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 2018 – 2026,” the global X-ray non-destructive testing equipment market was valued at US$ 543.0 Mn in 2017 and is expected to cross US$ 950 Mn by 2026, growing at a CAGR of 6.8% over the forecast period 2018 – 2026. The global market for x-ray ND equipment is expected to witness considerable growth with improving economic condition and outlook of end-use industries including industrial manufacturing, oil and gas, defense and aerospace, construction and automotive. The use of X-ray inspection systems reduce production errors and improve the overall profit margins of manufacturers. During the manufacturing process, when large numbers of similar products are manufactured as per the defined standard, an early identification of defect or fault can significantly reduce the overall production cost. This is true since it avoids defective item from going through the remaining manufacturing steps.
Browse the full report at : https://www.credenceresearch.com/report/x-ray-non-destructive-testing-ndt-market
Oil and gas is the largest end-use application segment for X-ray NDT equipment and segment accounted for one third of the overall X-ray NDT equipment demand in the overall market by application. Increasing adoption of the digital X-ray equipment in downstream and upstream operations in oil and gas sector is expected to support the market growth in the near future. These equipment are used for corrosion and erosion detection, precise measurement of wall thickness and weld quality of pipes used in the oil and gas industry. Rising market competition and stringent production regulations are forcing industrial manufacturers to produce quality produce and to minimize wastage. Thus, industrial manufacturers are also increasingly investing in testing and inspection solutions to improve their production process. Aerospace and defense industry is predicted to be the fastest end-use application segment with increasing production of aircrafts, spacecraft and related products.
Asia Pacific is the most attractive regional market for X-ray NDT equipment. China, Japan and India are the most important markets for X-ray inspection systems; thanks to the huge manufacturing, power generation and oil & gas industries in the countries. Due to strong investments over precision testing equipment including X-ray inspection systems, the market here is expected to continue witnessing strong growth during the forecast period. Another major factor fueling the market growth is the rising investment in safety and inspection systems across different industry verticals of the region. Further, with the overall rising adoption of non-destructive testing, the region becomes highly promising for X-ray NDT equipment.
China, being among the largest manufacturing countries worldwide, possesses large number of manufacturing facilities across different industry verticals. Many international companies have set up their additional manufacturing facilities in the country. This makes the nation one of the most important markets for X-ray inspection systems across the globe.