Non-Destructive Testing Equipment Market Size, Share, Outlook by 2021

Non-destructive testing equipment are utilized in order to evaluate or inspect the materials, assemblies or components for discontinuities in their characteristics without affecting the serviceability of the part or system. The non-destructive testing equipment are used to determine the physical properties of materials such as ultimate tensile strength, ductility, impact resistance, fatigue strength and fracture toughness.

In addition, non-destructive testing equipment also lowers the cost of production and sustains a uniform quality level. Furthermore, stringent government safety regulations for quality control, safety and reliable performance of the machines, and increasing demand to improve quality and longevity of the machines are the major factors that are driving the non-destructive testing equipment market globally.

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With industries around the world seeking to lower the overall cost incurred on production and sustain high quality standards, the demand for non-destructive testing equipment has significantly increased. Stringent safety regulations enforced by governments for quality control and the need for reliable performance of machines have further aided the expansion of the global non-destructive testing equipment market.

In its report, titled “Non-Destructive Testing Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” Transparency Market Research (TMR) covers aspects such as the market segmentation based on various parameters and factors influencing the market’s growth trajectory between 2015 and 2021.

The market, according to the report, was valued at US$3.21 bn in 2014 and is expected to reach US$4.78 bn by the end of 2021. If the figures hold true, the global non-destructive testing equipment market will exhibit a CAGR of 5.8% between 2015 and 2021.

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Regionally, the report segments the global market for non-destructive testing equipment into Asia Pacific, Europe, North America, and Rest of the World. Of these, North America dominated the global market in 2014 and is expected to remain in its undisputed position as the market leader until 2021. While Europe has emerged as the second largest market for non-destructive testing equipment, Asia Pacific is anticipated to exhibit the fastest CAGR during the report’s forecast period.

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