Emergence of Industry 4.0 to usher in new opportunities for eddy current NDT equipment market
Under Industry 4.0, which implies the fourth industrial revolution, the concept of automation of factories is mooted in such a manner that the production continues even without any kind of human intervention.
The sensors and autonomous robotics technology in industries is expected to be implemented globally by the end of 2026. This has given rise to a good opportunity for the eddy current NDT equipment market as it would be impossible to monitor the robots without them.
Various countries in the world are looking forward to impose stringent safety regulations in the industrial and commercial sectors. This is being done in order to avoid any kind of damage or loss to the property or life in any case. This scenario has certainly turned out to be a potential opportunity for the safety sensors market.
The consumers are becoming much more aware and are adopting technologies to safeguard themselves from any kind of threat. This has given rise to an opportunity to sell more safety sensors in the market has given a major thrust forward to the eddy current NDT equipment market growth.
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- General Electric
- Magnetic Analysis Corporation
- Olympus Corporation
- ETher NDE
- Ashtead Technology
- Zetec, Inc.
- Criterion NDT, Inc.
- Ibg NDT System Corporation
- Rohmann GmbH
- IMG ULTRASUONI Srl
- Foerster Holding GmbH
- Fischer Technology Inc.
- Thermo Fisher Scientific Inc.
Growing rate of factory automation boosting the eddy current NDT equipment market
Factory automation is at its peak in North America. Not only in the United States, but also in Canada, there has been a significant growth in the quantum of factory automation. This has boost the eddy current NDT equipment market, since the process of automating a factory involves the imposition of various kinds of safety standards that are levied by the governments in North America.
Along with this, the rate of production in automated factors is also high, and thus generating better revenue for the manufacturers. Also, factory automation cuts down the cost of labor wages and operates economically at a constant pace. These advantages of factory automation are also having a positive impact on the growth of the eddy current NDT equipment market in the region.
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Demand from the emerging economies creates a huge opportunity for eddy current NDT equipment market
A key trend which is impacting the eddy current NDT equipment market has been the progressive shift in demand for NDT equipment and systems from the developed regions of Western Europe and North America, to the developing markets of Eastern Europe and Asia Pacific. With the drive to reduce cost, as well as to expand their scope to newer markets due to near saturation like trends in the existing markets, a number of manufacturing and service industries are moving towards newer technologies.
With the promise of infrastructure development, rapid technology adoption, focus on quality, lucrative domestic market and a large pool of workforce, these markets offer strong opportunities for manufacturers. The dealers of NDT equipment are constantly investing in these developing markets by investing money, or building their dealership network as they sense a tremendous opportunity being offered by such developing markets.
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High residual life of existing NDT equipment inhibits the need for new equipment
One the main factor which is restraining the demand for NDT equipment is a high residual life of such kind of equipment. These equipment are designed in such manner that they have a high residual life and could last for a long time. Therefore, consumers restricts themselves to buy new equipment over a course of time which in turn becomes a major factor that restrains the demand for NDT equipment.
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Global Eddy Current NDT Equipment Market, By Equipment Type
Offline testing segment is projected to reach a market value of US$ 396.6 Mn by 2026 end. The offline testing segment was valued at US$ 217.1 Mn and is forecasted to exhibit a 6.9% CAGR during the period of assessment. Full body inspection/leakage testing equipment is projected to reach a market value of US$ 42.1 Mn by 2026 end.
By Equipment Type
By End Use Industry
Key Questions Answered
- How the market has performed over the past few years?
- What have been the challenges for market participants and how did they overcome them?
- How has the technology landscape evolved over the past years?
- How the competitors have performed and what have been their growth strategies?
- What is the market potential expected to look like in near future across the globe?
- How to sustain and grow market share?
- What should be the future course of action?
- Where do I currently stand?
- Which are the segments, factors, regions offering promising growth potential?
- What are the trends in the market and am I ready for them?