The global eddy current testing market size is projected to reach US$ 2.6 billion by 2032. It is expected to witness steady growth at a CAGR of 8.3% from 2022 to 2032. In 2022, the global market stood at US$ 1.1 billion.
A specially designed coil that is powered by a current flow is brought adjacent to the testing ground when undertaking eddy current testing. It aids in producing a varying magnetic field that interacts with a specific sample. It further leads to eddy current measurements as a result.
Electromagnetism, a physics phenomenon, is based on eddy current testing. With an eddy current sensor, an oscillating magnetic field is generated by an alternating current flowing through a wire coil.
Eddy currents, or the circular electrons that move, start to flow through metal when the magnet and its magnetosphere are brought closer to an electrical conductor. It is similar to a metal test piece.
The coil's magnetic field would interact with the metal's eddy current. It would create its own magnetic field through mutual inductance.
An eddy current equipment can be used by a skilled user to map variations in resistivity loudness. It can also be used to phase differences in order to pinpoint changes in the material that is to be measured. The development of new eddy current testing technologies is anticipated to advance the global market forward.
The definition of an average penetration is the level at which the eddy flow rate is 37 percent of the surface value. This depth can be calculated by using the test frequency, magnetic permeability, and conductivity of the test material.
Precision, test susceptibility, and solubility could be impacted by changes in the conductivity of test materials. It can also depend on its magnetic permeability, frequency of the AC impulses operating the circuit, and coil design.
The global aircraft business demands high requirements for material, structure, and strength. Breakdowns in texture, toughness, and fissures can lead to a variety of fatal incidents and serious injuries.
A study found that significant passenger aircraft fatal disasters took place at a rate of 0.18 per million flights in 2019 and 0.30 per million flights in 2018. Before assembly, non-destructive testing is a frequently used testing technique for evaluating aircraft parts and components. Fatigue cracks are frequent and might deepen over time in airplane parts.
Attributes | Key Insights |
---|---|
Eddy Current Testing Market Estimated Size (2022E) | US$ 1.1 billion |
Projected Market Valuation (2032F) | US$ 2.6 billion |
Value-based CAGR (2022 to 2032) | 8.3% |
USA Value-based CAGR (2022 to 2032) | 7.2% |
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As per a report by Future Market Insights (FMI), the global eddy current testing market exhibited a CAGR of 9.2% from 2017 to 2021. It is anticipated to witness a considerable CAGR of 8.3% in the forecast period from 2022 to 2032.
In ideal circumstances, eddy current testing might find flaws in pipes with a diameter of just 0.5 millimeters. When performed by a skilled expert using proper tools, conductive materials, and equipment, the test is very accurate at detecting even tiny defects.
Paint, surface coatings, rusting, and other materials can hinder or render other types of testing. However, eddy current testing is still accurate on material parts up to 5 millimeters thick.
The surface does not need to be cleaned. For a precise test, it is not necessary to clean the surface as contaminants such as rust, uneven coatings, and soil would not affect the results. Testing tools are also lightweight and portable.
Increasing Oil Production in North America to Propel Demand for Eddy Current Testing Methods
North American eddy current testing market stood at US$ 434.4 million in 2021. It surpassed a valuation of US$ 474.1 million in 2022. The region is likely to exhibit a CAGR of 41.3% during the evaluation period.
North America is a significant oil producer in the world, producing around 23.9 million barrels per day in 2021. In 2020, the amount of oil produced was around 23.5 million barrels per day.
Eddy current testing is widely used in the oil & gas industry for safety inspections and to detect faults on surfaces and tubes. These faults can halt the entire production process and might also cause fatal accidents. Hence, with the rising production of oil across the region, demand for eddy current testing is projected to expand.
Surging Production of Automotive in the USA to Boost Sales of Eddy Current Testing Equipment
The USA eddy current testing market size is expected to be worth US$ 821.5 million by 2032. It is anticipated to create an absolute dollar growth of US$ 409.9 million in the next ten years.
The USA has witnessed considerable growth at a CAGR of 7.7% from 2017 to 2021. It is projected to exhibit growth at a CAGR of 7.2% from 2022 to 2032.
In 2020, there were around 8.8 million cars produced in the USA. It rose up to around 9.1 million cars in 2021.
Eddy current testing is extensively utilized in the automotive industry across the USA to check for defects and structural weaknesses in a car. Rising production of automobiles in the country is hence likely to expand eddy current testing sales.
Eddy Current Testing Companies in the United Kingdom to Witness Demand from Nuclear Power Plants
The United Kingdom eddy current testing industry is anticipated to be worth US$ 123.6 million by 2032. It is likely to create an absolute dollar opportunity of US$ 63.4 million during the assessment period.
The United Kingdom witnessed growth at a CAGR of 8.0% from 2017 to 2021. It is expected to broaden at a CAGR of 7.5% in the forecast period.
The United Kingdom currently has around 9 operational nuclear reactors and 2 are under construction. Nuclear energy provides a significant portion of the country’s energy requirements.
Since nuclear reactors are subjected to stringent regulations for public safety, eddy current testing is widely used to detect defects. It is used to find out crucial errors that could lead to an accident and further impact the surroundings. As eddy current testing is widely used in nuclear power plants, demand is projected to increase in the United Kingdom.
Increasing Sales of Cars in China to Fuel Demand for Eddy Current Tube Testing
China eddy current testing industry is likely to be worth US$ 212.1 million in 2032. It is projected to create an incremental opportunity of US$ 125.0 million in the estimated period.
China witnessed a CAGR of 10.7% from 2017 to 2021. It is expected to flourish at a CAGR of 9.3% from 2022 to 2032.
China is one of the predominant car manufacturers in the world, producing around 25 million vehicles in 2020. The number of cars produced in China rose to around 27 million in 2022.
Eddy current testing is utilized in the country to detect defects and structural deformities in cars. Rising sales and manufacturing of automobiles would hence expand eddy current testing demand.
Japan-based Automakers to Use Eddy Current Inspection Tools for Quality Assurance
Japan eddy current testing industry is set to be worth US$ 179.2 million by 2032. It is expected to create an absolute dollar growth of US$ 94.1 million till 2032.
Japan exhibited moderate growth at a CAGR of 8.4% from 2017 to 2021. It is anticipated to elevate at a CAGR of 7.7% from 2022 to 2032.
Japan is a significant car manufacturer in the world, producing around 7.5 million cars in 2021. Eddy current testing is used in automobile manufacturing for quality assurance. Hence, the rising manufacturing of automobiles in the country is projected to expand its demand during the evaluation period.
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Demand for Remote Field Eddy Current Testing Procedures to Broaden by 2032
The remote field testing segment by technique is projected to witness significant growth by 2032. It exhibited growth at a CAGR of 9.0% from 2017 to 2021. It is expected to broaden at a CAGR of 8.2% from 2022 to 2032.
The increasing need for highly reliable and efficient testing techniques is a key factor expanding eddy current testing demand in remote fields. Remote field testing with eddy current offers a quick and accurate way to find surface & subsurface flaws. It does not damage the surface or material that is being tested.
As it prevents unneeded downtime or equipment failures, it becomes a suitable option for businesses that are looking to cut costs and enhance safety. Increasing the use of industry 4.0 technologies is another factor fueling demand for remote field testing. These technologies rely heavily on non-destructive testing methods to make sure of the quality and dependability of parts and equipment.
Need for Eddy Current Testing Machines for Inspection Services to Surge by 2032
Inspection services are projected to remain at the forefront throughout the forecast period. The segment witnessed prominent growth at a CAGR of 8.8% from 2017 to 2021. It is expected to boost at a decent CAGR of 8.1% from 2022 to 2032.
A non-destructive testing method called eddy current testing makes use of electromagnetic induction to find surface and near-surface flaws in conductive materials. It has applications in industries such as power generation, manufacturing, and aerospace.
These industries need thorough inspections to ensure the smooth functioning of the equipment. They also need to mitigate any accident that might occur as a result of cracks and other structural deformities. Eddy current testing is frequently used to check for flaws in pipelines, automotive parts, and aircraft & aerospace components.
Key companies operating in the global eddy current testing market are focusing on research and development activities to come up with innovative solutions. A few other companies are engaging in mergers, acquisitions, and partnerships with local small-scale firms. They are doing so to co-develop unique solutions and strengthen their geographic presence.
A few recent developments in the eddy current testing market are:
Attribute | Details |
---|---|
Estimated Market Size (2022) | US$ 1.1 billion |
Projected Market Valuation (2032) | US$ 2.6 billion |
Value-based CAGR (2022 to 2032) | 8.3% |
Forecast Period | 2022 to 2032 |
Historical Data Available for | 2017 to 2021 |
Market Analysis | Value (US$ billion) |
Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
Key Countries Covered | USA, United Kingdom, Germany, France, Spain, Italy, Japan, China, Singapore, Malaysia, Sri Lanka, Kingdom of Saudi Arabia, United Arab Emirates, South Korea, Finland, Hungary, Rest of the World |
Key Segments Covered | Technique, Service, Industry Verticals, Region |
Key Companies Profiled | Ashtead Technology Ltd; Eddyfi NDT Inc.; ETher NDE Ltd; Fidgeon Ltd; General Electric Company; ibg NDT System Corporation; Magnetic Analysis Corporation; MISTRAS Group Inc.; Olympus Corporation; TÜV Rheinland Inc. |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global market size to reach US$ 2.6 billion by 2033.
North America is projected to emerge as a lucrative market.
The growth potential of the market is 8.3% through 2033.
The remote field testing segment is highly preferred in the global market.
The growing production of automotive driving the United States market.
1. Executive Summary | Eddy Current Testing Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ billion) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ billion) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Technique
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ billion) Analysis By Technique, 2017 to 2021
5.3. Current and Future Market Size Value (US$ billion) Analysis and Forecast By Technique, 2022 to 2032
5.3.1. Altering Current Field Measurement
5.3.2. Eddy Current Array
5.3.3. Conventional Eddy Current Testing
5.3.4. Remote Field Testing
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Technique, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Technique, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ billion) Analysis By Service, 2017 to 2021
6.3. Current and Future Market Size Value (US$ billion) Analysis and Forecast By Service, 2022 to 2032
6.3.1. Inspection Services
6.3.2. Equipment Rental Services
6.3.3. Calibration Services
6.3.4. Training Services
6.4. Y-o-Y Growth Trend Analysis By Service, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Service, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Industry Verticals
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ billion) Analysis By Industry Verticals , 2017 to 2021
7.3. Current and Future Market Size Value (US$ billion) Analysis and Forecast By Industry Verticals , 2022 to 2032
7.3.1. Manufacturing
7.3.2. Oil & Gas
7.3.3. Automotive
7.3.4. Power Generation
7.3.5. Government Infrastructure & Public Safety
7.4. Y-o-Y Growth Trend Analysis By Industry Verticals , 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Industry Verticals , 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ billion) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ billion) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ billion) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ billion) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Technique
9.2.3. By Service
9.2.4. By Industry Verticals
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Technique
9.3.3. By Service
9.3.4. By Industry Verticals
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ billion) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ billion) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Technique
10.2.3. By Service
10.2.4. By Industry Verticals
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Technique
10.3.3. By Service
10.3.4. By Industry Verticals
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ billion) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ billion) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Technique
11.2.3. By Service
11.2.4. By Industry Verticals
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Technique
11.3.3. By Service
11.3.4. By Industry Verticals
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ billion) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ billion) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Singapore
12.2.1.5. Thailand
12.2.1.6. Indonesia
12.2.1.7. Australia
12.2.1.8. New Zealand
12.2.1.9. Rest of Asia Pacific
12.2.2. By Technique
12.2.3. By Service
12.2.4. By Industry Verticals
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Technique
12.3.3. By Service
12.3.4. By Industry Verticals
12.4. Key Takeaways
13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ billion) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ billion) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. Gulf Cooperation Council Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of Middle East and Africa
13.2.2. By Technique
13.2.3. By Service
13.2.4. By Industry Verticals
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Technique
13.3.3. By Service
13.3.4. By Industry Verticals
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. USA
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Technique
14.1.2.2. By Service
14.1.2.3. By Industry Verticals
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Technique
14.2.2.2. By Service
14.2.2.3. By Industry Verticals
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Technique
14.3.2.2. By Service
14.3.2.3. By Industry Verticals
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Technique
14.4.2.2. By Service
14.4.2.3. By Industry Verticals
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Technique
14.5.2.2. By Service
14.5.2.3. By Industry Verticals
14.6. United Kingdom
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Technique
14.6.2.2. By Service
14.6.2.3. By Industry Verticals
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Technique
14.7.2.2. By Service
14.7.2.3. By Industry Verticals
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Technique
14.8.2.2. By Service
14.8.2.3. By Industry Verticals
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Technique
14.9.2.2. By Service
14.9.2.3. By Industry Verticals
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Technique
14.10.2.2. By Service
14.10.2.3. By Industry Verticals
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Technique
14.11.2.2. By Service
14.11.2.3. By Industry Verticals
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Technique
14.12.2.2. By Service
14.12.2.3. By Industry Verticals
14.13. Singapore
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Technique
14.13.2.2. By Service
14.13.2.3. By Industry Verticals
14.14. Thailand
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Technique
14.14.2.2. By Service
14.14.2.3. By Industry Verticals
14.15. Indonesia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Technique
14.15.2.2. By Service
14.15.2.3. By Industry Verticals
14.16. Australia
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Technique
14.16.2.2. By Service
14.16.2.3. By Industry Verticals
14.17. New Zealand
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Technique
14.17.2.2. By Service
14.17.2.3. By Industry Verticals
14.18. Gulf Cooperation Council Countries
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2021
14.18.2.1. By Technique
14.18.2.2. By Service
14.18.2.3. By Industry Verticals
14.19. South Africa
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2021
14.19.2.1. By Technique
14.19.2.2. By Service
14.19.2.3. By Industry Verticals
14.20. Israel
14.20.1. Pricing Analysis
14.20.2. Market Share Analysis, 2021
14.20.2.1. By Technique
14.20.2.2. By Service
14.20.2.3. By Industry Verticals
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Technique
15.3.3. By Service
15.3.4. By Industry Verticals
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Ashtead Technology Ltd
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.2. Eddyfi NDT Inc.
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.3. ETher NDE Ltd
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.4. Fidgeon Ltd
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.5. General Electric Company
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.6. ibg NDT System Corporation
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.7. Magnetic Analysis Corporation
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.8. MISTRAS Group Inc
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.9. Olympus Corporation
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.10. TÜV Rheinland Inc.
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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