LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global eddy current testing solutions market is projected to grow to USD 1.53 billion by 2021, at a CAGR of more than 10% over the forecast period.
This research report titled ‘Global Eddy Current Testing Solutions Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Eddy current testing is a technique that is used to detect flaws, conductivity, and corrosion on the surface of the conductive material from the workpiece. The global eddy current testing solutions market is segmented on techniques such as pulsed, array, and conventional testing.
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Based on the end-users, the report categorizes the global eddy current testing solutions market into the following segments:
- Oil and gas, and mining industries
- Manufacturing industry
- Power generation industry
- Aerospace industry
- Others
The top three revenue-generating end-user segments in the global eddy current testing solutions market are discussed below:
Oil and gas, and mining industries
“Eddy current testing solutions have applications in heat exchanger tubes and pipelines in petrochemical and refinery industries. These industries, in turn, form integral parts of process industries such as oil and gas, and mining,” says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research.
The exploration of new oil and gas fields in African countries and increased investments in pipelines in the Americas, the Middle East, and APAC are further expected to boost the market growth. The requirement for eddy current testing solutions in the oil and gas industry will increase in sync with the expansion in offshore and shale-related exploration activities.
Manufacturing industry
The global eddy current testing solutions market by the manufacturing industry includes automotive, metal fabrication, shipbuilding, and transportation sectors. The high demand for eddy current testing in the automotive and metal fabrication applications will provide a major boost to the market from this sector.
The increasing use of eddy current testing solutions to inspect crane bearings and drive systems in the manufacturing industry will also provide significant growth opportunities for the vendors. The availability of low-cost inspection tools and equipment and the presence of affordable workforce has made APAC an established hub for manufacturing, which is a key driver for the eddy current testing market.
Power generation industry
“The power generation industry is expected to be the fastest-growing segment of the eddy current testing solutions market, driven by the ever-increasing consumption of electricity worldwide and rising investments towards the development of advanced technologies and equipment to scale up production capacities,” says Raghav.
The power generation industry is inclusive of nuclear power plants, solar power, wind power, and fossil fuel power industries. Eddy current testing solutions empower end-users in this industry with high efficiency, better control, and faster inspection services. Increasing renewable power generation investments have also fueled the growth of eddy current testing solutions market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- GE
- MISTRAS
- Olympus
- Zetec
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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