Demand for NDT equipment continues to increase
02/05/2014
Analysts contributing to a new report on the global NDT equipment market have forecast a compound annual growth rate of nearly 8% over the period of 2014-2018.The report, ‘Global NDT Equipment Market 2014-2018’, has been prepared based on an in-depth market analysis with input from industry experts. The report covers North America, Europe, the Asia-Pacific region (APAC) and the rest of the world (ROW). It also covers the global NDT equipment market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
According to the report, the global NDT equipment market is driven by several growth factors, and one such factor is the increasing demand from the APAC region. The region is experiencing a huge demand for NDT equipment because of increased adoption across various industries, such as power generation and oil & gas.
Furthermore, the report states that the need to manufacture customised NDT equipment is one of the major challenges. As the market is maturing, the use of testing equipment for a wide variety of applications is increasing, but the end-users’ requirements are making the design and development of such equipment more complex.
Commenting on the report, an analyst from the team said: “Miniaturised testing equipment is flexible and easy to use. As there is rapid growth in various industrial segments, the need for small-sized devices is increasing, giving rise to the development of miniaturised testing equipment. For instance, the equipment used to test automotive components and other minute components needs to be very small in size. Thus, the vendors are reducing the size of their NDT equipment to cater for this emerging demand.”
The report, which also profiles key players and niche vendors, is published by Research and Markets Ltd and answers the following key questions:
- What will the market size be in 2018 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
