Eddy Current NDT Equipment Market is Projected to Grow at a 6.1% CAGR by 2034 | Fact.MR Report
Rockville, MD , Oct. 07, 2024 (GLOBE NEWSWIRE) -- Based on the newly published report by Fact.MR, a market research and competitive intelligence provider, the global Eddy Current NDT Equipment Market is estimated to reach US$ 589.4 million in 2024. The market is further forecasted to progress at a 6.1% CAGR from 2024 to 2034.
Due to its uses in several sectors, eddy current non-destructive testing (NDT) equipment is witnessing increased demand globally. This technique is important in a variety of industries, including oil and gas, power generation, aerospace, and automotive. It will easily identify faults, measure thickness, and evaluate material qualities without causing damage to the test item.
Eddy current NDT equipment has emerged as the standard for quick, precise inspections as companies place a higher priority on efficiency, quality, and safety. Because of its non-contact characteristics, mobility, and automation potential, it's perfect for field work as well as big volume testing settings. Demand has been further stimulated by the rising complexity of manufactured components and the increased emphasis on preventative maintenance in critical infrastructure.
Moreover, stringent safety regulations across industries and the need for cost-effective, reliable inspection methods are propelling the global market for eddy current NDT equipment. As technology advances, these tools are becoming more sophisticated, sensitive, and user-friendly, thereby expanding their potential applications and driving adoption worldwide.
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Key Takeaways from Market Study:
- The market for eddy current NDT equipment is evaluated to reach a valuation of US$ 1.06 billion by the end of 2034.
- North America is evaluated to capture a 27.7% share of global market revenue by 2034.
- The East Asian market for eddy current NDT equipment is analyzed to advance at a 7.5% CAGR from 2024 to 2034.
- Sales of NDT equipment in Mexico are approximated to rise at a CAGR of 5.5% from 2024 to 2034.
- Japan is evaluated to occupy a 28.7% share in East Asia by 2034.
- Sales of rotational NDT equipment are approximated to increase at a 4.8% CAGR from 2024 to 2034.
“NDT equipment is used in material sorting and quality control in metal production leading to improving sales outlook globally,” says a Fact.MR analyst.
Leading Players Driving Innovation in Eddy Current NDT Equipment Market:
Rohmann GmbH; Thermo Fisher Scientific, Inc.; UniWest Corporation; Zetec Inc.; Fischer Technology Inc.; Foerster Holding GmbH; General Electric Company; ibg NDT Systems Corporation; IMG ULTRASUONI Srl; Magnetic Analysis Corporation Inc.; Olympus Corporation; Ashtead Technology Ltd.; Criterion NDT, Inc.; Eddyfi NDT Inc.; Ether NDE Ltd.; Fischer Technology Inc.; Foerster Holding GmbH; General Electric Company.
Suppliers are Introducing Sensor Technology and Ultrasonic Technology to Improve Product Quality:
The sensitivity and accuracy of NDT instruments are greatly increased by new sensor technologies and signal processing techniques, making it possible to identify even tiny flaws more precisely. The combination of machine learning and artificial intelligence has automated data interpretation, decreasing human error and speeding up inspections.
This has expanded the user base of NDT equipment by making it more accessible to operators with less experience. Furthermore, the advancement of portable, handheld equipment has enhanced the capacity for on-site testing, which is essential for field inspections in the aerospace and oil and gas industries.
Advances in nondestructive testing (NDT) systems, which integrate methods such as ultrasonic, phased array, and eddy current, enable more thorough inspections in a single pass.
Moreover, real-time data exchange and remote monitoring are made possible by integrating IoT and cloud connection, improving cooperative decision-making and predictive maintenance techniques. In addition to increasing the effectiveness and dependability of NDT procedures, these developments have broadened their applications and increased global demand, thereby accelerating sales across a range of industrial industries.
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Eddy Current NDT Equipment Industry News:
- In November 2023, three new models of the VOXLS 30 Series of non-destructive inspection X-ray CT (computed tomography) equipment from Nikon Metrology NV were released. VOXLS is currently available in the 30 C 225, 30 C 320, and 30 C 450 varieties.
- In October 2023, Eddyfi Technologies, a pioneer in advanced robotic systems, was pleased. The business introduced the revolutionary VersaTrax range of autonomous inspection crawlers. These flexible robots are going to change industrial inspections by providing security, precision, and agility in difficult environments.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the eddy current NDT equipment market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on equipment type (inline, offline, rotational, full-body), application (measurements, detections, testing & inspections), technology (single frequency, array frequency, multi-frequency, pulsed eddy current), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Eddy Current NDT Equipment Market Research:
- By Equipment Type :
- Inline
- Offline
- Rotational
- Full-Body
- By Technology :
- Single Frequency
- Array Scanning
- Multi-Frequency
- Pulsed Eddy Current
- By Application :
- Measurements
- Non-Conductive Coating Thickness
- Metal Thickness
- Detections
- Corrosion
- Flaw & Crack
- Testing & Inspection
- Hardness Testing
- Conductivity Testing
- Weld Inspection
- Surface Inspection
- Bolt Hole & Tubing Inspection
- Measurements
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