DALLAS, May 20, 2015 /PRNewswire/ --
According to a new market research report "North America electromagnetic NDT equipment by Method (Eddy Current Testing, Remote Field Testing, Magnetic Flux Leakage Testing), Vertical (Oil & Gas, Power Generation, Automotive, Aerospace), Country (The U.S., Canada, Mexico) - Global Forecast to 2020", published by MarketsandMarkets, the total North American Electromagnetic NDT Equipment Market is expected to reach $223.76 Million by 2020, at a CAGR of 8.84% between 2015 and 2020.
Browse 78 market data Tables and 47 Figures spread through 160 Pages and in-depth TOC on"North America Electromagnetic NDT equipment Market"
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The North American electromagnetic NDT market, combined with an in-depth analysis of various market dynamics such as drivers, restraints, and opportunities. Along with the market dynamics, the report also gives an insight into the various market parameters such as market share analysis, value chain analysis, and the recent market activities of the leading players to ensure sustainability. These market activities include mergers, acquisitions, new product developments, collaborations, joint ventures, and partnerships by the players in the market.
The North American Electromagnetic NDT Market size is expected to grow at a CAGR of 8.84% between 2015 and 2020. The North American electromagnetic NDT market has a significant scope for the development of different NDT methods due to the increasing adoption of inspection technology in power generation, oil & gas, automotive, and aerospace. The automotive vertical accounted for a major share of ~22% of the overall North American electromagnetic NDT market in 2014, and the market for aerospace vertical is expected to grow at a CAGR of 10.61% between 2015 and 2020, to reach $42.90 million by 2020 from $23.40 million in 2014. The stringent government safety regulations and the growing demand for NDT inspection technologies from the automotive and aerospace segments are the key factors driving the North American electromagnetic NDT equipment market
There are various types of electromagnetic NDT methods such as eddy-current testing (ECT), remote field testing (RFT), and alternating current field measurement (ACFM) testing, which are used by the industry verticals. Of all these techniques, the eddy-current non-destructive testing method is most preferred type of electromagnetic testing method for the detection of surface-connected flaws. This NDT technique is ideal for non-ferrous parts and is capable of inspection through coatings that are intact and smooth. The high demand for eddy-current testing equipment is especially driven by the growing automotive sector in North America. Magnetic flux leakage testing equipment held the second prominent position with a market share of around 16% of the overall North American electromagnetic NDT equipment market.
The North American electromagnetic NDT market is mainly segmented into three countries, namely, the U.S., Canada, and Mexico. The overall non-destructive testing market is highly fragmented and competitive. This market is relatively immune to major economic slowdowns, and hence, presents a tremendous potential for growth. The U.S accounted for the highest share of 58% of the overall North American electromagnetic NDT market in 2014. The U.S. has been a major contributor to the overall non-destructive testing equipment market, but recently, Mexico and Canada are emerging as important manufacturing hubs for the automotive and power generation sectors.
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The report profiles the promising major players with a SWOT analysis of key players in the North American electromagnetic NDT market. The market is witnessing a series of new product launches and partnerships across the value chain. Some of the major companies in the North America electromagnetic NDT market are GE (U.S.), Olympus Corporation (Japan), Foerster (U.S.), Zetec, Inc. (U.S.), Magnetic Analysis Corporation (U.S.), and Eddyfi (Canada);
The major players in NDT equipment market include Olympus Corporation (Japan), GE Measurement & Control Solutions (U.S.), Ashtead Technology (U.K.), Zetec, Inc. (U.S.), and Eddyfi (Canada).
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