Eddy Current NDT Equipment Market to Reach $538 Million by 2026
NEW YORK — Owing to the increasing adoption of inspection technology in sectors like power generation, oil and gas, automotive and aerospace, a huge market has development for eddy current NDT equipment in the North America region. With the presence of key manufacturers and increasing demand for electric vehicles, there is likely to a spur in the demand of automotive testing equipment.
Major aircraft manufacturers such as Boeing Inc. and Airbus have their manufacturing plants in North America and accounts for more than eighty percent of aircraft production all over the world. In addition, the air transport sector supported 6.2 million jobs and contributed $654.2 billion to GDP in North America.
As the aerospace industry keeps growing in the region, it is likely to generate a huge demand for NDT equipment market. These are some of the findings in the latest research report released by Persistence Market Research, "Eddy Current NDT Equipment Market: Global Industry Analysis 2013 - 2017 and Opportunity Assessment 2018 - 2026."
The report presents an assessment of the global eddy current NDT equipment market and provides an overview of the various segments of this market and the various regions where this market is growing at a brisk pace. As per the numbers provided in this research report, the global eddy current NDT equipment market is estimated to be valued at $324.6 million in 2018 and is forecasted to reach a valuation of $537.9 million in 2026, exhibiting a CAGR of 6.5% during the period of forecast 2018-2026.
Global Eddy Current NDT Equipment Market: Dynamics
Governments in developed countries such as United States, Canada, Germany and many others are focusing on ensuring a safe working environment for the workers. Keeping this in mind, governments are enforcing the laws for the generation and maintenance of the safe environment at the workplaces, especially the ones which involve the use of machines. The heavy duty machines used in various types of industry verticals such as manufacturing, automotive, aerospace and others have a lot of scope for implementing stringent safety measures.
The number of accidents causing physical injuries to the floor workers are increasing day by day. Sometimes, such kind of accidents are fatal as well. Hence, in order to ensure the safety at the factories, governments across the world are implementing the laws for ensuring the human and process safety at the workplace. Due to such a scenario, there is an increasing demand for eddy current NDT equipment for the purpose of ensuring a safe working environment.
With increasing globalization, the competition for the machine safety product manufacturers is increasing all over the world. Also, this type of competition is getting increasingly fueled by the overseas market participants. All the manufacturers are competing against each other as well as with the foreign players in the machine safety product market for acquiring a dominant position in the market.
However, due to such cut-throat competition, there is a negative impact on the price setting strategy. Hence, the manufacturers are forced to deliver quality products at low prices and this is a major challenge faced by manufacturers for sustaining in the eddy current NDT equipment market.
The global eddy current NDT equipment market is segmented on the basis of equipment type, technology, application, end-use industry and by region; Inline Testing Equipment is projected to reach a market value of $16.4 million by 2026; the measurement segment was valued at $54.7 million in 2017.
Array scanning based technology is growing at a significant CAGR and is an emerging technology owing to its reduced inspection time; Transportation segment to account for 65.3% of the market value share in 2018; The North Americaeddy current NDT equipment market was valued at $123.2 million in 2017 and is projected to exhibit a CAGR of 6.5% during the period of assessment.
Read the full report at persistencemarketresearch.com/market-research/eddy-current-ndt-equipment-market/toc