Eddy-current Testing Market Expected to Reach $2.3 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Eddy-current Testing Market," The eddy-current testing market was valued at $964.45 million in 2020 and is estimated to reach $2.3 billion by 2030, growing at a CAGR of 9.5% from 2022 to 2030.

Eddy current inspection is an enhanced testing solution intended to use electromagnetic induction to detect flaws in conductive materials. Eddy current measurementis one of numerous non-destructive testing (NDT) processes used to identify surface fractures and classify materials. Moreover, the rise in demand for safety solutions across oil & gas, manufacturing, utilities, and other sector has significantly boosted the demand for advanced testing solutions, which is anticipated to drive the growth of the eddy-current testing industry.

The expansion of the global eddy current testing market is majorly driven by advancements in the new ECT technology paired with rising safety regulations by governments. Moreover, a rise in safety regulations by governments is anticipated to drive the growth of eddy current testing market However, the lack of a skilled and qualified workforce is acting as a prime restraint of the global eddy current testing market. On the contrary, increased infrastructural developments in emerging economies and manufacturing opportunities in BRICS are anticipated to provide lucrative opportunities for the eddy current testing industry during the forecast period.

According to the eddy-current testing market analysis, the conventional eddy current testing segment was the highest contributor to the market in 2020. The manufacturing and oil & gas segments collectively accounted for around 49.2% market share in 2020. The surge in adoption of safety regulations across prime manufacturing and oil & gas sectors has led to the growth of the remote field-testing segment; thereby, enhancing the eddy-current testing market growth.

The outbreak of COVID-19 has significantly impacted the growth of remote field-testing solutions. The decline in growth in manufacturing solutions has significantly impacted the demand for eddy-current testing solutions during the pandemic. Furthermore, the lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the eddy-current testing market during the pandemic. However, the rise in demand for safety regulations has led to the growth of eddy-current testing solutions and is expected to drive the growth of the eddy-current testing market trends post-pandemic.

According to Himanshu Jangra, Lead Analyst, Semiconductor and Electronics, at Allied Market Research, “The global eddy-current testing market share is expected to witness considerable growth, owing to surge in demand for digital entertainment solution paired with safety laws across emerging economies, especially in Asia-Pacific and LAMEA region, which is expected to drive the eddy-current testing market size.”

Region-wise, North America holds a significant share in the global eddy current testing market, owing to the presence of prime players in this region. Further, the U.S. holds a dominating position in the eddy current testing market, owing to a rise in investment by prime players and government agencies to develop next-generation eddy current testing solutions.

The eddy current testing market key players profiled in the report include General Electric Company, Ether NDE Limited, Olympus Corporation, Eddyfi NDT Inc, Mistras Group Inc., Ashtead Technology Ltd., TUV Rheinland AG, Ibg NDT System Corporation, Fidgeon Limited, and Magnetic Analysis Corporation Inc. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the eddy current testing market.