Nondestructive Testing Equipment Market to Reach $3 Billion by 2022, Globally - Allied Market Research - Seite 2

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.

"The nondestructive testing industry is undergoing rapid change and traditional NDT equipment are evolving in significant ways, providing new advantages and additional value to end-users. Maintenance optimization by various industries to ensure safety and efficient performance of the machines is driving the need for NDT equipment. The increasing cost and challenges involved in building new infrastructure has resulted in significant aging of existing infrastructure. In addition, a wave of consolidations and mergers has recently swept over the NDT industry." states Rachna Singh, Sr. Research Associate, Semiconductor and Electronics at AMR.

Key findings of the study: 

• In 2015, ultrasonic testing was the highest revenue-generating segment, accounting for almost 30% of the overall market size, and is projected to grow at a CAGR of over 7% during the forecast period
• Liquid penetrant testing is likely to grow at a remarkable CAGR of 11.5%, owing to their low cost and user-friendly approach  
• Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of almost 11% during the forecast period
• North America generated the highest revenue in this market, followed by Europe and Asia-Pacific.
• The U.S. is projected to maintain its lead in the NDT equipment market in terms of revenue generation until 2022.
• Energy & power and oil & gas industry contributed a significant revenue share in the overall market in 2015.