Global Market Study on Eddy Current NDT Equipment: Array Scanning Segment Slated to Exhibit Significant CAGR during Forecast Period 2018-2026

Eddy Current Ndt Equipment  Market
  • Published On : Apr-2018 |
  • Pages : 288 Pages |
  • Format : Eddy Current Ndt Equipment  Market Eddy Current Ndt Equipment  Market Eddy Current Ndt Equipment  Market Eddy Current Ndt Equipment  Market

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.

Eddy Current NDT Equipment Market Gain More Insights about this Report 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.

Research Methodology

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.

Data Collection

Persistence Market Research collects data from secondary sources including company annual reports_bk_01_01_2020, 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.

Data Validation

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_bk_01_01_2020, 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

  • Executive Summary
  • Market Definition
  • Macro-economic analysis
  • Parent Market Analysis
  • Market Overview
  • Forecast Factors
  • Segmental Analysis and Forecast
  • Regional Analysis
  • Competition Analysis

Target Audience

  • Production Companies
  • Suppliers
  • Channel Partners
  • Marketing Authorities
  • Subject Matter Experts
  • Research Institutions
  • Financial Institutions
  • Market Consultants
  • Government Authorities

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?

Market Taxonomy

By Equipment Type

  • Inline
  • Offline
  • Rotational
  • Full-Body

By Technology

  • Single Frequency
  • Array Scanning
  • Multi Frequency
  • Pulsed Eddy Current

By Application

  • Measurement
    • Non-Conductive Coating Thickness
    • Metal Thickness
  • Detection
    • Corrosion
    • Flaw & Crack
  • Testing & inspection
    • Hardness Testing
    • Conductivity Testing
    • Weld Inspection
    • Surface Inspection
    • Bolt Hole & Tubing Inspection

By End Use Industry

  • Transportation
    • Aerospace
    • Automotive
    • Marine
  • Power Generation
  • Oil & Gas
  • Heavy Engineering Equipment

By Region

  • North America
  • Latin America
  • Europe
  • South East Asia Pacific
  • China
  • Japan
  • Middle East & Africa

Companies covered in Eddy Current Ndt Equipment Market Report

Company Profiles 
  • General Electric
  • Magnetic Analysis Corporation
  • Olympus Corporation
  • ETher NDE
  • Ashtead Technology
  • UniWest
  • Eddyfi
  • Zetec, Inc.
  • Criterion NDT, Inc.
  • Ibg NDT System Corporation
  • Rohmann GmbH
  • Foerster Holding GmbH
  • Fischer Technology Inc.
  • Thermo Fisher Scientific Inc.
  • Others.

Eddy Current Ndt Equipment Market

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