Global NDT Equipment Market - Analysis by Geography, by Deployment Location Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2015-2020)
The Global NDT equipment market has been estimated at USD 3.3 billion in 2015 and is projected to reach USD XX billion by 2020, at a CAGR of 5.7% during the forecast period from 2015 to 2020. Non-destructive evaluation includes the inspection of process, testing, or evaluating materials, components or assemblies for discontinuities, or differences in characteristics without destroying the serviceability of the part or system. These destructive tests are often used to determine the physical properties of materials such as impact resistance, ductility, yield and ultimate tensile strength, fracture toughness and fatigue strength, but discontinuities and differences in material characteristics are more effectively found by NDT. The six most frequently used test methods are Magnetic Particle Testing, Liquid Penetrant Testing, Radiographic Testing, Ultrasonic Testing, Electromagnetic Testing and Visual Testing. Each of these test methods will be described here, followed by the other, less often used test methods.
These nondestructive test equipment offer solutions to industry which are to be used manufacturing, fabrication and in-service inspections to ensure product integrity and reliability. NDT equipment are also used in construction, to ensure the quality of materials and joining processes during the fabrication and erection phases, and in-service NDT inspections are used to ensure that the products in use continue to have the integrity necessary to ensure their usefulness and the safety of the public.
This market is driven by a number of factors, such as Industrial standardization, Increasing safety regulations, Rapid prototyping and manufacture of complex geometries. However, this market faces certain drawbacks, such testing equipment being very expensive, and lack of qualified and skilled workforce, requirement of customization of NDT equipment. These factors may act as a roadblock to the growth of the market. A plunge in Aerospace industry can be seen as an opportunity where the industry has to adapt to NDT inspection techniques.
This NDT equipment market can be broadly segmented by technology into NDT contact methods and NDT non- contact methods. And these two categories are further subdivided based on the inspection method. The market is also segmented based on the equipment’s usage namely, Mechanics of structures, Weld verification, Radiography in medicine. This technology has applications in Power generation, oil & gas, aerospace and defense, automotive, Medical, Marine. Market study indicates that Aerospace & defense and nuclear segment accounts for the largest share in this market. This is due to the high standardization requirements of these industries.
The market has also been geographically segmented into North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America, with North America occupying the largest consumer base in the world. Europe and APAC follow the list in the same order. These areas being industrialized heavily have led this region an area of immense potential and opportunities. However, the price sensitivity in this region has considerably hindered the growth of this market.
The market has more relevance today since trends show that the industry is in a need to adapt to more safely and reliability approaches. The major companies dominating this market for its products, services, and continuous product developments are Dr. Foerster, Ashtead Technology, Bosello High Technology Srl, Eddyfi NDT Inc, Fischer Technology, Inc, GE, Magnaflux Corporation, Mistras Group Inc., Nikon Metrology Inc., Nikon Metrology Inc, Olympus Corporation, Sonatest Ltd, Sonotron, Yxlon International GMBH, Zetec Inc.. The current trends in mergers and acquisitions indicate that the smaller companies are acquiring the bigger ones for higher innovations by utilizing their core competencies. The Non- destructive technology offers a huge potential of change in enhancing safety of many manufactured goods all over the world.
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