ALBANY, NY — the global nondestructive testing equipment market was valued at $3.21 billion in 2014, growing at a CAGR of 5.8 percent from 2015 to 2021 to account for $4.78 billion in 2021.
The figures are according to a new market report published by Transparency Market Research, titled “Nondestructive Testing Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
View the full report at www.transparencymarketresearch.com/nondestructive-testing-equipment.html.
Nondestructive testing determines the physical properties of materials such as ductility, ultimate tensile strength and fracture toughness. The nondestructive testing is used to ensure product reliability and integrity to control manufacturing processes.
In addition, stringent government safety regulations for quality control ensure safety and reliable performance of the machines, and increasing demand to improve quality and longevity of the machines are the major factors that are driving the nondestructive testing equipment market globally. However, lack of skilled technicians is posing a challenge to the growth of the nondestructive testing equipment market.
The global nondestructive testing equipment market is segmented on the basis of technology, into ultrasonic testing, radiography testing, electromagnetic testing, visual testing and others (including magnetic particle testing and liquid penetrant testing). Ultrasonic testing led the global nondestructive testing equipment market in the year 2014. Key growth factors driving the ultrasonic testing market are its wide usage in steel and aluminum, construction, manufacturing, aerospace and defense and automotive sectors.
By geography, as of 2014, North America dominated the global non-destructive testing equipment market, accounting for 35.77 percent of the overall market. Huge investments in energy verticals such as oil and gas are majorly driving the market growth in North America. At the same time, Europe held the second largest market share and the demand for nondestructive testing equipment market is expected to increase during the forecast period. The market for nondestructive testing equipment in Europe is primarily driven by an increase in demand for modernization of oil and gas and power generation sectors. The automotive industry is likely to contribute a large share to market revenues in Europe. Asia Pacific is expected to be the fastest growing region through the forecast period.
The report provides company market share analysis of various industry participants. The key players were also profiled on the basis of company details, product type, financial overview, historical roadmap, business strategies and the recent developments in the field of nondestructive testing equipment market.Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services.