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Non-destructive Testing Equipment Segment review, Overview, Scenario and Benefits
Nondestructive Testing Equipment
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The market is classified on the basis of NDT testing method into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Ultrasonic testing is expected to hold the largest market share owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy. However, liquid penetrant testing is anticipated to show significant growth in the coming years, owing to its low cost and user-friendly approach.
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Among the industry verticals, energy & power was the foremost industry in 2015, owing to growth in number of power plants and equipment involved in the same. In the same year, oil and gas industry contributed a significant revenue share of over 20% in the overall market. However, automotive & transportation is expected to witness the fastest growth during the forecast period.
North America generated the highest revenue in this market, followed by Europe and Asia-Pacific. Among the countries of North America, U.S. is the largest market with nearly 80% revenue share of the overall North American market due to significant spending in oil & gas and energy & power infrastructure. However, the market in Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of about 11%. Rise in infrastructural projects and power plants fuels the demand for NDT equipment in Asia-Pacific.
NDT equipment industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Other key players in the industry include Olympus Corporation, Zetec Inc., and Sonatest among others. The key strategies adopted by these leading players are product launch, expansion, acquisition, partnership, and agreement to strengthen their market position and expand their geographical presence.
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