Global Eddy Current NDT Equipment Market Key Insights and Booming Factor Supporting Growth till 2026

A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Global Market Study on Eddy Current NDT Equipment: Array Scanning Segment Slated to Exhibit Significant CAGR during Forecast Period 2018-2026” which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that Eddy Current NDT Equipment Market would rise at a positive CAGR during the period 2018-2026.

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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.

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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.

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.

Data Collection

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.

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