According to a new market report published by Credence Research Inc “X-ray Non-destructive Testing (NDT) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023,” the global x-ray NDT market is predicted to witness significant growth with improving outlook of end-use industries such as oil and gas, industrial manufacturing, defense and aerospace and automotive, power and construction.
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As of 2015, the global X-ray non-destructive testing equipment application market was dominated by the oil and gas end-use segment in terms of both revenue and volume. The revenue and volume share of the segment stood at 32.8% and 31.9% respectively in the same year. The digital X-ray inspection systems are increasingly used in both downstream (refining of petroleum crude oil and processing of raw natural gas) and upstream sectors (oil and gas wells) to not only detect corrosion and erosion, but also for accurate measurement of wall thickness and weld quality in pipes. Industries like aerospace, semiconductors, and power generation are placing great importance on precision engineering, detailed inspection and quality management. This, in turn is driving demand for advanced X-ray inspection equipment in these segments.
In the base year of 2015, North America (comprising U.S., Canada, and Caribbean Islands) was the largest X-ray non-destructive testing equipment market worldwide. The region accounted for over 38% of the global market revenue in the same year. The U.S. represents the largest individual X-ray non-destructive testing equipment market worldwide. Multitude of research in the field of non-destructive testing coupled with substantial investments made in energy projects, especially in oil and gas sector are primarily driving the market growth in North America. On the other hand, Asia Pacific is presumed to witness maximum growth, offering healthy growth and investment.
The global X-ray NDT equipment market is highly fragmented in nature with existence of several regional as well as global players in the market. However, due to large number of players, the market has emerged highly competitive over the period of time. Thus, majority of the market players emphasize on development of innovative solutions related to the X-ray NDT technology. The overall risk of new entrants is relatively low in the market. This is majorly due to complex regulations and safety codes requiring significant industry experience, high cost and time-consuming certification processes and high initial capital requirement. Thus, market players emphasize on increasing business with their existing customers and also within the existing industry verticals. Some major players in the global x-ray non-destructive testing (NDT) market include YXLON International GmbH, GE Inspection Technologies LP, COMET Group, Rigaku Corporation, MISTRAS Group Inc, Nikon Metrology, Teledyne DALSA Inc and others.