation, Sonatest Ltd.,
Wesdyne NDE Products Group, YXLON International Inc., and Zetec Inc. among
others.
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