SOURCE: BCC Research LLC

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December 08, 2015 05:00 ET

Huge Growth Potential in Optical Systems and Nondestructive Testing Systems Market, Reports BCC Research

WELLESLEY, MA--(Marketwired - December 08, 2015) - The optical systems and nondestructive testing systems for inspection and maintenance market should experience robust growth from 2015-2020. BCC Research reveals in its new report that the industry goal of improving product quality is a key market driver.

The global market for optical systems and nondestructive testing systems for inspection and maintenance should total $571 million and $875.7 million in 2015 and 2020, respectively, reflecting a five-year CAGR of 8.9%. The auto industry, the largest industry category, had a market share of 24.6% on revenues of $129 million in 2014, followed by the oil and gas industry with revenues of $80.9 million that year. During the forecast period, five-year CAGRs for the construction industry and mining industry are projected to reach 10.5% and 10%, respectively.

The market for optical systems and nondestructive testing systems for inspection and maintenance is expected to experience robust growth. Rising demand for computer-aided design and computer-aided manufacturing (CAD/CAM) and the adoption of international standards are major factors fueling demand. In addition, a shortage of skilled precision-machine operators is also boosting demand for automated optical systems used for inspection and maintenance on production lines.

Rapid industrialization coupled with the move by industrial manufacturing towards better operational efficiency is also spurring market growth. Deployment of these systems should increase considerably in the coming years, as a result. But the key factor charging market growth may be the goal of companies to improve product quality.

"Manufacturers' emphasis on product quality is boosting demand for high-quality machine parts and equipment. With trends shifting towards fast, easy and simple solutions, the demand for optical systems and nondestructive testing systems is expected to increase considerably in the future," explains BCC Research analyst Sinha G. Gaurav. "Moreover, lack of applicability of non-optical systems is also fueling the demand for optical systems. In addition, increasing demand to capture large volumes of data for 3D modeling and analysis during the initial phase of product development is expected to have a positive impact on the market."

Optical Systems and Nondestructive Testing Systems for Inspection and Maintenance (PHO022A) examines market sizes, value chains, product trends, and the overall competitive landscape. The report also identifies growth drivers and opportunities, and projects revenues through 2020.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

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