Ultrasonic NDT Equipment Market Size - Competitive Analysis, Statistics
Posted by Savni on February 17th, 2020
The global ultrasonic NDT equipment market is anticipated to surpass a valuation of USD 2.47 billion, attaining a CAGR of 9.87% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed analysis. Ultrasonic non-destructive testing (NDT) can be defined as a method to determine the physical attributes of a test piece like impact resistance, ductility, ultimate tensile strength, fracture toughness, and others. Ultrasonic NDT uses high-frequency sound waves to detect flaws, dimensional measurements, material characterization, and others.
Market Potential and Pitfalls
The global ultrasonic NDT equipment market is predicted to expand at breakneck speed in the foreseeable future. The market is likely to be influenced by the growth witnessed in the wind energy sector, expansion in the defense & aerospace sector, and the introduction of new growth opportunities for the natural gas market. The extensive use of array equipment in radiography, increasing sales of electric vehicles, and the surging need for customization of ultrasonic NDT equipment are some of the prominent factors encouraging the growth of the market across the globe.
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The market leaders in the ultrasonic NDT equipment market are introducing the latest technologies, like the incorporation of wireless sensor networks, which is likely to pave a new path for the ultrasonic NDT equipment market. Moreover, the ever-increasing population, rapid industrialization and urbanization, and surging power consumption are predicted to create growth opportunities for the market.
On the contrary, the rising threat of pipeline sabotage and dearth of skilled manpower are some of the major concerns likely to restrict the growth of the market in the foreseeable future.
Global Ultrasonic NDT Equipment Market: Segmental Analysis
The global ultrasonic NDT equipment market is segmented on the basis of end user.
By end user, the ultrasonic NDT equipment market is segmented into power generation, oil & gas industry, automotive & transportation industry, and aerospace & defense sector. Among these, the oil & gas industry is likely to gain prominence due to the extensive use of NDT equipment across oil and gas exploration stages like transportation and refining. It also finds application in the manufacturing of parts like heat exchangers, pressure vessels, reactors, boilers, and storage tanks. Moreover, the growth in investments in pipeline transportation activities will fuel the demand from the oil and gas industry.
Geographically, the ultrasonic NDT equipment market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, North America acquires the largest share in the global market owing to the surging focus by the automotive manufacturers to propel its production process in the US. While Canada is expected to evolve over the review period, the US dominates the ultrasonic NDT equipment market in the region. The increased investments in the oil and gas industry, coupled with the rapid adoption of advanced technology are some of the fueling factors for the market growth.
Due to the growing investment in the oil and gas industry and the rapid adoption of advanced technology for safety purposes in North America, this region is observed to be dominating the global Ultrasonic NDT Equipment Market Size.
Europe is expected to witness stable growth, attaining a CAGR of 8.77% during the review period (2017-2023). The growth can be credited to the rapid industrialization and prototyping, and surging safety regulations in the region. With the defense and aerospace sector expanding at a rapid pace, the ultrasonic NDT equipment market is likely to gain impetus. Meanwhile, concerns like the high cost of equipment for testing and dearth of skilled workforce are likely to stunt the growth of the regional market.
March 2019: Olympus, an NDT equipment manufacturer, has recently declared the launch of Olympus Industrial Research Chair on Ultrasonic Nondestructive Testing with the Quebec engineering school ETS. ETS professor was joined by the representatives and his team to frame the challenges predicted to be faced in the coming years. These consist of designing novel ultrasonic transducers for extreme environments, simplifying the interpretation of data which is obtained through ultrasonic testing, and designing innovative ways to test materials without damaging them.
The top players operating in the global ultrasonic NDT equipment market include Olympus Corporation (Japan), GE Inspection Technologies (U.S.), Danatronic (U.S.), Sonatest (U.K.), James Instruments (U.S.), Eddyfi (Canada), PaR systems (U.S.), NDT Systems (U.S.), Trinity NDT (India), and Qualitest International (Canada).
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About the AuthorSavni
Joined: October 21st, 2019
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