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.
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.
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.
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.
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.
Introduction to Eddy Current NDT Equipment Market
Non-destructive testing methods are employed in various end use industries associated with metals and welds. The main purpose is to estimate the properties of the materials without damaging them. Eddy Current NDT (Non-Destructive Testing) is one among the various methods used to detect flaws or change in the properties of the materials with the help of eddy current induced in the probe that penetrates into the conductive surface of the test material and shows deflection in the equipment in case of any flaw or crack.
Persistence Market Research utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
Persistence Market Research collects data from secondary sources including company annual reports, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, Persistence Market Research validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
Key Questions Answered
By Equipment Type
By End Use Industry