Eddy Current Testing Market
Eddy Current Testing Market Global Industry Assessment & Forecast
- By Type Conventional Eddy Current Testing, Alternating Current Field Measurement (ACFM), Remote Field Testing (RFT)
- By Application Oil and Gas, Aerospace, Government Infrastructure
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||1.2 Billion|
|Revenue 2028:||2.2 Billion|
|Revenue CAGR (2021 - 2028):||8.4|
|Fastest Growing Region (2022 - 2028)||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global Eddy Current Testing market was valued at USD 1.2 Billion in 2020 and is projected to reach USD 2.2 Billion by 2028, growing at a CAGR of 8.4% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2026|
|Annual Market Size (2028)||2.2 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||8.4%|
Definition and Overview
The eddy current testing is a testing method that has its foundations in electromagnetism. The use of non-destructive testing has functioned in non-destructive testing in a proposal to distinguish surface and detect sub-surface flaws in conductive bodies.
The global Eddy Current Testing market report provides exhaustive analysis on segments, regions/countries, companies, and such several strategic marketing tools such as Porter’s Five Forces Analysis, Pricing Analysis, SWOT Analysis, PESTLE Analysis, Player Positioning Analysis, Downstream Buyers, List of distributors, and Value Chain Analysis among others. The report covers market size and estimations for each segment/region/country for the years 2016–2028. It provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. Moreover, the report includes a thorough analysis on competitive landscape comprising of extensive company profiles based on various parameters such as company overview, market revenue, business, product portfolio, and marketing strategies among others.
COVID-19 Impact Analysis
Outbreak of COVID-19 in 2020 compelled governments across the world to take severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to restrict swift spread of COVID-19. However, these actions had a drastic impact on the global economy, as the companies across the globe were forced to either close or partially closed their operations, leading to supply chain disruptions and impairing of various industries. Moreover, in 2021 several key markets such as U.S., India, and Brazil among other witnessed second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long-term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
Global Eddy Current Testing Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Type, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Eddyfi NDT, Mistras Group, IBG NDT Systems Corporation, Fidgeon Limited, Ashtead Technology, Zetec, Magnetic Analysis Corporation, Ether NDE Limited, TUV Rheinland, Olympus Corporation, General Electric.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
The report delivers an acute breakdown of the market based on various segments such as Type, Application and region. This study comprises the market size in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities.
On the basis of Type, the market is divided into Conventional Eddy Current Testing, Alternating Current Field Measurement (ACFM), Remote Field Testing (RFT). Residential is expected to dominate the market and is projected to grow at a noteworthy CAGR within the forecast period.
Based on Application, the market is divided into Oil and Gas, Aerospace, Government Infrastructure. Commercial attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
Global Eddy Current Testing Market: Type Segment Analysis
- Conventional Eddy Current Testing
- Alternating Current Field Measurement (ACFM)
- Remote Field Testing (RFT)
Global Eddy Current Testing Market: Application Segment Analysis
- Oil and Gas
- Government Infrastructure
Regional Analysis: Preview
Geographically, the global Eddy Current Testing market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The report further segments the regional study into key country-level markets from each region. The regional analysis section provides extensive analysis on various factors impacting market growth such as economies, industry competition, technological advancements, import-export ratio, and raw material availability among others. Moreover, the same section will provide your detailed qualitative as well as quantitative analysis for each region country comprising of market size and estimations for each region/country. Some of the prominent country-level markets are U.S., China, Germany, France, India, and Japan. North America is anticipated to dominate the global market during upcoming years.
Market Size, 2021 (USD Billion)
Global Eddy Current Testing Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Major players in the global Eddy Current Testing market are Eddyfi NDT, Mistras Group, IBG NDT Systems Corporation, Fidgeon Limited, Ashtead Technology, Zetec, Magnetic Analysis Corporation, Ether NDE Limited, TUV Rheinland, Olympus Corporation, General Electric.. The global Eddy Current Testing market report analyzes competitive scenario in detail that includes extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. In addition to that, the report also covers company market share for the year 2020 along with in depth strategic developments.
Global Eddy Current Testing Market: Key Highlights
- The global Eddy Current Testing market was valued at USD 1.2 Billion in 2020.
- The global Eddy Current Testing Market is projected to reach USD 2.2 Billion by 2028
- is fueling the market growth
- North America held the highest share of the Eddy Current Testing market in 2020.
- Some of the major companies operating in the Eddy Current Testing market are Eddyfi NDT, Mistras Group, IBG NDT Systems Corporation, Fidgeon Limited, Ashtead Technology, Zetec, Magnetic Analysis Corporation, Ether NDE Limited, TUV Rheinland, Olympus Corporation, General Electric..
Frequently Asked Question
What is the global demand for Eddy Current Testing in terms of revenue?
The global Eddy Current Testing valued at 1.2 Billion in 2020 and is expected to reach 2.2 Billion in 2028 growing at a CAGR of 8.4%.
Which are the prominent players in the market?
The prominent players in the market are Eddyfi NDT, Mistras Group, IBG NDT Systems Corporation, Fidgeon Limited, Ashtead Technology, Zetec, Magnetic Analysis Corporation, Ether NDE Limited, TUV Rheinland, Olympus Corporation, General Electric..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 8.4% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the Eddy Current Testing include
- The increasing demand of eddy current testing across the globe from end use industry is expected to support the growth of the eddy current testing market over the forecast period.
- The increasing stringent government regulations regarding safety and increasing stringent quality control demand is anticipated to augment the growth of the eddy current testing market during the forecast period.
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Eddy Current Testing in 2020.