The market for global nondestructive testing equipment market is anticipated to grow from $ 1780.86 million in 2016 to $ 3088.2 million by 2024, with a CAGR of 5.5% between 2017 and 2025. The base year considered for the study is 2016 and the forecast period is between 2017 and 2025. The market is driven by several growth factors. The need to improve quality and life of aging assets is one such factor. System failures can be avoided by regularly examining assets with the help of NDT equipment and implementing early remedial measures. Also, a rise in the demand for NDT equipment from the APAC region is another factor contributing to the market growth.
The global nondestructive testing equipment market is bifurcated on the basis of product i.e. ultrasonic equipment, radiography testing equipment, visual testing equipment, and other testing equipment. It is also segmented by end-user on the basis of oil & gas, power generation, aerospace and defense, automotive and transportation and others.
On the basis of geography, global nondestructive testing equipment market is segmented as North America, Europe, APAC, Latin America, Middle East & Africa. North America dominates the market followed by Europe and APAC. The challenges and costs involved in constructing new infrastructure have resulted in prolonging the life of the existing infrastructure. This is a major reason that drives the market for NDT equipment, especially in North America. The steady revival of the US economy is also a major reason behind the improving conditions of various industries in the US that have influenced the NDT Equipment market positively. The major users of NDT equipment and services are European countries such as Germany, the UK, and Italy. This is attributed to the growing investment in the automotive and aerospace sectors in the region.
The top players in the global nondestructive testing equipment market are Mistras Group Inc. (USA), Nikon Corporations (Japan), GE Measurement & Control Solutions (USA), YXLON (Germany), Olympus Corporation (Japan), Magnaflux Corporation (USA), Zetec Inc. (USA), Sonatest Ltd. (UK).