Eddy Current Testing Equipment Market Scope
Eddy current testing, or ECT, is an electromagnetism-based testing procedure. It is used in non-destructive testing to assess surfaces and discover sub-surface defects in conductive materials via non-destructive testing. They are used to identify defects, test conductivity, check welds, and classify alloys. This sensitive method can detect tight fractures on a variety of surfaces. Non-ferromagnetic and ferromagnetic materials may both be surface inspected.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD N) |
Key Companies Profiled | Magnetic Analysis Corporation Inc. (United States), Zetec Inc. (United States), Ether NDE Limited (United Kingdom), General Electric Company (United States), Olympus Corporation (Japan), Fidgeon Limited (United Kingdom), Ibg NDT System Corporation (United States) and Eddyfi NDT Inc (Canada) |
CAGR | % |
Competition among existing players is due to the stiff market share occupied by leading players. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to help them improve sustenance and maintain their competitive advantages. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Eddy Current Testing Equipment market throughout the predicted period.
Magnetic Analysis Corporation Inc. (United States), Zetec Inc. (United States), Ether NDE Limited (United Kingdom), General Electric Company (United States), Olympus Corporation (Japan), Fidgeon Limited (United Kingdom), Ibg NDT System Corporation (United States) and Eddyfi NDT Inc (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Mistras Group Inc. (United States), Ashtead Technology Ltd. (United Kingdom) and TUV Rheinland AG (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Eddy Current Testing Equipment market by Type , by Application (Automotive, Aerospace, Railway, Manufacturing, Oil & Gas, Government Infrastructure & Public Safety, Power Generation and Others) and Region with country level break-up.
On the basis of geography, the market of Eddy Current Testing Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In September 2023, Olympus Corporation, a leading manufacturer of optical and industrial equipment, announced the acquisition of GE Inspection Technologies' eddy current testing (ECT) business. This move strengthens Olympus' position in the NDT market and expands its ECT offerings.
In September 2023, Baker Hughes, a Houston-based oilfield services company, partnered with Eddyfi Technologies, a Canadian NDT solutions provider, to develop new EC testing solutions for the oil and gas industry. This partnership aims to improve the efficiency and accuracy of pipeline inspections.
Influencing Trend:
Advancement in Eddy Current Equipment that Delivered Inspection Advantage to the Technician and Upgradation of Flexibility and Power to Perform Effective Testing for Specific Inspection Application
Market Growth Drivers:
Development of Infrastructure and Safety Regulation by Government Boost the Eddy Current Testing Equipment Market and The demand of Electronic Equipment and Consumer Durable Goods Will Grow the Eddy Current Testing Equipment Market
Challenges:
Lack of Skilled Qualified Personnel and Unawareness of the Product is Challenge for the Eddy Current Testing Equipment Market
Restraints:
Limitations of Eddy Current Testing Such as it Cannot Detect the Defect in Plastic, Rubber, Fiber Can Restrain the Eddy Current Testing Equipment Market
Opportunities:
Easy to Use, Great Control, and Higher Probability of Detection will Raise the Eddy Current Testing Equipment Market and Increasing Number of Power Plant owing Need of Eddy Current Testing will Boost the Eddy Current Testing Equipment Market
Key Target Audience
Eddy Current Testing Equipment Manufactures, Eddy Current Testing Equipment Distributors and Suppliers, Eddy Current Testing Equipment International Traders, Research and Development Institutes, Upstream and Downstream Buyers, Financial Institutes and Investors, Regulatory Bodies and Others