Non-Destructive Testing Equipment Market Is Growing at an Estimated CAGR of 8.0% & Expected to Reach $2200 Million by 2018 - New Report by MarketsandMarkets
Feb 20, 2013 (PRWeb.com via COMTEX) --
According to a new market research report, "Global Non-Destructive Testing (NDT) Equipment Market-By Technology (Ultrasonic, Eddy Current, Electromagnetic, Radiography, Thermography), Verticals (Manufacturing, Petrochemical, Aerospace, Automotive, Power Generation) And Geography (2013 - 2018)," published by MarketsandMarkets, the total market for non-destructive equipment is expected to reach $2200 million by 2018 at an estimated CAGR of 8.0% from 2013 to 2018.
Browse 127 market data tables with 32 figures spread through 257 pages and in-depth Table Of Content on Global Non-Destructive Testing (NDT) Equipment Market-By Technology (Ultrasonic, Eddy Current, Electromagnetic, Radiography, Thermography), Verticals (Manufacturing, Petrochemical, Aerospace, Automotive, Power Generation) And Geography (2013 - 2018).
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Non-destructive testing is a testing of objects for their flaws and imperfections in accordance with some standard norms. The Non-destructive testing equipment 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.
The global non-destructive testing equipment market covers whole industry on the basis of technology, verticals, application and geography. The technology section covers different contact and non-contact technologies with their current and future estimations. Phased array ultrasonic, X-ray computed tomography and computed radiography technologies are expected to grow exponentially in the days to come. The vertical section covers different industries like power generation, petrochemical, oil & gas, aerospace and automotive. The industries such as aerospace, power generation and oil & gas are the major consumers of non-destructive testing equipments. The Geographical analysis covers North America, Europe, Asia-Pacific, and ROW.
The major drivers for non-contact equipment market are strong government regulations, user friendly software, continuous advancement in electronics, automation and robotics and assured return on investment. There are some restraints in the market such as high infrastructure cost and lack of product knowledge to end users. The service industry and rapid growth of infrastructure and automation are the key opportunities for the non-destructive testing market.
The major companies involved in global non-destructive testing equipment industry are GE Inspection technologies (U.S.), Olympus Corporation (Japan), YXLON international (Germany), Mistras (U.S.), Zetec (U.S.), Dr. Foerster (Germany) and Nikon metrology (U.S.). Asia Pacific will remain the leading market for non-destructive testing equipments throughout the forecast-ed period due to the high growth in sectors like infrastructure, power generation and aerospace in countries like India and China.
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