Nondestructive Testing Equipment Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3 billion by 2022, registering a CAGR of 9% during the period 2016 – 2022. In the year 2015, North America contributed major share in the market, and is projected to continue its dominance throughout the forecast period.
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NDT refers to the method of examining materials/components to detect the defects/discontinuity in component or material to avoid equipment failure. In addition, it is used to ensure the safe utilization of engineering structures, product quality, and performance upon production. Increase in stringent government regulations across different geographical regions due to rise in incidence of infrastructure failures, need for extending the life of obsolete infrastructure, and maintenance optimization by various industries for efficient operations & quality/safety assurance are the factors that drive the growth of NDT market.
The market is classified on the basis of NDT testing method into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Ultrasonic testing is expected to hold the largest market share owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy. However, liquid penetrant testing is anticipated to show significant growth in the coming years, owing to its low cost and user-friendly approach.
Among the industry verticals, energy & power was the foremost industry in 2015, owing to growth in number of power plants and equipment involved in the same. In the same year, oil and gas industry contributed a significant revenue share of over 20% in the overall market. However, automotive & transportation is expected to witness the fastest growth during the forecast period.
North America generated the highest revenue in this market, followed by Europe and Asia-Pacific. Among the countries of North America, U.S. is the largest market with nearly 80% revenue share of the overall North American market due to significant spending in oil & gas and energy & power infrastructure. However, the market in Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of about 11%. Rise in infrastructural projects and power plants fuels the demand for NDT equipment in Asia-Pacific.
NDT equipment industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Other key players in the industry include Olympus Corporation, Zetec Inc., and Sonatest among others. The key strategies adopted by these leading players are product launch, expansion, acquisition, partnership, and agreement to strengthen their market position and expand their geographical presence.
The nondestructive testing industry is undergoing rapid change and traditional NDT equipment are evolving in significant ways, providing new advantages and additional value to end-users. Maintenance optimization by various industries to ensure safety and efficient performance of the machines is driving the need for NDT equipment. The increasing cost and challenges involved in building new infrastructure has resulted in significant aging of existing infrastructure. In addition, a wave of consolidations and mergers has recently swept over the NDT industry. states Rachna Singh, Sr. Research Associate, Semiconductor and Electronics at AMR.
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Key Findings of Nondestructive Testing Equipment Market:
- In 2015, ultrasonic testing was the highest revenue-generating segment, accounting for almost 30% of the overall market size, and is projected to grow at a CAGR of over 7% during the forecast period
- Liquid penetrant testing is likely to grow at a remarkable CAGR of 11.5%, owing to their low cost and user-friendly approach
- Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of almost 11% during the forecast period
- North America generated the highest revenue in this market, followed by Europe and Asia-Pacific.
- The U.S. is projected to maintain its lead in the NDT equipment market in terms of revenue generation until 2022.
Energy & power and oil & gas industry contributed a significant revenue share in the overall market in 2015.
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According to a new report published by Allied Market Research, titled, Vertical Farming Market: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global vertical farming market was valued at $1.5 billion in 2016, and is projected to reach $6.4 billion by 2023, growing at a CAGR of 23.6% from 2017 to 2023. The hydroponics segment contributed nearly 42% of the share in 2016.
Continuous rise in population and increase in urbanization globally have increased the requirement of food, and food security has gained importance for the governments globally. The traditional farming is exhaustive, both in terms of available arable land and volume of production. Vertical farming is an improved substitute for traditional farming, which produces more yield, with no need for land, pesticides, and other chemicals. This method of farming has gained popularity in the recent years with decline in water level and problem of drought becoming severe. Vertical farming is expected to become an enhanced substitute of traditional farming, as it produces 70% more crop and uses almost 90% less water as compared to the traditional farming.
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Increase in popularity of organic foods, rise in urban population, and limited arable land for traditional agriculture are the major factors that drive the growth of the vertical farming market. However, requirement of high initial investment to set up a vertical farm and technologies used being in developmental phase restrain the market growth. Furthermore, all crops cannot be grown by this method, and is limited to crops such as tomatoes, lettuces, and green crops, thus hampering growth of the market. Decline in water level and increase in government initiatives to promote vertical farming globally are anticipated to provide new opportunities for the market growth.
In 2016, hydroponics vertical farming contributed over 42% share in the market, and is expected to maintain its dominant position throughout the analysis period, owing to its capability to produce more nutritious eatables in less space consumption. Moreover, this growth mechanism uses 10 times less water than conventional farming.
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Moreover, Asia-Pacific is the major revenue contributor, owing to the government initiatives and cooperation from private companies. The market growth in the region is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken areas, and increase in environmental concerns.
Lighting component segment dominated with over 25% share in 2016. Lighting devices are an essential component of vertical farming, as they facilitate growth of plants by acting as a substitute to sunlight. These devices use an LED lighting system that produces dual band color spectrum at the same time, and maintains efficiency and low heat dissipation. Lighting systems provide photosynthetic wavelengths in accordance to crop growth, thereby maximizing the crop yield and ensuring minimum power consumption. Thus, farmers opt for LED lighting systems over other lighting technology for vertical farming.
Key Findings of the Vertical Farming Market:
- In terms of revenue, lighting component contributed the maximum market share in 2016, and is expected to maintain its lead throughout the forecast period.
- Aeroponics is expected to grow at the highest CAGR during the forecast period.
- In 2016, the hydroponics growth mechanism segment held nearly two-fifths market share, which was the highest among all the growth mechanisms.
- In 2016, Asia-Pacific accounted for over 45% share globally, and is expected to dominate the market in the future.
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In 2016, in terms of revenue, Asia-Pacific accounted for nearly half of the vertical farming market, and is expected to retain its dominant position, owing to the presence of well-established vertical farming companies, government initiatives, and rise in demand of organic food.
The major companies profiled in the report include AeroFarm, FarmedHere, Illumitex, Inc., Koninklijke Philips N.V., Sky Green, Everlight Electronics, Green Sense Farms, American Hydroponics, Hort Americas, Agrilution, and others.
LiDAR Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $921.2 million by 2022, registering a CAGR of 18.5% during the period 2016-2022. Increasing adoption of LiDAR systems in various applications, such as precision farming, media and entertainment, and commercial applications is the major factor driving the market growth.
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The LiDAR market is categorized based on type, component, application, and end user. Among types, the aerial LiDAR dominated the market with more than 50% share in 2015, and is expected to continue its dominance throughout the forecast period owing to its numerous applications in civil engineering, archaeology and forest land management. From a growth perspective, terrestrial LiDAR segment is projected to grow at the highest CAGR of 23.9% during 2016 – 2022.
By component, the laser segment dominated the market with around 39% share in 2015 and is expected to maintain its dominance throughout the forecast period due to increasing applications of near-field lasers enabled LiDAR systems in the defense sector.
Application wise, corridor mapping, and exploration and detection segments collectively accounted for more than 80% share of the overall market value in 2015, with corridor mapping constituting around 50% revenue. For modern age infrastructure planning and disaster management, corridor mapping is performed using LiDAR technology.
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Among end users, the civil engineering segment dominated the market in terms of spending on LiDAR systems, followed by forestry and agriculture segment in 2015. The civil engineering applications significantly drive the market with the usage of LiDAR in infrastructure planning. Expenditure on LiDAR systems by the transportation sector is expected to grow at the highest CAGR, primarily for vehicle monitoring purposes and emerging transportation applications such as driverless cars.
Key findings of the LiDAR Market:
- The global LiDAR market is likely to grow at a double-digit rate in the future owing to increasing demand for aerial LiDAR from the various end user sectors.
- The aerial segment accounts for a major share in this market.
- The application of LiDAR in the transportation sector is anticipated to expand at the highest CAGR of 23.5% from 2016 to 2022.
- North America is the highest revenue-generating region in this market.