The global eddy current testing market is projected to witness substantial growth, driven by the increasing demand for digital entertainment solutions and stringent safety regulations across emerging economies, particularly in the Asia-Pacific and LAMEA regions. According to a report by Allied Market Research, titled "Eddy-current Testing Market," the market was valued at $964.45 million in 2020 and is estimated to reach $2.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2030.
Eddy current inspection, an advanced testing solution leveraging electromagnetic induction, is essential for detecting flaws in conductive materials. As a key non-destructive testing (NDT) process, it is widely used to identify surface fractures and classify materials. The rising demand for safety solutions across sectors such as oil & gas, manufacturing, and utilities has significantly boosted the need for advanced testing solutions, driving the growth of the eddy current testing industry.
The market expansion is largely attributed to advancements in new ECT technology coupled with heightened safety regulations imposed by governments. However, the industry faces a significant challenge due to the lack of a skilled and qualified workforce. On the other hand, increased infrastructural developments in emerging economies and manufacturing opportunities in BRICS nations present lucrative opportunities for the eddy current testing market during the forecast period.
In 2020, the conventional eddy current testing segment was the highest contributor to the market. The manufacturing and oil & gas segments collectively accounted for approximately 49.2% of the market share, driven by the adoption of stringent safety regulations in these sectors, leading to the growth of the remote field-testing segment and enhancing overall market growth.
The COVID-19 pandemic has notably impacted the growth of remote field-testing solutions. The decline in manufacturing activities during the pandemic significantly reduced the demand for eddy current testing solutions. Additionally, the unavailability of a professional workforce due to government-imposed lockdowns globally restrained market growth. However, the increased demand for safety regulations post-pandemic is expected to drive the market trends for eddy current testing solutions.
Himanshu Jangra, Lead Analyst for Semiconductor and Electronics at Allied Market Research, noted, "The global eddy current testing market share is expected to witness considerable growth due to the surge in demand for digital entertainment solutions paired with safety laws across emerging economies, especially in the Asia-Pacific and LAMEA regions."
Regionally, North America holds a significant share of the global eddy current testing market, primarily due to the presence of key players in the region. The U.S., in particular, dominates the market, bolstered by increased investments from leading players and government agencies aimed at developing next-generation eddy current testing solutions.
The eddy current testing industry features key market players who employ various strategies such as product launches, development, collaborations, partnerships, and agreements to influence the market. These strategies encompass the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
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