Global Eddy Current Testing Solutions Market 2017-2021

The below infographic includes key findings from our analysis of the eddy current testing solutions market

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Overview of the global eddy current testing solutions market

The eddy current testing solutions market will register a CAGR of more than 10% by 2021. This market research analysis identifies the rising investments in modernizing industrial facilities as one of the key growth factors in the global eddy current testing solutions market. To go on par with technology, the industries are shifting toward modernizing plant facilities through automation. The inclusion of modern equipment and technologies can deliver an agile and seamless processing for industries. To optimize their existing infrastructure, the manufacturers are investing heavily in innovations for better and profitable returns in the future. Owing to its various benefits including simplicity, cost, and operational properties and the increasing need to improve efficiency and minimize the product lead time, industries will start using eddy current inspection systems for various applications, which will subsequently drive the growth of the market.

In addition to the rise in the investments in modernizing industrial facilities, an increase in robotic inspection tools will also contribute to the growth of the eddy current testing solutions market. Since robotic technologies help eddy current testing solutions in enhancing the quality and reduce time, major eddy current machine manufacturers are focusing on the research and development of robotic inspection services. Major market players such as GE and Olympics have already started investing heavily towards the development of robust automatic solutions to replace the conventional testing solutions.

Competitive landscape and key vendors

The eddy current testing solutions market is characterized by the presence of well-established players. The market is competitive and vendors in the market compete on factors such as product features, prices, customized solutions, and inspections services offered. To retain their strong foothold in the eddy current testing equipment market, the established vendors are focusing on enhancing their geographical presence, increasing their production capacities, and upselling products by upgrading the existing technology.

The leading vendors in the market are:

• GE
• MISTRAS
• Olympus
• Zetec

The other prominent vendors in the market are Andec, Applus+ RTD, Arudra Engineers, Ashtead Technology, Centurion NDT, Criterion NDT, ETher NDE, Fidgeon, FOERSTER, ibg NDT Systems, Koslow Scientific Company, Magnetic Analysis, Marposs, Oxford Instruments, Rockwood Service, TeamQualspec, TEC Eurolab, TÜV Rheinland, TWI, and Verimation Technology.

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Market segmentation by end-user and analysis of the eddy current testing solutions market

• Oil and gas, and mining industries
• Manufacturing industry
• Power generation industry
• Aerospace industry

During 2016, the oil and gas, and mining industries segment dominated the eddy current testing solutions market. The growth of the segment can be attributed to the prominence of eddy current testing solutions in heat exchanger tubes and pipelines. Moreover, the expansion in offshore and shale-related exploration activities also leverage the use of eddy current testing solution, which again contributes to the growth of the eddy current testing equipment market in this segment.

Market segmentation by geography and analysis of the eddy current testing solutions market

• Americas
• APAC
• EMEA

The Americas accounted for the major share of the eddy current testing solutions market during 2016. Owing to the demand for eddy current testing solutions across for various application across industries such as aerospace and defense, oil and gas, and power generation, North America contributed to the major market share in the eddy current testing equipment market in the region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global eddy current testing solutions market?
• What are the key market trends impacting the growth of the global eddy current testing solutions market?
• What are the challenges to market growth?
• Who are the key vendors in the global eddy current testing solutions market?
• What are the market opportunities and threats faced by the vendors in the global eddy current testing solutions market?
• Trending factors influencing the market shares in the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global eddy current testing solutions market?

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