San Francisco, Nov. 09, 2015 (GLOBE NEWSWIRE) -- Global Non Destructive Testing equipment Market is anticipated to reach USD 5.76 billion by 2022, as per a new research report by Radiant Insights, Inc. Stringent government safety initiatives for inspection and quality control across numerous industry verticals are estimated to drive industry growth. The government is focusing on safety issues in order to prevent accidents.
NDT is a technique applied to detect the defects in component or material in order to avoid equipment failure. It is implied to assure safety for both tester and tested product. This equipment assures reliability by avoiding the risk of over sightedness and it is expected to aid in elevating the industry demand.
Lack of trained workforce for investigating the components and material is anticipated to hamper the non destructive testing equipment market growth. Additionally, training offered by training institutes on out dated equipment is likely to challenge the industry demand. However, the advancement in the technology acts as an opportunity in the non-destructive test equipments market as it offers more reliable and accurate inspection data. The data is more repeatable and recordable with advanced NDT technologies.
Ultrasonic testing is used in various industries such as aerospace and defense, aluminum construction, steel, manufacturing as well as automotive. It was valued for USD 1.18 billion in 2014 and it is expected to grow at a CAGR of 5.2% from 2015 to 2022 owing to properties namely flaw detection/evaluation, material characterization and dimensional measurements.
Browse Full Research Report With TOC On "NDT Equipment Market Size, Share, Industry Report, 2022" at: http://www.radiantinsights.com/research/ndt-equipment-market
Key report insights suggest:
- Global non destructive testing equipment market size was estimated at 3.74 billion in 2014 and is expected to reach USD 5.76 billion by 2022, growing at an estimated CAGR of 5.5% from 2015 to 2022.
- North America NDT equipment market dominated regional demand with an estimated market share of 35.77% in 2014. It is anticipated to witness satisfactory growth owing to oil & gas industry investments. Improving economic condition along with rising purchasing power is likely to spur growth in Asia Pacific region. It is estimated to exhibit significant growth from 2015 to 2022.
- Ultrasonic testing dominated the technology segment with an estimated share of 31.57% in 2014 and it is likely to lead the industry over the forecast period. Electromagnetic testing accounted for 17.64% of the overall share and it is anticipated to grow at a CAGR of 5.8% from 2015 to 2022. The growth can be attributed to emerging applications in oil and gas industry sectors.
- Power generation was the foremost end-use segment in 2014. It is likely to witness significant growth over the forecast period owing to growing number of power plants and equipment involved in the same. Oil and gas was valued at USD 0.96 billion in 2014 and it is expected to reach USD 1.51 billion by 2022.
- Non destructive testing equipment industry displays fair degree of consolidation, with top five industry participants occupying a significant chunk of market share. GE Measurement & Control Solutions was the leading industry player, accounting for over 28% of the overall industry. Other key players in the industry include Olympus Corporation, Zetec Inc. and Eddyfi NDT Inc.
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Global Non-Destructive Testing Equipment Technology Overview (Revenue, USD Billion, 2015 - 2022)
- Ultrasonic Testing (UT)
- Radiography Testing (RT)
- Electromagnetic Testing (ET)
- Visual Testing (VT)
Global Non-Destructive Testing Equipment End-Use Overview (Revenue, USD Billion, 2015 - 2022)
- Power Generation
- Oil and Gas
- Aerospace and Defense
Global Non-Destructive Testing Equipment Regional Overview (Revenue, USD Billion, 2015 - 2022)
- North America
- Asia Pacific
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About Radiant Insights
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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Source: Radiant Insights