Major determinants of the market growth
Increase in safety regulations by governments and advancements in the new ECT technology drive the global eddy current testing market. However, dearth of skilled and quality workforce hinders the market growth. On the contrary, surge in outsourcing of services and infrastructural developments in developing countries would open new opportunities in the future.
As per the report by Allied Market Research, the global eddy current testing industry was accounted for $964.45 million in 2020, and is expected to reach $2.3 billion by 2030, growing at a CAGR of 9.5% from 2022 to 2030.
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The conventional eddy current testing segment dominated the market
By technique, the conventional eddy current testing segment held the largest share in 2020, accounting for more than one-fourth of the global eddy current testing market, as these equipment are used for flow detection, material & coating thickness measurement, and material identification. However, the remote field testing segment is estimated to register the highest CAGR of 12.5% during the forecast period, due to rise in demand for steel pipes and tube-based industrial solutions across prime economies.
The training services segment to portray the highest CAGR through 2030
By service, the training services segment is projected to manifest the highest CAGR of 12.4% from 2022 to 2030, due to rise in implementation of safety regulations across prime industries such as oil & gas, industrial, manufacturing, and utility sectors. However, the inspection services segment held the largest share in 2020, accounting for more than one-third of the global eddy current testing market.
Europe, followed by North America, held the highest share
By region, the market across North America dominated in 2020, accounting for nearly two-fifths of the market. However, the global eddy current testing market across Asia-Pacific is anticipated to showcase the highest CAGR of 12.1% during the forecast period, owing to surge in investment by prime players in testing equipment and solutions.
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Major market players
- General Electric Company
- Olympus Corporation
- Ether NDE Limited
- Mistras Group Inc.
- Eddyfi NDT Inc
- TUV Rheinland AG
- Ashtead Technology Ltd.
- Fidgeon Limited
- Ibg NDT System Corporation
- Magnetic Analysis Corporation Inc.