Eddy Current Testing Market Share

North American Market Forecast

North America region is anticipated to grow at a significant CAGR with about 37% of the global eddy-current testing market share during the forecast period. In the oil and gas business, eddy-current testing is frequently used for safety inspections and to find flaws on surfaces and tubes in the region. Thus, the demand for eddy-current testing will increase as oil production increases regionally. With a daily production of 23.0 million barrels in 2021, North America will be a big oil producer globally. The average daily production of oil in 2020 was 23.5 million barrels.

European Market Statistics

Europe region is attributed to grow at a significant CAGR with about 23% market share. Since nuclear power plants are subject to stringent public safety requirements, eddy-current testing is widely used for the detection of defects in the region. Demand in the United Kingdom is anticipated to rise as eddy-current testing becomes more prevalent in nuclear power facilities. Around nine nuclear reactors are now in operation in the UK, while two more are being built. An important share of the nation's energy needs is met by nuclear energy.