Industry Overview
Global Non Destructive Testing (NDT) Equipment Market size is
expected to attain USD 5.70 billion by 2022, growing at a CAGR of over
5% from 2014 to 2022. Application of this equipment for quality control
as well as inspection is likely to witness significant growth. 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.
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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.
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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.
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.
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host of key industries across the globe. We offer comprehensive business
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