New York – September 12, 2023 - Research Nester’s recent market research analysis on “Eddy Current Testing Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global eddy current testing market in terms of market segmentation by service, technique, industry verticals, and by region.

Rising in Safety Regulations by Government to Promote Global Market Share of Eddy Current Testing
Industrial potential in the BRICS and expanding infrastructure development in emerging economies are likely to offer enticing potential for the growth of the eddy-current testing market during the forecasted period. In terms of constructing national highways that link all points for travel, trade, and freight, India has already achieved great progress. The building of about 13,800 km of roads is anticipated to cost a total of Rs 2.81 lakh crore in 2023–2024, an increase of 33% from the previous year.

Additionally, a rise in government safety regulations is predicted to have a substantial impact on the market share during the projection period. The government's policy for raising safety awareness will undoubtedly also be a major factor in the market's growth in the ensuing years. The growing need for durable consumer goods and technological equipment is what fuels the eddy current testing sector. In India, it was predicted that the market for electrical equipment would be worth $50 billion by 2021. This was forecast to reach to USD 72 billion by 2025, an increase from earlier years.

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Some of the major growth factors and challenges that are associated with the growth of the global eddy current testing market are:

Growth Drivers:
• Surge in Popularity in Aerospace Sector
• Rising Use of Eddy Current Testing in Power Generation Sector

Challenges:
Non-destructive testing has numerous uses in domestic, industrial, and commercial settings. The improved evaluation output has positive effects on numerous end-use industries worldwide. An expert technician decodes the signals to check for wall loss or tube faults. A new heat exchanger will frequently undergo baseline eddy current testing so that the results can be gathered for later in-service tests to see whether any modifications have occurred. Eddy's current testing is a quick, accurate, and affordable way to find damaged or weak tubes before they fail and demand a costly shutdown. The decline in oil and gas prices has put a strain on the market for eddy current testing. and that the eddy current testing market's growth might be constrained by formidable competition and high entry hurdles are some of the major factors anticipated to hamper the global market size of eddy current testing.

By service, the global eddy current testing market is segmented into inspection services, equipment rental services, calibration services, and training services. The calibration segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Given that calibration can identify any differences and defects in measurement tools and dimensional standards, its market share is expected to increase to roughly 39%. Data that deviates from "normal" are discovered during calibration. The tolerances are then brought within acceptable bounds using the measurement tool or technique.

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By region, the Asia Pacific eddy current testing market is to generate the highest revenue by the end of 2035. In order to improve its economic performance, China has carried out a number of economic changes. It demonstrates the labour productivity and total factor productivity of state-owned enterprises (SOEs), groups, and joint ventures, including wholly foreign-owned businesses, in the Chinese electronics industry after 1993. On November 20, officials declared that more than 85% of significant electronic components used in Chinese defence and high-tech equipment are now produced domestically, demonstrating the nation's potential to produce all of its own advanced electronic components.

This report also provides the existing competitive scenario of some of the key players of the global eddy current testing market which includes company profiling of Ether NDE Limited, Eddyfi NDT Inc., Ashtead Technology Ltd., TUV Rheinland AG, Mistras Group Inc., Fidgeon Limited, Magnetic Analysis Corporation, Ibd NDT System Corporation, Waygate Technologies, and others.

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