Published Date : Mar 11, 2016
Non-destructive testing devices are used to inspect and evaluate components, materials, or assemblies for discontinuities in their functionalities without disturbing the serviceability of the system. These devices are mainly used to determining the physical properties of any material such as its tensile strength, impact resistance, ductility, fracture toughness, and fatigue strength.
Non-Destructive Testing Equipment Helps Industries to Lower Cost Incurred on Production
The demand for non-destructive testing equipment over the last few years has increased significantly, primarily because it helps industries to lower the cost of production and maintain a uniform of quality across products manufactured. Furthermore, stringent government regulations for safety, quality control, and reliable performance of machines and the growing demand for improving the quality and longevity of the equipment used across factories, have further fuelled demand from the global market for non-destructive testing devices.
In its latest report, Transparency Market Research pegs the overall value of the global non-destructive testing devices at US$3.21 bn in 2014. Rising at a positive CAGR of 5.8% between 2015 and 2021, the market is expected to US$4.78bn in 2021. The non-destructive testing ensures product integrity and reliability to control manufacturing processes.
North America Dominates Global Market for Non-Destructive Testing Equipment
Regionally, Asia Pacific, Europe, North America, and Rest of the World makes the most lucrative markets for non-destructive testing equipment. Of these, the global market for non-destructive testing equipment was led by North America in 2014. Europe in the same year emerged as the second-largest regional market for non-destructive testing devices market, followed by Asia Pacific and Rest of the World. Asia Pacific in the forthcoming years is expected to emerge as the fastest growing market for non-destructive testing equipment. Growth of the market in North America is attributed to the increasing investment in the energy verticals such as the oil and gas industry.
Power Generation Industry Exhibits Highest Demand for Non-Destructive Testing Equipment
The major end-use industries operating in the global non-destructive testing market include the oil and gas industry, automotive industry, defense, aerospace, power generation, and others (such as medical, polymer, and plastic). Of these, the power generation industry dominates the global market for non-destructive testing equipment at present.