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(Chicago.CityRegions.Com, November 16, 2016 ) According to the new market research report "Eddy Current Testing Market by Type (Conventional Eddy Current, ACFM, RFT, Eddy Current Array, Pulsed Eddy Current, Near-Field Testing, Near-Field Array, Partial Saturation Eddy Current), Service, Vertical, and Geography - Global Forecast to 2022", the eddy current testing market is expected to be worth USD 1,682.9 Million by 2022, growing at a CAGR of 9.82% between 2016 and 2022. Factors which are driving this market include advancements in eddy current testing technologies encouraging customers to adopt this technique, safety regulations by governments and increasing infrastructure development in emerging economies.
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Conventional eddy current testing technique to hold the largest share of the market
Conventional eddy current testing is expected to lead the market between 2016 and 2022. Conventional eddy current testing is a fast, reliable, and versatile method of inspection. It is used for defect detection as well as for thickness measurement of conductive materials.
Market for the manufacturing vertical expected to grow at the highest rate
The market for the manufacturing vertical is expected to grow rapidly during the forecast period. This sector is expected to be driven by government policies and safety awareness for eddy current testing. The increasing demand for consumer durable goods and electronic equipment would raise the need for inspection.
North America expected to hold the largest market share during the forecast period
North America has been a leading player in this market. The oil & gas vertical accounted for the largest share of the market in North America. Inspection is majorly performed for the maintenance of oil & gas pipelines and other refinery equipment. The power generation vertical is another key player for ECT in North America. The U.S. held the largest market share in 2015 and is expected to be the leading player in this market.
The key players in the market include General Electric Company (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), Eddyfi NDT Inc. (Canada), Ether NDE Limited (U.K.), Zetec Inc. (U.S.), TUV Rheinland AG (Germany), Ibg NDT System Corporation (U.S.), Fidgeon Limited (U.K.), Magnetic Analysis Corporation Inc. (USA) among others.
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