by Brianna Crandall — April 6, 2015—Independent tech-focused global research firm TechNavio has published a new report on the global nondestructive testing (NDT) equipment market, which is expected to grow at a compound annual growth rate (CAGR) of 6.24 percent from 2014 to 2019.
According to the report, the need to improve the quality and lifespan of aging assets has become a crucial factor that is expected to propel market growth during the forecast period. System failures can be avoided by regularly examining assets, thus enabling early remedial measures, reminds TechNavio.
“A regular inspection and quality check of aging assets via nondestructive testing equipment helps in extending the life of an asset as well as improving overall profitability,” comments Faisal Ghaus, vice president of TechNavio.
Furthermore, the report emphasizes the growing need to manufacture customized NDT equipment. Many production lines like tube manufacturing, bar manufacturing and rolling processes for plate manufacturing require NDT equipment like test machines with integrated solutions, which are customized according to specific client needs.
“The trend of customized test machines will act as a positive growth factor and enable vendors to efficiently meet customers’ specific requirements,” says Ghaus.
TechNavio identified the key vendors in the market as: GE Inspection Technologies, Magnaflux, Olympus NDT and YXLON International.
Global Nondestructive Testing (NDT) Equipment Market is available for purchase from the TechNavio Web site.
