North America Electromagnetic NDT Market Emerging Trends, Analysis and Forecasts 2018-2020
According to the new market research report “North America Electromagnetic NDT Market by Method (Eddy Current Testing, Remote Field Testing, Magnetic Flux Leakage Testing), by Vertical (Oil & Gas, Power Generation, Automotive, Aerospace, by Country (The U.S., Canada, Mexico) – Trends & Forecast to 2015 – 2020”, 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.
The North American electromagnetic NDT market size is expected to grow at a CAGR of 8.84% between 2015 and 2020. The 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 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
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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 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 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.
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 market are GE (U.S.), Olympus Corporation (Japan), Foerster (U.S.), Zetec, Inc. (U.S.), Magnetic Analysis Corporation (U.S.), and Eddyfi (Canada);
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