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Key Revenue Pockets: North American Electromagnetic NDT Equipment Market
The North American electromagnetic NDT equipment market is expected to grow prominently during the forecast period. Non-Destructive eddy current testing is one of the most widely adopted technologies by firms today, which created the largest segment in the electromagnetic NDT equipment market. The major companies in the North American electromagnetic NDT market are GE (U.S.), Olympus Corporation (Japan), Foerster (U.S.), Zetec, Inc. (U.S.), Magnetic Analysis Corporation (U.S.), and Eddyfi (Canada); and others. The eddy-current non-destructive testing method is ideal for non-ferrous parts and is capable of inspection through coatings that are intact and smooth. The high demand for eddy-current testing equipment is especially driven by the growing automotive sector in North America. Magnetic flux leakage testing equipment holds the second prominent position with a market share of around 16% of the overall North American electromagnetic NDT equipment market.
North America is the largest regional market for electromagnetic NDT equipment due to the stringent safety regulations implemented by the government which require manufacturers to frequently engage in inspection activities. The market size is expected to grow at a CAGR of 8.84% between 2015 and 2020. The automotive vertical accounted for a major share of 22% of the overall the North American electromagnetic NDT equipment market in 2014, while the market for the aerospace vertical is expected to grow at a CAGR of 10.61% between 2015 and 2020 to reach $42.90 Million by 2020 from $23.40 Million in 2014. The stringent government safety regulations and growing demand from the automotive and aerospace segments are the key factors driving the North American electromagnetic NDT equipment market. The U.S accounted for the highest share of 58% of the overall North American electromagnetic NDT market in 2014.
North America Electromagnetic NDT Market by Method (Eddy Current Testing, Remote Field Testing, Magnetic Flux Leakage Testing), by Vertical (Oil & Gas, Power Generation, Automotive, Aerospace, by Country (The U.S., Canada, Mexico) - Trends & Forecast to 2015 - 2020
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