Ultrasonic NDT Equipment Market 2019 Industry Key Players, Facts, Figures Share, Trend, Applications, Development History, Competitive Landscape, Strategies Forecast to 2023

August 23 13:13 2019
Ultrasonic NDT Equipment Market 2019 Industry Key Players, Facts, Figures Share, Trend, Applications, Development History, Competitive Landscape, Strategies Forecast to 2023

“Ultrasonic NDT Equipment Market”
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).

Market Analysis

The global ultrasonic NDT equipment market is prognosticated to touch USD 2.47 Billion at a staggering 9.87% CAGR over the predicted years (2017-2023). Ultrasonic testing or UT put merely, is a type of Ultrasonic NDT Equipment Market. which utilizes sound waves of high frequency for measuring the hardness or thickness of a material. Often these tests are performed for assessing corrosion on steel/aluminium constructions, valves and pipes. Besides it is also used for detecting flaws mainly leaks and cracks. Thus, it is a vital tool utilized in bridge inspection, building inspection, equipment condition monitoring, manufacturing quality control, engineering and material testing. In industrial applications, UT is commonly used on ceramics, composites, plastics and metals. The sole common engineering material which is not ideal for UR with conventional equipment includes paper and wood products. This ultrasonic technology is used in the biomedical sector too for medical research and diagnostic imaging. It is absolutely non-destructive in nature. In fact the test piece will not require being cut, exposed against damaging chemicals or sectioned. Access to merely one side is needed as opposed to measurement with mechanical tools such as micrometers and calipers. The best apart about UT is there are no health hazards as in the case of radiography. As the test is properly set up, the outcomes are reliable and highly repeatable.

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There are plentiful factors that are propelling the growth of the Ultrasonic NDT Equipment Market Some of these factors according to the Market Research Future (MRFR) report include increasing investment in the oil and gas industry, growing infrastructural development across the world, growing urbanization and industrialization, owing to its offering right balance of loads it is widely used in the power generation industry, technological advancements and increasing use of ultrasonic NDT equipment market in aluminium and steel, manufacturing, aerospace and defence and oil and gas industries, rising population and increased power consumption. On the contrary, scarcity of well-trained operators for performing the test with accurate reference standards as well as proper interpretation of outcomes coupled with increase in pipeline sabotage are factors that may deter the growth of the ultrasonic NDT equipment market over the predicted years.

Key Players

Leading players profiled in the ultrasonic NDT equipment market include Trinity NDT (India), Qualitest International (Canada), PaR systems (U.S.), NDT Systems (U.S.), James Instruments (U.S.), Eddyfi (Canada), Danatronic (U.S.), Sonatest (U.K.), Olympus Corporation (Japan), and GE Inspection Technologies (U.S.).

Market Segmentation

MRFR report provides a complete segmental analysis of the ultrasonic NDT equipment market on the basis of end-users.

Based on end-users, the ultrasonic NDT equipment market is segmented into automotive & transportation industry, aerospace & defence sector, power generation and oil & gas industry. Of these, the oil & gas industry will have the largest share in the market over the predicted years. This is due to its extensive applications in various oil & gas exploration phases namely transportation, refining and in manufacturing of various associated equipment parts which includes storage tanks, heat exchangers, reactors, boilers, and pressure vessels.

Regional Analysis

Based on region, the ultrasonic NDT equipment market covers latest trends and growth opportunities across North America, Rest of the World, Europe and Asia Pacific. Of these, North America will command the market over the predicted years owing to growing focus by leading automotive manufacturers in boosting its production process within the US. The US is the key contributor here while Canada is predicted to expand over the predicted years. The ultrasonic NDT equipment market in the European region is prognosticated to grow at a stable rate. The market growth here is attributed to rising industrialization, rapid prototyping and increasing safety regulations. Besides, the expansion in the aerospace & defence industry is predicted to fuel the market growth. On the contrary, high cost of testing equipment and dearth in skilled workforce are factors that are acting as deterrents in the growth of the market in the European region.

March 2019- Olympus, leading NDT equipment manufacturer has launched the Olympus Industrial Research Chair on Ultrasonic NDT with Quebec engineering school ETS (Ecole de technologie superieure). The challenges that they will tackle in the next five years include engineering new means for testing materials devoid of dissembling or damaging them, designing new ultrasonic transducers especially for harsh environments and simplifying data interpretation obtained via ultrasonic testing.

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