Ultrasonic NDT Equipment Market 2021 Industry Share, Growth, Trend and Forecast to 2027
Summary
A New Market Study, titled "Ultrasonic NDT Equipment Market Upcoming Trends, Growth Drivers and Challenges" has been featured on Market Research Future.
Ultrasonic non-destructive testing (NDT) is a method of determining the physical properties of a test piece such as ductility, impact resistance, fracture toughness, ultimate tensile strength and others. The Ultrasonic NDT equipment uses high-frequency sound waves for flaw detection or evaluation, material characterization, dimensional measurements and more. Rapid rise in urbanization and industrialization has generated massive demand for advanced technology in various sectors, leading to the expansion of ultrasonic non-destructive testing equipment market on the global level.
Market Research Future (MRFR) has recently published a detailed report asserting that the global market for Ultrasonic Non-destructive testing equipment may reach USD 2.47 Bn by 2023. It can expand at a noteworthy CAGR of 9.87% from 2017 to 2023 (forecast period).
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Market Drivers:
As a sophisticated non-destructive testing technology, the ultrasonic NDT equipment has established its prominence in steel and aluminum, manufacturing, oil and gas, aerospace and defense industries. Along with metals and alloys, the ultrasonic NDT equipment can also be used on concrete, wood and composites, making it serviceable in the construction industry. Application of ultrasonic NDT equipment in all these industries is acting as a driving force for the global ultrasonic non-destructive testing equipment market. The expansion of the automotive industry and stringent safety regulations is fueling the growth of global ultrasonic NDT equipment market.
The leading players in the global ultrasonic NDT equipment market are introducing innovative technologies such as incorporation of wireless sensor networks with the ultrasonic NDT equipment. These innovations are fuelling the expansion of global ultrasonic NDT market. The emergence of new avenues for oil and natural gas industry has led to infrastructural developments which have increased the demand for pipelines that are regularly tested through ultrasonic NDT equipment. Increased power consumption, rising population, urbanization and industrialization are some of the major factors that are expected to induce demand for the ultrasonic NDT equipment in the market.
Market Restraints:
Lack of well-trained operators to carry out the test with appropriate reference standards and thorough interpretation of the results and rise in pipeline sabotage threats are likely to hamper the growth of global ultrasonic non-destructive testing equipment market.
Market Segmentation:
The global ultrasonic non-destructive testing equipment market has been segmented on the basis of end-users and region. On the basis of end-users, the utrasonic NDT equipment market has been segmented into oil and gas industry, power generation, aerospace and defense sector, and automotive and transportation industry.
Detailed Regional Analysis:
On the basis of region, the global ultrasonic NDT equipment market is segmented into North America, Europe, Asia-Pacific and the rest of the world. Due to the growing investment in oil and gas industry and rapid adoption of advanced technology for safety purposes in North America, this region is observed to be dominating the global ultrasonic NDT equipment market. Europe is anticipated to follow North America in the global ultrasonic NDT equipment market. Increasing population, energy consumption and infrastructural development in the developing economies of Asia-Pacific region are driving the ultrasonic NDT equipment market in this region.
Competitive Analysis:
The innovative initiatives and advanced products introduced by the prominent players in the global ultrasonic NDT equipment market is expected to increase the competition among the players. In April 2018, Sonatest (U.K.) has launched new software for their equipment in order to provide higher resolution results along with other noteworthy features. In May 2018, Danatronic (U.S.) has introduced a new feature, Auto Phase Reversal Detection Alarm, to their ECHO 7 gages that enables accurate detection of change in phase in a test piece.
The prominent players in this market are GE Inspection Technologies (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), James Instruments (U.S.), NDT Systems (U.S.), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others.
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