As per industry experts opinion, the Magnetic Crack Detectors market is forecasted to record a CAGR between 5 to 6% in the forecast period 2021-2031. Market growth has been observed at a steady pace during the historical period 2016-2020, and is projected to show optimistic growth outlook in the long run.
What is Driving Demand for Magnetic Crack Detectors?
One of the key traits of the magnetic crack detector is its ability to detect cracks and effects as much as half inch below the surface and offers advantages in the speed and economy of its application in broad end uses like aero and motor engines, ship building, etc.. As a result, the demand for shock testing systems is growing due to the need to ensure a product's consistency and long-term viability.
Industries such as automotive and aerospace, are developing advanced magnetics particle inspection to ensure the precise breakage point, sensitivity, and other characteristics of products in order to improve product protection and quality. The need for quality product to the customer is driving the sales of these testing device to a new height since the last decade.
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Automotive Recovery Likely to Augment Magnetic Crack Detectors
Automotive sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on automotive component and material sales, and in-turn the testing equipment sales. As these devices are used in every metal fabrication industry, the growth prospects aren’t focused from automotive sector.
Other end users like military, aero-space component manufacturer, competitive pipe manufacturers, etc. have to undergo strict regulations from various bodies of equipment testing therefore these equipment play a crucial role in developing light in weight, durable and reliable metal components. The demand for light but durable products has gained importance in the last decade and will be manipulative move by many manufacturers in order to keep accord with the industry 4.0 norms
These machines are also extensively used in aerospace industry in order to test equipment and check their reliability. Although lockdown and shelter-at-home guidelines have meant restricted manufacturing activities, sales are likely to improve over the course of the assessment period.
North America Magnetic Crack Detectors Outlook
Magnetic particle inspection is a simple NDI method used to detect cracks at the surface of ferromagnetic materials such as steels and nickel-based alloys, which are made in use in almost all metal working industry in the U.S. The automotive manufacturing industry in U.S. and Canada is one of the largest in the world.
Constant demand for the equipment which help in aiding quality standards and determining defects persists round the year. There was constant demand for Magnetic Crack Detectors in these countries due to the same reasons. The demand only sowed during the periods of great depression and rose when they ceased.
In the U.S., immense military and aerospace industry has developed ever since its beginning. The United States led the ranking of countries with highest military spending in 2020, with 778 billion U.S. dollars dedicated to the military which included crack detection equipment.
Although the coronavirus pandemic has had an immense impact on the commercial airline industry, the trends in the private jet industry and charter aviation have shown comparatively positive results. This very fact kept the cash flowing in the magnetic crack detector market as the demand never shrunk from military even during the FY2020.
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Asia Demand Outlook for Magnetic Crack Detectors
In Asia, countries such as China and India are anticipated to account for significant shares in the testing equipment market, as these countries have prominent manufacturers of commercial vehicles owing to one of the largest steel and ferrous metal industry in the world and thus, offer lucrative opportunities for the development of the sales for these equipment in the market during the forecast period.
Manufacturing processes have changed ever since the Industry 4.0 norms have been introduced. The processes include testing, prototyping and maneuvering the production process as a motive to bring continuous improvement leads to the procurement of non-destructive testing equipment like magnetic particle inspection.
Who are the Key Manufacturers and Suppliers of Magnetic Crack Detectors?
Some of the leading manufacturers and suppliers of Magnetic Crack Detectors are
Technology will continue to play a critical role in the testing equipment ecosystem. Key players operating in the testing equipment marketplace are integrating emerging technologies within their existing ecosystem, which has helped to improve products and in turn the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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