PORTLAND, Oregon and PUNE, India, February 21, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "Global Industrial RT for Non-Destructive Testing Market by Component and Application: Opportunity Analysis and Industry Forecast, 2014-2022", the Industrial RT for non-destructive testing market size was valued at $491 million in 2014, and is projected to reach at $1,088 million by 2022, growing at a CAGR of 10.1% from 2016 to 2022.
RT system is used for testing materials for defects to avoid equipment failure. These systems are used to maximize the efficiency of a product. Radiographic testing is conducted under stringent settings to avoid mishaps, without contaminating the tested products. It acts as a preventative measure in industries utilizing volatile or high-pressure equipment and machinery. In addition, RT systems are ensure reliability of equipment by eliminating the risk of oversight or inaccuracy. Thus, the impact of this factor is high, and is expected to maintain its effects of the market growth during the forecast period.
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The aerospace & defense and oil & gas sectors constituted the largest market share in 2015, owing to the presence of large shale oil & gas reserves in countries such as the U.S., the UK, Germany, China, France, and Italy. Surge in operations in the aerospace & defense sector, particularly in the testing sector of the U.S. drives the RT system market, as NDT inspection plays a vital role in the functioning of aircrafts, satellites, and others. Presently, portable NDT segment holds the largest market share, as the adoption of computed tomography is expected to increase over the next five years due to enhanced accuracy and efficiency.
North America is projected to hold the largest market size in the global industrial RT for NDT market. The Asia-Pacific market is in its growth phase, owing to increase in infrastructure projects and power plants.
In 2014, Portable NDT account for 34%, owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy. However, computed tomography system segment is anticipated to witness significant growth in the coming years, owing to its high accuracy and efficiency.
The inspection and testing segment held the largest market share of 52% in 2014, and is expected to grow at a CAGR of 9.9% during the forecast period.
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In 2015, aerospace & defense sector contributed a significant revenue share of over 13.5% in the overall market.
Key Findings of the Industrial RT For Non-destructive Testing Market:
- Portable NDT are projected to continue to maintain their leading position during the forecast period.
- Aerospace & defense application would continue to maintain its leading position till 2022.
- North America region is expected to exhibit promising growth rate over the forecast period.
The key players profiled in the report include Vitrox Corporation Berhad, Shimadzu corporation, Anritsu, Nagoya electric Works CO., LTD, Yxlon international, Smiths Detection, ADANI, Rapiscan Systems, DuRR NDT GmbH & Co. KG, Krystalvision Image Systems Pvt. Ltd, Saki Corporation, North Star Imaging, Inc., Computerised Information Technology Ltd., RayScan Technologies GmbH, VJ Group, Inc., Metrix NDT Ltd, Nikon Metrology, Omron, Teledyne ICM, Vidisco, Zetec, 3DX-RAY, COMET Group, and Olympus, among others. These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies in order to establish their position in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research