Global Nondestructive Test Equipment Market to Reach $1.2 Billion by 2015, According to New Report by Global Industry Analysts
GIA announces the release of a comprehensive global report on Nondestructive Test Equipment market. Demand drivers for testing equipment includes stringent industry product specifications and tight quality control requirements set by the manufacturers. The need to test components for their compliance with quality standards is likely to create demand and accelerate the growth of global Non-Destructive Test (NDT) equipment market to $1.2 billion by 2015.
San Jose, CA (PRWEB) June 25, 2009 –- Despite the topical financial meltdown, and the subsequent decline in inspection budgets particularly across oil and gas, and automotive industries, the global nondestructive test equipment market is poised to continue growth at a steady marginal rate through the next few years, driven by stringent quality standards. With customers increasingly concerned about residual lifetime of assets and production quality, interest in test solutions that identify defects and provide early warnings to avoid adverse consequences, is on the rise. The market acceptance, awareness and implementation of NDT are progressively increasing.
Global market for surface inspection equipment is growing steadily with European and North American producers representing the majority of end-users. The North American market for surface inspection equipment is expected to grow, primarily due to the demand for replacing the existing automated systems and equipment. The European market is also set to enhance its market share, as the manufacturing activity is being shifted from Western Europe to the Eastern part, thus resulting in a steady demand for the equipment. Asia-Pacific market, with its current potential as a production base of the world, is exhibiting tremendous growth, and is expected to continue with its growth for the next few years.
The NDT equipment market is rising and is experiencing rapid growth potential, with increasing quality and security standards in various industries. Power generation, particularly nuclear power generation, is a major market for ultrasonic inspection equipment, apart from aerospace & defense, automotive, and other end-use markets. Foundry and primary metal industries represent the most significant market for surface inspection equipment, while aerospace industry forms a major market for portable eddy current equipment. Lately, NDT market is shifting towards digital non-destructive test equipment to take advantage of improved inspection speed, particularly in radiography inspections.
Key participants in the global nondestructive test equipment market include American NDT, Centurion NDT, Extech Instruments, Faxitron X-Ray LLC, Foerster Instruments, GE Inspection Technologies, Gould-Bass Company, IBG NDT Systems Corporation, Insight NDT Equipment, intelligeNDT Systems & Services GmbH, Lenox Instrument Company, Magnetic Analysis Corporation, Magwerks Corporation, Olympus NDT, Sonatest Limited, Sonix, Varian Medical Systems, YXLON International, and Zetec among others.
The report titled "Nondestructive Test Equipment: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of world market trends and drivers, market sizing data, industry issues and challenges. The study presents extensive commentary on the NDT industry, product overview, new product introductions, recent industry activity, and key player profiles. The study offers market data analytics in dollar terms for major regional markets such as US, Canada, Europe, Asia-Pacific (including Japan), and Rest of World. Product segments analyzed include Eddy Current Testing, Radiography, Surface Inspection, Ultrasonic Inspection, and Visual Inspection.
For more details about this comprehensive market research report, please visit - http://www.strategyr.com/Nondestructive_Test_Equipment_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 800 people worldwide and publishes more than 1100 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press (at) StrategyR (dot) com
Web Site http://www.StrategyR.com/
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