Non-Destructive Testing Equipment & Services Market worth $6.88 Bn by 2020
- Says the New Study on ASDReports
According to the new report on ASDReports, the total market is expected to generate revenue of $3.77 billion in 2013 and is expected to reach $6.88 billion by 2020, at a CAGR of 8.96% between 2014 and 2020.
Non-Destructive Testing (NDT) is a testing of objects for their flaws and imperfections in accordance with some standard norms. The Non-Destructive Testing (NDT) market is, at present, witnessing a spree of mergers, partnerships, and acquisitions among market players, which is resulting in a wide range of challenges and opportunities.
Non-Destructive Testing Equipment & Services Market - Analysis & Global Forecast to 2013 - 2020
Ultrasonic testing and radiography are identified as one of the emerging Non-Destructive Testing (NDT) methods and are expected to witness major technological innovations over the next few years. Phased array technology and guided wave type of ultrasonic testing methods are expected to gain maximum traction in the future and to be the major stakeholders for the Non-Destructive Testing (NDT) contact methods, under the umbrella of the Non-Destructive Testing (NDT) equipment market. One the other hand, traditional Non-Destructive Testing (NDT) methods, such as visual inspection and liquid penetrant testing, have been stagnated technologically over the last few years.
In the Non-Destructive Testing (NDT) services market, Eddy current testing is expected to hold the major share of the future NDT inspection services market. Eddy current testing is considered as one of the most effective NDT inspection services, since it can inspect a number of defects like welds, cracks, thickness, and so on even in the active phase of assembly line and has wide applications in petrochemical and gas & power generation industry verticals.
North America is the largest geography in terms of market revenue for the Non-Destructive Testing (NDT) market. The Asia-Pacific region, Europe, and the rest of the word (ROW) are also considered as promising markets, along with China, Japan, India, Germany, and the Middle East region which provide impetus to the growth.
The report profiles promising major players with a SWOT analysis of key players in the Non-Destructive Testing (NDT) market. The competitive landscape of the market presents an interesting picture, where a large number of small players have become a force to reckon with. The market is witnessing a series of new product launch announcement and partnership across the value chain.
The major companies in the Non-Destructive Testing (NDT) market are Mistras Group, Inc. (U.S.), Olympus Corporation (Japan), GE Measurement & Control Solutions (U.S.), Nikon Corporations (Japan), Ashtead Technology (U.K.), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Sonatest Ltd. (U.K.), Sonotron NDT (isreal), Bosello High Technology SRL (Italy), YXLON International GMBH (Germany), Fischer Technology, Inc. (Germany) , Eddyfi (Canada), and many more.
Source : ASDReports - Market Research - view original press release