Non-Destructive Testing Equipment Market is growing at CAGR of 5.8% from 2015 to 2021 to account for USD 4.78 Billion in 2021: Transparency Market Research
August 5, 2015 | By Business Wire News
ALBANY, N.Y.
Transparency Market Research announces the release of a new report titled “Non-Destructive Testing Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021”. Developing at a 5.8% CAGR from 2015 to 2021, the non-destructive testing equipment market is poised to grow from US$3.21 billion in 2014 to US$4.78 billion by 2021. Rising demand to improve the longevity and quality of machines has fueled the growth of the global market.
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By technology, the non-destructive testing equipment market is segmented into radiography testing, ultrasonic testing, visual testing, electromagnetic testing, and others including liquid penetrant testing and magnetic particle testing. In 2014, ultrasonic testing dominated the non-destructive testing equipment market by technology.
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Non-destructive testing equipment finds application in various end-use industries such as oil and gas, power generation, automotive, and aerospace and defense. The power generation segment held the largest share of the non-destructive testing equipment market in 2014.
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Geographically, the global non-destructive testing equipment market is divided into North America, Europe, Asia Pacific, and Rest of the World. Accounting for 35.77% of the non-destructive testing equipment market in 2014, North America was the largest regional segment driven by massive investments in energy verticals. Europe, the second largest non-destructive testing equipment market, is mainly fueled by the growth of the automotive industry and rising demand for modernization of the oil and gas sectors. Asia Pacific has been predicted to be the fastest developing regional market for non-destructive testing equipment by 2021.
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The prominent companies operating in the global non-destructive testing equipment market include Zetec Inc., Sonatest Ltd., Nikon Metrology NV, Eddyfi NDT Inc., Magnaflux Corporation, YXLON International GmbH, Olympus Corporation, Mistras Group Inc., and GE Measurement & Control Solutions.
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