The new nondestructive testing equipment market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Nondestructive Testing (NDT) Equipment Market 2021-2025 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the nondestructive testing equipment market.
"One of the primary growth drivers for this market is the increase in the number of oil and gas and power generation projects," says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the nondestructive testing equipment market size to grow by USD 6.14 billion during the period 2021-2025.
Nondestructive Testing Equipment Market Segment Highlights for 2020
The nondestructive testing equipment market is expected to post a year-over-year growth rate of 8.90%.
Based on the product, the ultrasonic testing equipment segment saw maximum growth in 2020. Product portfolio expansion by vendors is one of the factors that will help in increasing the sales of ultrasonic testing equipment during the forecast period.
The growth of the market segment will be significant during the forecast period.
38% of the growth will originate from the North America region.
The rise in crude oil prices is one of the prime factors that will facilitate the nondestructive testing equipment market growth in North America over the forecast period.
The US is one of the key markets for nondestructive testing equipment in North America. However, market growth in this region will be slower than the growth of the market in APAC, Europe, and MEA.
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The nondestructive testing equipment market size is expected to accelerate at a CAGR of over 10% during the forecast period.
The nondestructive testing equipment market is segmented by product (Ultrasonic, Radiography, Visual, and Others), end-user (Oil and Gas, Power Generation, Aerospace, Automotive, and Others), and geography (North America, Europe, APAC, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Carl Zeiss AG, Eddyfi NDT Inc., FUJIFILM Holdings Corp., General Electric Co., Illinois Tool Works Inc., Mistras Group Inc., Nikon Corp., Olympus Corp., Roper Technologies Inc., and YXLON International GmbH.
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