Global Non-Destructive Testing Equipment (NDTE) Market to Witness a CAGR of 5.1% During 2018-2024: Energias Market Research Pvt Ltd.

NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- The global non-destructive testing equipment (NDTE) market is projected to increase from USD 4.3 billion in 2017 to USD 5.8 billion in 2024, at a CAGR of 5.1% from 2018 to 2024. The growth in the non-destructive testing equipment market is attributed to rising demand for user-friendly software, increasing demand for reliable and safety oriented machines, government protocols and stringent safety guidelines, and evolving infrastructure sector with high performance machines. Moreover, the advancement in semiconductor technologies with decision making tools, and rising need for optimum utilization of aging assets are also fueling the market growth over the forecast period. However, lack of skilled personnel and awareness among end-users may sometimes hamper the growth of the market.

NDTE refers to the machine that is used to examine the faults and flaws in materials without affecting the performance of an object. It is effectively used to determine physical parameters of the materials such as toughness, resistance, and others to avoid the harmful consequences. NDT is a highly valuable technique that is evolved to save money as well as time in research, product evaluation, quality and control, and others.

High demand for NDTE in various end-use industries

NDTE is employed to evaluate in-service degradation and pre-service quality of the component to avoid premature failure. The main aim of the equipment is detection and correction of errors such as stresses, defects and micro structural degradations in materials. It is less time consuming and useful in identifying discontinuities and differences in the component, by ensuring product integrity and reliability. It finds its application in investigation of failure, pre-production inspection, research & development, and others. Advancements in robotics, electronics and automation have made this equipment merely appealing to several end-users. It helps in improving the quality of the material and minimizes production and fabrication costs.

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Non-Destructive Testing Equipment – Regional Insight

Geographically, North America held the largest share in the global NDTE market followed by Europe. The growth is mainly driven by the huge capital investments in energy domain such as oil and gas. Growing demand for machines used in power generation plants and increasing number of power plants are major factors for the growth in this region. Whereas, Asia-Pacific (APAC) is expected to rise significantly due to rapid growth in infrastructure, industrial standardization, and power generation in countries such as Japan, China and India.

Key findings from the report:

• On the basis of type, ultrasonic testing segment is dominating the global NDTE market owing to its wide usage in different verticals such as aluminum and steel, manufacturing, construction, and others 
    
• Volumetric examination technique held the largest market share in 2017, and is expected to continue its dominance over the forecast period
    
• Power generation segment holds the major market share on the basis of end-user. The growth in this region is attributed to increasing number of nuclear power plants and the machines installed to operate the power plant.
    
• Key companies operating in the NDTE market includes Zetec Inc.; Olympus Corporation; Nikon Metrology NV; Eddyfi NDT Inc.; MISTRAS Group, Inc.; Magnaflux, YXLON International; Sonatest; Ashtead Technology and Socomore among others.

The report segments the global non-destructive testing equipment market on the basis of type, technique, application, end-use and region.

By Type

• Contact
  - Electromagnetic Testing
  - Eddy Current Testing
  - Ultrasonic Testing
  - Liquid Penetrant Testing
    
•  Non-Contact 
  - Visual Testing
  - Radiography Testing
  - Thermography

By Technique

• Surface Examination
• Volumetric Examination
• Others (Condition monitoring and integrity inspection)

By Application

• Flaw Detection
• Leak Detection Dimensional Measurement
• Physical Analysis
• Chemical Analysis
• Plasma Emission Testing
• Corrosion Emission Testing

 By End-Use

• Power Generation
• Oil & Gas
• Petrochemical and pipes
• Aerospace
• Automotive
• Infrastructure
• Others

By Region

• Asia-Pacific (APAC)
• North America
• Europe
• Latin America and Middle East & Africa (LAMEA)

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