Non-Destructive Testing Equipment Market: Industry Insights, Trends and Forecast upto 2021
Global non-destructive testing equipment market was valued at USD 3.21 billion in 2014, growing at a CAGR of 5.8% from 2015 to 2021. Non-destructive testing equipment are used to evaluate or inspect the materials, assemblies or components for discontinuities in characteristics without tearing down the serviceability of the part or system. These tests are often used to determine the physical properties of materials such as ductility, ultimate tensile strength, impact resistance, fatigue strength and fracture toughness. The non-destructive testing is used to ensure product reliability and integrity to control manufacturing processes. In addition, non-destructive testing equipment also lower the cost of production and sustains a uniform quality level. Stringent government safety regulations for quality control, ensure safety and reliable performance of the machines, and increasing demand to improve quality and longevity of the machines are the major factors responsible for growth of global non-destructive testing equipment market globally. Obtain Report Details @ http://www.transparencymarketresearch.com/nondestructive-testing-equipment.html The global non-destructive testing equipment market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). North America led the global nondestructive testing equipment market in 2014 and is also expected to maintain its dominance in 2021 as well in this market. The growth in North America is primarily attributed due to huge investments in energy verticals such as oil and gas. Europe held the second largest share of the global non-destructive testing equipment market in 2014 followed by Asia Pacific and RoW respectively. Asia Pacific is expected to be the fastest growing regional market for nondestructive testing equipment. The global non-destructive testing equipment market is segmented on the basis of technology into ultrasonic testing, radiography testing, electromagnetic testing, visual testing and others (including magnetic particle testing and liquid penetrant testing). Ultrasonic testing is holding the maximum market revenue share in 2014. The wide usage of ultrasonic testing in several industries such as steel and aluminum construction, manufacturing, aerospace and defense and automotive sectors are spurring the demand for this segment.