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Analysis of the Global Nondestructive Test Equipment Market
By: PR Newswire
Nov. 19, 2012 05:30 AM
NEW YORK, Nov. 19, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue
Non-destructive testing (NDT) involves examination of an object without impacting its current or future usefulness. The ability of NDT to inspect an object without affecting its operating performance provides an excellent balance between quality control, and cost effectiveness. The NDT equipment market can be segmented based on technology into ultrasonic, magnetic and electromagnetic, visual inspection, radiography, and penetrant testing. Technology segments such as ultrasonic, and radiography are witnessing significant influx of newer technologies whereas segments such as penetrant testing and visual inspection have stagnated technologically over the past decade.
•The global nondestructive test equipment (NDT) market is highly mature and generated revenues of $ million in 2011, at a growth rate of percent over the previous year.
•Ultrasonic test equipment and radiography equipment are the two largest product segments in the global NDT equipment market, with and percent contribution to revenues, respectively, in the base year, 2011.
•An important factor that drives the adoption and growth of NDT is return-on-investment (ROI). If performing NDT results in cost saving for an end-user industry, then they are willing to invest in purchase of NDT equipment.
•The top participants in this market are GE Measurement and Control Solutions, and Olympus NDT. They occupy a significant share of the market since both companies are active in multiple market segments.
•Other important participants include YXLON International GmbH, Sonatest PLC, Zetec Inc., and Magnaflux corporation; however, these companies are specialized in one or two segments in the market. Hence, they are considerably smaller than the top two market participants.
Nondestructive testing (NDT) involves examination of an object without impacting its current or future usefulness. The ability of NDT to inspect an object without affecting its operating performance provides an excellent balance between quality control and cost effectiveness. As a result, there is significant demand for NDT from most industries such as oil and gas, automotive, aerospace, and manufacturing.
The NDT equipment market is highly mature and characterized by high concentration. The top two competitors in the market, GE Measurement and Control Solutions and Olympus NDT, occupy approximately percent of the market. The remaining percent is shared amongst more than companies. Hence, the market is also quite competitive, with a large number of competitors participating in only one or two segments of the market.
Technology segments such as ultrasonics and radiography are witnessing significant influx of newer technologies, whereas segments such as penetrant test equipment and visual inspection have stagnated technologically over the past decade. Within ultrasonic test equipment, phased array ultrasonic test equipment market has reached maturity, and guided wave ultrasonics is the next big technology being debated by industry experts.
The need to meet stringent safety regulations and enhance the working life of aging assets is increasing the demand for NDT from end-user industries. Frost & Sullivan's research indicates that this market was valued at $ million in 2011, with a positive growth rate of percent. The market is expected to grow at percent CAGR to $ million by 2016.
Table of Contents
Total Nondestructive Test Equipment Market
•External Challenges: Drivers and Restraints
•Forecasts and Trends
•Market Share and Competitive Analysis
Ultrasonic Test Equipment Segment Breakdown
Magnetic and Electromagnetic Test Equipment Segment Breakdown
Visual Inspection Equipment Segment Breakdown
Radiography Equipment Segment Breakdown
Penetrant Test Equipment Segment Breakdown
North America Breakdown
Rest of World Breakdown
The Last Word (Conclusions and Implications)
To order this report: Machine_Tool_and_Equipment Industry: Analysis of the Global Nondestructive Test Equipment Market
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