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Electromagnetic NDT Market By Type (Eddy Current Testing, Alternating Current Field Measurement (ACFM), Remote Field Testing, Others) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Electromagnetic NDT Market Overview

NDT (Non-Destructive Techniques) are used in metal industry and science in order to evaluate the wide variety of material without causing damage. Few of the most commonly used techniques are electromagnetic, ultrasonic and penetration testing. Further, the electromagnetic method is used for inspection of conductive material such as copper, aluminum or steel in eddy current non-destructive testing.

Market Size and Forecast

The global Electromagnetic NDT market is expected to expand at a robust CAGR over the forecast period i.e. 2017-2014. Factor such as, increasing demand of NDT from different verticals such as oil & gas, industrial, aerospace and automotive, mostly for investigating the integrity of equipment and assets is anticipated to increase the growth of global Electromagnetic NDT market over the forecast period.

In the regional market, Europe is projected to dominate the overall Electromagnetic NDT market during the forecast period. Factor such as, increasing demand of industrial scanners and transducers are expected to positively impact the growth of Electromagnetic NDT market over the forecast period. Moreover, rising thickness gauges is anticipated significantly for the growth of Electromagnetic NDT market in Europe.

Electromagnetic NDT Market

North America Electromagnetic NDT market is poised to grow at a poised rate over the upcoming years. Moreover, increasing growth of automotive and aerospace sector is fostering the growth of global Electromagnetic NDT market over the forecast period. Asia-Pacific region is expected to observe outstanding growth in the upcoming years. Increase in the manufacturing of ultrasonic testing equipment’s in countries like India and China is anticipated to drive the growth of global Electromagnetic NDT market over the upcoming years.

Based on type, Electromagnetic NDT market is segmented into, eddy current testing, alternating current field measurement (ACFM), remote field testing and others, out of which, eddy current testing is accounted for the largest market share in overall global Electromagnetic NDT market over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE

Market Segmentation

Our in-depth analysis has segmented global Electromagnetic NDT market into the following segments:

By Type

  • Eddy Current Testing
  • Alternating Current Field Measurement (ACFM)
  • Remote Field Testing
  • Others

By Region

Global Electromagnetic NDT market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Factor such as, increase in demand of ACFM crack detection solution and enhanced sensitivity to small cracks across the globe is anticipated to intensify the growth of global Electromagnetic NDT market over the forecast period. Further, effectual detection of surface and near surface defects is expected to positively drive the growth of the global Electromagnetic NDT market over the upcoming years.

In addition, increasing government regulation regarding safety and advancement in the electromagnetic technologies and NDT techniques is anticipated to be the dynamic factor behind the growth of the global Electromagnetic NDT market over the forecast period. Further, growing demand over product reliability is likely to further strengthen the growth of global Electromagnetic NDT market over the forecast period. Moreover, increasing advanced industrial machinery and aging public infrastructure across the globe is expected to robust the growth of the global Electromagnetic NDT market over the forecast period.

However, high cost of equipment and lack of skilled technicians are some of the key factors which are expected to limit the growth of global Electromagnetic NDT market over the forecast period.

Key Players

  • General Electric
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Olympus Corporation
  • NDT Technologies
  • Foerster Holding GmbH
  • Zetec Inc.
  • Magnetic Analysis Corporation
  • Eddyfi
  • Ashtead Technologies
  • Mistras Group

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global Electromagnetic NDT market is segmented as follows:

  • By Type Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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