With industries around the world seeking to lower the overall cost
incurred on production and sustain high quality standards, the demand
for non-destructive testing equipment has significantly increased.
Stringent safety regulations enforced by governments for quality
control and the need for reliable performance of machines have
further aided the expansion of the global non-destructive testing
equipment market.In its report, titled “Non-Destructive Testing
Equipment Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast 2015 - 2021,” Transparency Market Research
(TMR) covers aspects such as the market segmentation based on various
parameters and factors influencing the market’s growth trajectory
between 2015 and 2021.
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Non-destructive testing equipment is mainly used to inspect or
evaluate faults in components, materials, or assemblies in machines
installed across industrial units. It also helps in determining the
physical properties of materials such as ductility, tensile strength,
fatigue strength, fracture toughness, and impact resistance. The most
crucial benefit offered by non-destructive testing equipment is
helping manufacturers to reduce the cost incurred on production and
sustain uniform quality levels.
The market, according to the report, was valued at US$3.21 bn in 2014
and is expected to reach US$4.78 bn by the end of 2021. If the
figures hold true, the global non-destructive testing equipment
market will exhibit a CAGR of 5.8% between 2015 and 2021.
Regionally, the report segments the global market for non-destructive
testing equipment into Asia Pacific, Europe, North America, and Rest
of the World. Of these, North America dominated the global market in
2014 and is expected to remain in its undisputed position as the
market leader until 2021. While Europe has emerged as the second
largest market for non-destructive testing equipment, Asia Pacific is
anticipated to exhibit the fastest CAGR during the report’s
forecast period.
Based on technology, the market is segmented into radiography
testing, visual testing, ultrasonic testing, electromagnetic testing,
and others (including liquid penetrant testing and magnetic particle
testing). Of these, the ultrasonic testing segment held the largest
share in the market in terms of revenue in 2014. The growing demand
for ultrasonic testing from industries such as manufacturing,
construction, defense, aerospace, and automotive gives a significant
impetus to the ultrasonic testing segment.
In terms of end-use industry, the market is further segmented into
aerospace, defense, automotive, power generation, oil and gas, and
others (including medical, polymer, and plastic). Of these, the power
generation industry dominates the market. However, the automotive
segment is anticipated to exhibit the fastest CAGR during the
forecast period.
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To provide a comprehensive overview, the report also profiles the
leading companies operating in the global non-destructive testing
market. Some of the companies profiled in the report are YXLON
International GmbH (Germany), Magnaflux Corporation (United States),
Olympus Corporation (Japan), Mistras Group Inc. (United States),
Nikon Metrology NV (Belgium), Sonatest Ltd. (United Kingdom), Zetec
Inc. (United States), Eddyfi NDT Inc. (Canada), and GE Measurement &
Control Solutions (United States).
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company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
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material for business reports.
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