The global market for non-destructive testing equipment is competitive in nature with a large number of players engaged in it across the globe, states a new research study presented by Transparency Market Research. The expected entry of new players and the growing focus of the leading players on the development of new products are projected to enhance the growth of the global non-destructive testing equipment market throughout the forecast period. The increasing number of acquisitions and collaborations is predicted to accelerate the growth of the market in the near future. Moreover, technological advancements and innovations are predicted to generate lucrative opportunities for the market players, thus supporting the market growth in the near future. Some of the key players operating in the non-destructive testing equipment market across the globe are Zetec Inc. (U.S.), Olympus Corporation (Japan), Eddyfi NDT Inc. (Canada), GE Measurement & Control Solutions (U.S.), and Sonatest Ltd. (U.K.).
As per the market research study by Transparency Market Research, in 2014, the global market for non-destructive testing equipment was worth US$3.21 bn and is estimated to reach a value of US$4.78 bn by the end of 2021. The market is anticipated to register a 5.80% CAGR between 2015 and 2021.
North America and Europe to Register High Growth in Coming Years
From a regional outlook, the North America market for non-destructive testing equipment is expected to remain in the leading position in the next few years. The rising investments in the oil and gas sector is expected to encourage the growth of the North America market in the next few years. Europe is predicted to retain its second leading position, thanks to the growing demand for non-destructive testing equipment. In addition to this, the rise in the demand for modernization of power generation and oil and gas sectors are further estimated to accelerate the market growth throughout the forecast period. Moreover, the rising contribution from the automotive industry is another factor supplementing the development of the Europe market. Furthermore, Asia Pacific is likely to observe a promising growth rate in the near future.
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On the basis of end-use, the global non-destructive testing equipment market has been categorized into oil and gas industry, power generation industry, automotive industry, aerospace and defense industry, and others. At present, the power generation sector holds a major share of the overall market and is likely to remain as the largest contributor throughout the forecast period. The rapid development of the power generation industry, owing to the rising demand for power and the increasing number of nuclear power plants are some of the factors accelerating the growth of this segment. In addition to this, the rising use of machinery that are being used in power generation plants is another factor that is projected to enhance market growth in the near future.
Rising Adoption of Innovative and Advanced Equipment to Enhance Growth
The rise in the adoption of the Internet of Things solutions and the rising technological advancements are predicted to encourage the growth of the global non-destructive testing equipment market in the near future. The strict rules and regulations concerning the safety and quality of product and the constant developments in the robotics and automation are likely to support the development of the market throughout the forecast period. On the flip side, the rising complexities of machineries and the lack of skilled personnel are projected to restrict the growth of the global non-destructive testing equipment market in the coming few years. Nonetheless, the rise in the number of large-scale infra projected in several emerging economies is likely to offer growth opportunities for the market players in the near future.