Market Share of Ultrasonic Non-Destructive Testing (NDT) Equipment Industry
In the market studied the competitive rivalry between various firms is dependent on price, product, or market share, along with the intensity with which they compete in the market. In the non-destructive testing market, incumbents, such as SGS SA, Bureau Veritas SA, and MISTRAS Group Inc., among others, account for the largest market shares. The market is highly competitive and consolidated, and major vendors hold significant market shares.
These companies have a strong influence on the market in terms of R&D and consolidation activities. Furthermore, the ultrasonic NDT service in the market studied can be characterized by low levels of market penetration. Additionally, few regional players are entering the market to leverage the local demand in the end-user sector, such as construction, among others.
Sustainable competitive advantage can be gained through innovation. Market incumbents have been adopting powerful competitive strategies based on product differentiation, market expansion, and mergers and acquisitions activities.
Ultrasonic Non-Destructive Testing (NDT) Equipment Market Leaders
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Baker Hughes Company
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MISTRAS Group Inc.
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Intertek Group PLC
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Olympus Corporation
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Zetec Inc. (Eddyfi Technologies)
*Disclaimer: Major Players sorted in no particular order
