Press release
Eddy Current NDT Equipment Market to Reach US$ 1.06 Billion by 2034, Expanding at 6.1% CAGR | Fact.MR Report
The detection segment, valued at US$ 228.1 million in 2024, leads with a 6.6% CAGR, while offline NDT equipment is widely used for its reliability. Challenges include high equipment costs and a lack of skilled professionals. East Asia, led by China (US$ 168 million by 2034), holds significant growth potential.
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Market Analysis
The eddy current NDT equipment market is fueled by the need for non-invasive quality control to ensure structural integrity in aging infrastructure and critical industries. From 2019 to 2023, the market grew steadily, with demand rising due to infrastructure maintenance and power sector expansion. Short-term (2024-2027), growth is driven by increased adoption in construction and energy sectors. Medium-term (2027-2030), urbanization in emerging markets like China and India boosts demand. Long-term (2030-2034), nuclear power plant inspections and renewable energy trends will sustain growth. High costs of advanced NDT technologies and a shortage of skilled operators pose challenges, particularly in developing regions.
Segment Analysis
The market is segmented by equipment type, technology, application, and region. Offline NDT equipment (US$ 135 million in 2024, 4.1% CAGR) dominates due to its versatility and reliability in industries like aerospace and manufacturing. The detection segment (US$ 430.5 million by 2034) leads applications, focusing on flaw detection. Technologies like pulsed eddy current and multi-frequency systems are gaining traction for their precision. Inline equipment (US$ 457.1 million by 2034) is prominent in high-throughput industries. North America and East Asia lead regionally, with South Asia & Pacific showing high growth potential due to infrastructure development.
Country-wise Insights
The U.S. market, valued at US$ 141 million in 2024, grows at a 5.2% CAGR to reach US$ 234.9 million by 2034, driven by heavy equipment industries like aerospace and oil and gas. China, with a US$ 82 million market in 2024, expands at a 7.4% CAGR to US$ 168 million, fueled by its large population and infrastructure needs.
Japan's market grows at a 7.7% CAGR, supported by advanced manufacturing. Western Europe, including Germany and the UK, benefits from stringent quality standards. Emerging markets like India and Mexico show promise due to rapid industrialization.
Key Players
• Rohmann GmbH
• Thermo Fisher Scientific, Inc.
• UniWest Corporation
• Zetec Inc.
• Fischer Technology Inc.
• Foerster Holding GmbH
• General Electric Company
• ibg NDT Systems Corporation
• IMG ULTRASUONI Srl
• Magnetic Analysis Corporation Inc.
• Olympus Corporation
• Ashtead Technology Ltd.
• Criterion NDT, Inc.
• Eddyfi NDT Inc.
• Ether NDE Ltd.
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Strategic Outlook and Industry Trends
Key players are innovating to meet industry demands. In November 2023, Nikon Metrology NV launched three new VOXLS 30 Series X-ray CT systems for enhanced non-destructive inspection. In October 2023, Eddyfi Technologies introduced the VersaTrax automated inspection crawlers, improving accuracy in challenging environments.
Companies are focusing on advanced technologies like pulsed eddy current and automated systems to enhance efficiency. The market is driven by aging infrastructure, power sector growth, and urbanization but faces challenges from high costs and a lack of skilled professionals. Expansion into emerging markets and technological advancements will drive growth through 2034.
Segmentation of Eddy Current NDT Equipment Market
By Equipment Type:
• Inline
• Offline
• Rotational
• Full-Body
By Technology:
• Single Frequency
• Array Scanning
• Multi-Frequency
• Pulsed Eddy Current
By Application:
• Measurements
- Non-Conductive Coating Thickness
- Metal Thickness
• Detections
Corrosion
Flaw
• Testing & Inspection
- Hardness Testing
- Conductivity Testing
- Weld Inspection
- Surface Inspection
- Bolt Hole & Tubing Inspection
By Region:
• North America
• Western Europe
• Eastern Europe
• Latin America
• East Asia
• South Asia & Pacific
• Middle East & Africa
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