Maintenance optimization by various industries to ensure safety and efficient performance of the machines, rise in oil & gas and power generation projects, and stringent safety government regulations augment the growth of the Latin America non-destructive testing equipment market. The market across, and would lead the trail throughout the forecast period. Mexico held the highest market share in 2019.
Portland, Dec. 01, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Latin America non-destructive testing equipment market generated $144.3 billion in 2019, and is estimated to reach $268.8 billion by 2027, registering a CAGR of 8.4% from 2020 to 2027. The report offers an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Maintenance optimization by various industries to ensure safety and efficient performance of the machines, rise in oil & gas and power generation projects, and stringent government regulations augment the growth of the Latin America non-destructive testing equipment market. In addition, the surge in need for extending the life of obsolete infrastructure further fuels the growth. Nevertheless, lack of skilled and qualified professionals restrains the market growth. However, increase in use of advanced NDT equipment is anticipated to usher a plethora of opportunities for the players in near future.
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The outbreak of COVID-19 has massively impacted the global non-destructive testing industry. This is attributed to the declined automotive production and reduced requirement of petroleum products during the global lockdown.
Travel ban, disrupted supply chain, and shrunken investments have further impacted the market.
The government bodies, however, are lifting up the regulations owing to maintain the economic status. This may aid the industry to recover soon.
The Latin America non-destructive testing equipment market is segmented based on testing method, technique, industry vertical, and geography. Based on testing method, the market is divided into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. The ultrasonic testing segment held the highest market share in 2019, contributing to nearly one-third of the total share, and is estimated to maintain its leadership status throughout the forecast period. On the other hand, the liquid penetrant testing segment is expected to grow at the highest CAGR of 11.6% from 2020 to 2027.
Based on industry vertical, the report is segmented into oil & gas, energy & power, aerospace & defense, automotive & transportation, infrastructure, and others. The energy and power segment held the highest market share in 2018, accounting for nearly one-fourth of the total share, and is expected to maintain its dominant share throughout the forecast period. On the other hand, the automotive and transportation segment would register the highest growth rate, with a CAGR of 10.7% from 2020 to 2027.
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Based on region, the market is analyzed across Argentina, Brazil, Colombia, Mexico, Peru, Chile, and Trinidad & Tobago. The market across Mexico held the highest market share in 2019, with more than one-fifths of the total share. The region would dominate the market throughout the forecast period. On the other hand, Chile is anticipated to portray the fastest CAGR of 11.6% throughout the forecast period.
Leading industry players in the research include Olympus Corporation, Bosello High Technology, Mistras Group Inc., Baker Hughes Company, Fujifilm Corporation, FLIR System, A-Star Testing & Inspection, Ashtead Technology Inc., General Electric, Sonatest Ltd., (S) Pte Ltd., Tech-End Industrial Services, Compoende Aeronautica, and SGS SA.
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Industrial RT for Non-Destructive Testing Market by Component (System and Services) and Application (Aerospace & Defense, Automotive, Construction, Electronics & Semiconductors, Energy & Power, EOD & IED, Heavy Industries, Manufacturing, Marine, Oil & Gas, Security, Transportation, Food, Drugs, & Drinks, and Others) - Opportunity Analysis and Industry Forecast, 2020-2027
Nondestructive Testing Equipment Market by Testing Method (Ultrasonic Testing, Radiography Testing, Visual Inspection Testing, Magnetic Particle Testing & Electromagnetic Testing, Eddy-Current Testing, Liquid Penetrant Testing, and Others), Technique (Volumetric Examination, Surface Examination, and Others), and Industry Vertical (Oil & Gas, Energy & Power, Aerospace & Defense, Automotive & Transportation, Infrastructure, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
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