Global Nondestructive Testing(NDT) Equipment Market 2015-2019
About NDT Equipment
NDT equipment is used to evaluate and examine the properties of an object, material, or system without damaging it. The equipment includes three major components: ultrasonic, radiography, and visual test equipment. The major end-users of NDT equipment are industries in the Power Generation, Oil and Gas, Aerospace, and Automotive sectors.
TechNavio's analysts forecast the Global NDT Equipment market to grow at a CAGR of 6.24 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the Global NDT Equipment market for the period 2015-2019. To calculate the market size, the report considers the revenue generated from the sales of the following devices: ultrasonic, radiography, and visual test.
TechNavio's report, Global NDT Equipment Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Global NDT Equipment market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
TechNavio Announces the Publication of its Research Report – Global NDT Equipment Market 2015-2019
TechNavio recognizes the following companies as the key players in the Global NDT Equipment Market: GE Measurement & Control, Magnaflux Corp., Olympus Inc. and YXLON Inc.
Other Prominent Vendors in the market are: Institut Dr. Foerster, Mistras Group, Nikon Metrology and Zetec.
Commenting on the report, an analyst from TechNavio’s team said: “The need to manufacture customized NDT products is one major trend emerging in this market. Customization of test machines can act as a positive growth factor if vendors manage to efficiently meet customers' specific requirements.”
According to the report, the need to improve quality and life of aging assets is one key factor driving growth in the market. System failures can be avoided by regularly examining assets with the help of NDT equipment and implementing early remedial measures.
Further, the report states that obtaining approval from different standard-setting organizations to implement a new technology is one major hindrance in the market. For example, when the latest NDT technology is invented, it cannot be introduced in the market directly as it has to pass certain tests to achieve the stipulated standards. This process is tedious and time-consuming, thus discouraging vendors to enter this market.
GE Inspection Technologies, Magnaflux, Olympus NDT, YXLON International , Institut Dr. Foerster, Mistras Group, Nikon Metrology, Zetec