Eddy Current Testing Market Analysis | 2024
The main applications of ECT include tubing inspections and surface inspection. This sensitive technique can locate tight cracks of various types of surface. Surface inspection can be done on both non-ferromagnetic and ferromagnetic materials. The application of tubing inspection, however, is confined to non-ferromagnetic materials.
The factors that are driving this market are advancements in eddy testing technologies. The development in this technology has encouraged customers to adopt this technology. Increasing infrastructural development and safety regulations by government in emerging economies are responsible for the growth of the market.
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However, since ECT is electrical in nature, it’s usage is limited to conductive material. There are also physical limits pertaining to the generation of eddy currents and depth of penetration.
The market is segmented by technique, service, end-use and by region. By technique, the market is divided into conventional eddy current, remote field testing, alternating current field, eddy current array and others.
By service, the market is segmented into inspection services, equipment rental services, calibration services, training services. The market is also segmented by end-use industry namely oil and gas, manufacturing, aerospace, automotive, power generation and others.
Conventional eddy market accounts for a major market share and the segment is likely to steer the market during the forecast period of 2016-2024. Conventional eddy market is reliable, versatile and fast method of inspection. It is very efficient in detection of defect and for measurement of thickness of conductive materials.
The manufacturing segment is forecasted to lead the end-user industrial category with the highest growth rate during the forecast period of 2016-2024. Safety awareness and policies of government are likely to drive the ECT market during this period. Growing demand of electronic equipment and consumer durable goods is expected to drive the demand for inspection.
Geographically, the market is segmented into Americas, Asia Pacific (APAC), Europe, Middle East and America (EMEA) and Latin America. North America has been leading the market and accounts for the biggest market share.
North America is anticipated to grow rapidly during the forecast period of 2016-2024. The end-user industry of oil and gas held the largest of the market share in North America. Maintenance of gas and oil pipelines and other refinery equipment requires inspection and thus ECT is widely used in this category.
The power generation industry is another sector in North America where ECT technologies are widely used. The US accounted for the biggest market share in this geographical segment and is expected to lead throughout the forecast period.
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Europe also accounts for a substantial market share in this market and occupies the second largest market share of ECT market. The region is expected to grow well over the forecast period of 2016-2024. Owing to the increasing demand for consumer goods in the APAC region, the region is set to experience a rapid.
The market of Middle East and Africa is also expected to grow significantly over the forecast period. The regions of Latin America largely remain untapped though the demand of various types of consumer electronics are increasing day by day in these regions.
The global market of high voltage ECT is fragmented with many large and well-established players occupying a strong position. Also, many new players are also trying to enter the high voltage ECT market owing to the expected high growth of the market.
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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