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Eddy-current Testing Market Size & Share, by Technique (Conventional Eddy-current Testing, Remote Field Testing, Alternating Current Field Measurement, Eddy-current Array); Service (Inspection Services, Equipment Rental Services, Calibration Services, Training Services); Industry Verticals (Manufacturing, Oil & Gas, Automotive, Power Generation, Government Infrastructure & Public Safety) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5265
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2036

Eddy-current Testing Market size is expected to cross USD 3.6 Billion by the end of 2036, growing at a CAGR of 8.5% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of eddy-current testing was over USD 1.5 Billion. The industrial possibilities in BRICS and rising infrastructure development in emerging economies are anticipated to offer attractive potential for the growth of the eddy-current testing market. India has already made significant progress towards building national highways that connect all points for travelers, commerce, and freight. In 2014–15, India has a total of 97,830 km of national highways. By March 2023, that number would increase to 145,155 km. According to government figures, the country would see a 28.6 km increase in daily road construction from 12.1 km in 2014–15 to 12.6 km in 2021–22.

Additionally, the market of eddy-current testing industry is being driven by the rising demand for electronic equipment and durable consumer items. In India, the market for electrical equipment was estimated to be worth USD 50 billion in 2021. By 2025, it was predicted that this would increase to USD 72 billion, a rise over prior years.

Eddy Current Testing Market size
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Eddy-current Testing Sector: Growth Drivers and Challenges

Growth Drivers

  • Eddy-current Testing is Becoming More and More Popular in the Aerospace Sector- The aircraft business demands the greatest requirements for material, structure, and strength. The phrases non-destructive evaluation (NDE), non-destructive inspection (NDI), and non-destructive examination all refer to the same technique. Failures in surface, strength, and cracks can lead to a variety of fatal incidents and serious injuries. A study found that globally significant passenger aircraft fatal disasters happened at a rate of 0.18 per million flights in 2019 and 0.30 per million flights in 2018. Before assembly, ECT is a frequently used testing technique for evaluating aircraft parts and components. Fatigue cracks in aviation parts are frequent and may deepen over time.
  • Increasing Use of Eddy-current Testing in the Power Generation Technologies  Sector- This method is frequently used in numerous applications, including fuel inspection. IAEA studies indicate that 1-3 failed fuel rods out of every 100,000 operating fuel rods worldwide, or a fuel failure rate of about 10-5. The failure rate is dropping as a result of the use of eddy-current testing.
  • Eddy-current Testing is Used in Heat Exchanger Tubes- Under ideal circumstances, eddy-current testing can find flaws in pipes with a diameter of just 0.5 millimeters. When performed by a skilled expert using the proper tools, conductive materials, and equipment, this test is very accurate at detecting even the smallest defects. Challenges
  • The Staffing for Inspection Services is Underqualified and Unskilled- There are many residential, industrial, and commercial applications for non-destructive testing. Numerous end-use sectors worldwide benefit from the enhanced evaluation output. A skilled technician interprets the signals to look for tube flaws or wall loss. Baseline eddy-current testing is frequently carried out on a new heat exchanger so that the outcomes can be collected for later in-service tests to determine whether any changes have taken place. A quick, precise, and economical method of locating weakened or broken tubes before they fail and result in an expensive shutdown is Eddy's current testing.
  • The Market for Eddy-current Testing is Facing Difficulties as a Result of the Drop-In Oil and Gas Prices.
  • High Entry Barriers and Fierce Competition in Eddy-current Testing

Eddy-current Testing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 8.5%

Base Year Market Size (2023)

 ~ USD 1.5 Billion

Forecast Year Market Size (2036)

 ~ USD 3.6 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Eddy-current Testing Segmentation

Service (Inspection Services, Equipment Rental Services, Calibration Services, Training Services)

The calibration segment in the eddy-current testing market is anticipated to grow with about 39% revenue share, considering that it can detect any discrepancies and flaws in measurement tools and dimensional standards. During calibration, data that deviates from "normal" are found. The measurement device or method is then used to bring tolerances to acceptable limits.

Technique (Conventional Eddy-current Testing, Remote Field Testing, Alternating Current Field Measurement, Eddy-current Array)

The conventional eddy-current testing market attracted the biggest revenue share of approximately 42%.Steam generator tubes in nuclear reactors and heat exchanger tubing in the power and petrochemical sectors are inspected using conventional ECT. The method is quite sensitive to pit detection and size. Although sizing is imprecise, wall loss or corrosion can be detected. There were 436 nuclear reactors in use as of May 2023, spread across 32 different nations. At the time, the United States led the world with 93 operational nuclear power reactors. Those nuclear reactors that are wired into the grid are operational.

Our in-depth analysis of the global market includes the following segments:

Technique
  • Conventional Eddy-current Testing
  • Remote Field Testing
  • Alternating Current Field Measurement
  • Eddy-current Array

Service
  • Inspection Services
  • Equipment Rental Services
  • Calibration Services
  • Training Services

Industry Verticals
  • Manufacturing
  • Oil & Gas
  • Automotive
  • Power Generation
  • Government Infrastructure & Public Safety

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Eddy-current Testing Industry - Regional Synopsis

North American Market Forecast

North America region is anticipated to grow at a significant CAGR with about 37% of the global eddy-current testing market share during the forecast period. In the oil and gas business, eddy-current testing is frequently used for safety inspections and to find flaws on surfaces and tubes in the region. Thus, the demand for eddy-current testing will increase as oil production increases regionally. With a daily production of 23.0 million barrels in 2021, North America will be a big oil producer globally. The average daily production of oil in 2020 was 23.5 million barrels.

European Market Statistics

Europe region is attributed to grow at a significant CAGR with about 23% market share. Since nuclear power plants are subject to stringent public safety requirements, eddy-current testing is widely used for the detection of defects in the region. Demand in the United Kingdom is anticipated to rise as eddy-current testing becomes more prevalent in nuclear power facilities. Around nine nuclear reactors are now in operation in the UK, while two more are being built. An important share of the nation's energy needs is met by nuclear energy.

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Eddy Current Testing Market
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Companies Dominating the Eddy-current Testing Landscape

top-features-companies
    • General Electric Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Ether NDE Limited
    • Eddyfi NDT Inc.
    • Ashtead Technology Ltd.
    • TUV Rheinland AG
    • Mistras Group Inc.
    • Fidgeon Limited
    • Magnetic Analysis Corporation
    • Ibd NDT System Corporation
    • Waygate Technologies

In the News

  • In June 2021: Ether NDE announced the launch of ETi-300n. It was developed to improve the end-to-end workflow of inspection. It is an eddy-current equipment that was developed to inspect the non-ferrous tubing from an inner diameter and deliver accurate inspection results.
  • May 2022: Waygate Technologies Robotics came into a partnership with PETRONAS Technology Ventures, PETRONAS’ technology commercialization arm. Together, the companies aimed to market jointly designed robotic examination equipment and escalate employment in the gas and oil businesses. Additionally, BIKE robotic system, enhance data inspection and management of restricted or hard-to-reach places in oil and gas areas including onshore and offshore. Moreover, the improved technology includes a cleaning device along with additional eddy-current and ultrasonic examination abilities.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5265
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rise in safety regulations by government and advancement in new ECT technology are the major factors driving the growth of the eddy-current testing market.

The market size of eddy-current testing is anticipated to attain a CAGR of 8.5% over the forecast period, i.e., 2024 – 2036.

The major players in the market are Ether NDE Limited, Eddyfi NDT Inc., Ashtead Technology Ltd., TUV Rheinland AG, Mistras Group Inc., Fidgeon Limited, Magnetic Analysis Corporation, Ibd NDT System Corporation, Waygate Technologies, and others.

The calibration services segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Eddy Current Testing Market Report Scope

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