Increasing safety regulations by governments and advancements in new ECT technology are driving the global eddy current testing market.
PORTLAND, Oregon. , May 10, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Eddy Current Testing Market By Technique (Conventional Eddy Current Testing, Remote Field Testing, AC Field Measurement, Eddy Current Network, Others), By Service (Inspection Services, Equipment Rental, Calibration Services, Training Services), by Verticals (Manufacturing, Oil & Gas, Automotive, Power Generation, Government Infrastructure & Public Safety, Others): Global Opportunity Analysis and Growth Forecast industry, 2020-2030″. According to the report, the world eddy current testing industry has been counted $964.45 million in 2020, and should reach $2.3 billion by 2030, growing at a CAGR of 9.5% from 2022 to 2030.
Key Drivers of Market Growth
Increasing safety regulations by governments and advancements in new ECT technology are driving the global eddy current testing market. However, shortage of skilled and quality labor is hampering the growth of the market. On the contrary, the rise of service outsourcing and the development of infrastructure in developing countries would open up new opportunities in the future.
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- The Covid-19 pandemic has severely affected the market due to lack of skilled labor and delay or cancellation of projects.
- However, increased technological advancements in developing economies and easing of lockdown measures would help the market get back on track.
The conventional eddy current testing segment dominated the market
By technique, the conventional eddy current testing segment held the largest share in 2020, accounting for more than a quarter of the global eddy current testing market, as such equipment is used for flow detection, measurement of thickness of materials and coatings and identification of materials. However, the remote field testing segment is estimated to register the highest CAGR of 12.5% during the forecast period, owing to the increase in demand for steel pipes and industrial solutions. based on tubes in major economies.
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Training Services Segment to Show Highest CAGR through 2030
By service, the training services segment is expected to show the highest CAGR of 12.4% from 2022 to 2030, driven by increasing implementation of safety regulations in major industries such as petroleum and gas, industry, manufacturing and utilities. However, the inspection services segment held the greater share in 2020, accounting for more than a third of the global eddy current testing market.
Europefollowed by North Americaheld the highest share
By region, the market across North America dominated in 2020, accounting for nearly two-fifths of the market. However, the global eddy current testing market across Asia Pacific is expected to show the highest CAGR of 12.1% during the forecast period, owing to the large increase in investment by major players in testing equipment and solutions.
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Main market players
- General electricity company
- Olympus Society
- Ether NDE Limited
- Mistras Group Inc.
- Eddyfi CND Inc
- TÜV Rheinland AG
- Ashtead Technology Ltd.
- Fidgeon Limited
- Ibg NDT System Corporation
- Magnetic Analysis Company Inc.
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