LAMEA Eddy-current Testing Market Size, Share & Industry Trends Analysis Report By Service, By Technique (Conventional Eddy Current Testing, Eddy Current Array, and Others), By Industry, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Eddy-current Testing Market would witness market growth of 12.5% CAGR during the forecast period (2022-2028).
Eddy's current testing procedure is one of several nondestructive testing (NDT) procedures that apply the principle of electromagnetics. This principle has also been applied in other ways such as Remote Field Testing (RFT), Barkhausen Noise, and Flux Leakage. Due to increased government safety regulations, the eddy-current testing market share is predicted to grow significantly.
Electromagnetic induction is the process that produces eddy currents. A magnetic field forms in and around a conductor, such as copper cable, when an alternating current is supplied. The magnetic field increases as the oscillating current increases and contracts as the current decreases. Current could be induced in another electrical conductor if it is brought into close contact with the changing magnetic field. Eddy currents are circularly flowing induced electrical currents. When the conditions are appropriate, they generate "eddies," which are formed when a liquid or gas flows in a circular pattern around obstructions.
Dubai's financial services business is the biggest and most advanced in the region. Markets for Sukuk and Takaful are expanding. Financial services firms from the United Kingdom have offices in both Abu Dhabi and Dubai. The United Arab Emirates possesses the world's seventh greatest gas reserves and eighth-largest oil reserves. Currently, production is around 3 million barrel per day (BPD), with 3.5 million BPD objectives. As a result, the UAE values enhanced oil recovery (EOR) techniques and technologies. Onshore and offshore oil reserves are operated under concessions in the UAE.
The oil and gas supply chain are managed by the Abu Dhabi National Oil Company (ADNOC) as well as its subsidiaries. The DIFC Courts give residents access to English common law. Banking, asset management, capital markets, and fund registration are among the topics covered, as are insurance and reinsurance, Islamic finance, and professional service providers.
The Brazil market dominated the LAMEA Eddy-current Testing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $36.9 million by 2028. The Argentina market is poised to grow at CAGR of 13.1% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 12.2% during (2022 - 2028).
Based on Service, the market is segmented into Inspection Services, Equipment Rental Services, Training Services, and Caliberation Services. Based on Technique, the market is segmented into Conventional Eddy Current Testing, Eddy Current Array, Alternating Current Field Measurement, Remote Field Testing, and Others. Based on Industry, the market is segmented into Manufacturing, Automotive, Power Generation, Government Infrastructure & Public Safety, Oil & Gas, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Olympus Corporation, Eddyfi Technologies, ETher NDE Ltd., Fidgeon Ltd., ibg NDT Systems Corporation, Magnetic Analysis Corporation, Mistras Group, Inc., TÜV Rheinland AG, Ashtead Group PLC, and Waygate Technologies.
Scope of the Study
Market Segments Covered in the Report:
- Inspection Services
- Equipment Rental Services
- Training Services
- Caliberation Services
- Conventional Eddy Current Testing
- Eddy Current Array
- Alternating Current Field Measurement
- Remote Field Testing
- Power Generation
- Government Infrastructure & Public Safety
- Oil & Gas
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Olympus Corporation
- Eddyfi Technologies
- ETher NDE Ltd.
- Fidgeon Ltd.
- ibg NDT Systems Corporation
- Magnetic Analysis Corporation
- Mistras Group, Inc.
- TÜV Rheinland AG
- Ashtead Group PLC
- Waygate Technologies
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