Electromagnetic NDT Market Trend, Revenue, Size, Share, Report Shows Demand to Boost Industry Growth from 2021 to 2030

In a recent published report, Kenneth Research has updated the market report for Electromagnetic NDT Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Electromagnetic NDT Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

NDT (Non-Destructive Techniques) are used in metal industry and science in order to evaluate the wide variety of material without causing damage. Few of the most commonly used techniques are electromagnetic, ultrasonic and penetration testing. Further, the electromagnetic method is used for inspection of conductive material such as copper, aluminum or steel in eddy current non-destructive testing.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Market Size and Forecast

The global Electromagnetic NDT market is expected to expand at a robust CAGR over the forecast period i.e. 2017-2014. Factor such as, increasing demand of NDT from different verticals such as oil & gas, industrial, aerospace and automotive, mostly for investigating the integrity of equipment and assets is anticipated to increase the growth of global Electromagnetic NDT market over the forecast period.

In the regional market, Europe is projected to dominate the overall Electromagnetic NDT market during the forecast period. Factor such as, increasing demand of industrial scanners and transducers are expected to positively impact the growth of Electromagnetic NDT market over the forecast period. Moreover, rising thickness gauges is anticipated significantly for the growth of Electromagnetic NDT market in Europe.

North America Electromagnetic NDT market is poised to grow at a poised rate over the upcoming years. Moreover, increasing growth of automotive and aerospace sector is fostering the growth of global Electromagnetic NDT market over the forecast period. Asia-Pacific region is expected to observe outstanding growth in the upcoming years. Increase in the manufacturing of ultrasonic testing equipment’s in countries like India and China is anticipated to drive the growth of global Electromagnetic NDT market over the upcoming years.

Based on type, Electromagnetic NDT market is segmented into, eddy current testing, alternating current field measurement (ACFM), remote field testing and others, out of which, eddy current testing is accounted for the largest market share in overall global Electromagnetic NDT market over the forecast period.

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Key Players

General Electric
Olympus Corporation
NDT Technologies
Foerster Holding GmbH
Zetec Inc.
Magnetic Analysis Corporation
Eddyfi
Ashtead Technologies
Mistras Group
Scope and Context

Market Segmentation

Our in-depth analysis has segmented global Electromagnetic NDT market into the following segments:

By Type

Eddy Current Testing
Alternating Current Field Measurement (ACFM)
Remote Field Testing
Others
By Region

Global Electromagnetic NDT market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

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Growth Drivers and Challenges

Factor such as, increase in demand of ACFM crack detection solution and enhanced sensitivity to small cracks across the globe is anticipated to intensify the growth of global Electromagnetic NDT market over the forecast period. Further, effectual detection of surface and near surface defects is expected to positively drive the growth of the global Electromagnetic NDT market over the upcoming years.

In addition, increasing government regulation regarding safety and advancement in the electromagnetic technologies and NDT techniques is anticipated to be the dynamic factor behind the growth of the global Electromagnetic NDT market over the forecast period. Further, growing demand over product reliability is likely to further strengthen the growth of global Electromagnetic NDT market over the forecast period. Moreover, increasing advanced industrial machinery and aging public infrastructure across the globe is expected to robust the growth of the global Electromagnetic NDT market over the forecast period.

However, high cost of equipment and lack of skilled technicians are some of the key factors which are expected to limit the growth of global Electromagnetic NDT market over the forecast period.

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