As per Market Research Future (MRFR) analysis, the global ultrasonic NDT equipment market is estimated to reach USD 2.47 billion, with 9.87% CAGR from 2017 to 2023 (forecast period). The report assesses the effect of the COVID-19 pandemic on the global ultrasonic NDT equipment market and offers a succinct estimate of the possible volatility of demand over the forecast period.
Prominent Participants Identified in Global Ultrasonic NDT Equipment Market are:
GE Inspection Technologies (U.S.), NDT Systems (U.S.), James Instruments (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others.
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Ultrasonic NDT equipment is used to inspect or assess discontinuities in character with respect to materials, assemblies, or components without hindering or reducing the part or system’s serviceability. Such inspections or evaluations are mainly conducted to evaluate materials’ physical properties, including impact resistance, ultimate tensile strength, ductility, fatigue strength, and fracture strength. Among the advantages, ultrasonic NDT equipment helps minimize manufacturing costs and preserve a consistent standard of quality. Ultrasonic NDT equipment is becoming increasingly popular in the market, primarily in steel & aluminum, mining, aerospace, and defense industries.
The global market for ultrasonic NDT equipment is very competitive and is expected to experience steady growth over the forecast period. The development of the ultrasonic NDT equipment market is influenced by the expansion of the aerospace & defense sector, the growth of the wind energy sector, and the emergence of new avenues for the natural gas market. In addition, the rise in sales of electric vehicles, the use of array equipment in radiography, and the need to customize ultrasonic NDT equipment are expected to fuel the market’s growth over the forecast period.
The global ultrasonic NDT equipment market has been classified as an end-user.
Based on end-user, the global ultrasonic NDT equipment market has been segmented into oil & gas industry, power generation, automotive, aerospace and defense sector, and transportation industry.
By region, the global ultrasonic NDT equipment market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America was the largest ultrasonic NDT equipment market due to the growing focus by automobile manufacturers to increase their production processes in the U.S. Like other countries in North America, the U.S. is leading the ultrasonic NDT equipment market and Canada is projected to rise over the forecast period. Europe is rising at a steady pace over the assessment period with 8.77% CAGR from 2017 to 2023. The region is attributed, among others, to increasing safety regulations, rapid prototyping, and industrialization. Furthermore, growth in the aerospace and defense industries is expected to fuel the industry.
The global market is distinguished by the presence of various well-diversified multinational, regional and local vendors and tends to be highly fragmented. With vendors from all over the world vying to gain a large market share, the competitive environment between vendors is intense. Although the market consists of many local or regional ultrasonic NDT equipment manufacturers, it is challenging to compete with international vendors in terms of product quality, longevity, and reliability. Most vendors are concentrated in developed countries such as the US, Germany, Italy, and Switzerland, and vendors in emerging economies such as China are focused on offering ultrasonic NDT equipment at a lower price to expand their market share.
List of Table:
TABLE 1 KEY COUNTRIES IN EACH REGION
TABLE 2 TOP VENDOR OFFERINGS
TABLE 3 ULTRASONIC NDT EQUIPMENT MARKET, BY END USERS (USD MILLION)
TABLE 4 OIL & GAS INDUSTRY MARKET, BY REGION (USD MILLION)
TABLE 5 POWER GENERATION MARKET, BY REGION (USD MILLION)
List of Figures:
FIGURE 1 MARKET RESEARCH FUTURE RESEARH PROCESS
FIGURE 2 DRIVERS, CHALLENGES AND TRENDS
FIGURE 3 DRIVERS & CHALLENGES
FIGURE 4 WORLDWIDE AIRCRAFT PRODUCTION, 2010-2015
FIGURE 5 MAJOR DRIVERS FOR AEROSPACE AND DEFENSE
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