The non-destructive testing equipment market has been forecast to reach a value of US$1.9 billion by 2018, driven by technological developments, stringent product usage specifications and strong government safety regulations.
The non-destructive testing (NDT) equipment industry represents huge growth potential in the future as it is one of the less impacted industries at times of financial crisis.
The demand for NDT equipments used in inspections and quality checks observed an upward growth and is expected to grow at a significant rate due to the increasing importance for quality control among industry players across various verticals.
Non-destructive testing is a wide group of analysis techniques used to evaluate properties of components, systems and materials without altering the original properties. These testing technologies are gaining popularity due to its time and cost saving benefits over other material testing technologies.
NDT testing methods include ultrasonic, remote visual inspection (RVI), liquid penetrant, magnetic-particle, eddy-current testing, low coherence interferometry and radiographics. NDT is comprehensively used in mechanical, forensic, electrical, systems, civil, and aeronautical engineering as well as art and medicine.
The trend towards retention of legacy equipment and structural assets as an austerity measure among industries also gives opportunity for growth in the NDT equipment market. NDT equipment is increasingly being used to monitor operational feasibility and ensure safe extended use of aging and legacy plant assets.
Developments in nanomaterials and advanced components and use of the same for manufacturing a range of structural equipment is also creating need for NDT equipment that can perform inspection of such material and structures.
According to a recent market report, 'Nondestructive Test Equipment: A Global Strategic Business Report,' Asia-Pacific represents the largest as well as the fastest growing market with a compound annual growth rate (CAGR) of 9.9% predicted through 2018.
Demand in the region is led by establishment of power and transportation infrastructure and rapid growth in automotive production bases in China and India.
For more information on the non-destructive testing equipment market, see the latest research: Non-Destructive Testing Equipment Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.