The global Ultrasonic Non Destructive Testing Equipment Market is estimated to be valued at US$ 818.3 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ultrasonic Non Destructive Testing Equipment uses high frequency sound waves to examine materials and components for internal flaws or discontinuities without damaging testing samples. These equipment help inspect various industrial components and structures for corrosion, cracks or material flaws in real-time and are widely used in industries such as oil & gas, power generation and aerospace & defense.
Market key trends:
Rise in oil & gas E&P activities is one of the key trends fueling growth of the ultrasonic non destructive testing equipment market. With growing global energy demand and depleting conventional oil & gas reserves, upstream oil & gas companies are increasingly investing in exploration and production of unconventional reserves such as tight oil & shale gas. Ultrasonic non destructive testing equipment play a vital role in inspection of oilfield assets and structures for flaws and remaining service life assessment. This is expected to drive its demand from oil & gas industry over the forecast period.
Segment Analysis
The global ultrasonic non destructive testing equipment market is segmented by type, technique, service, vertical and geography. By type, the market is categorized into flaw detectors, thickness gauges, ultrasonic scanners, and others. Among these, flaw detectors holds the largest market share owing to its wide usage for detecting surface and internal flaws such as cracks, discontinuities and delaminations in materials. By technique, the market is bifurcated into ultrasonic testing (UT), electromagnetic testing (ET), liquid penetration testing (LPT), visual inspection testing (VT), radiographic testing (RT), and others. The ultrasonic testing segment dominates as it is highly preferred for non-destructive testing in wide range of industrial applications.
Key Takeaways
Global Ultrasonic Non Destructive Testing Equipment Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand for quality control and risk-based inspection techniques across industries.
Regional analysis – North America dominates the global market owing to strict quality control standards and huge presence of quality inspection service providers in the region. Asia Pacific exhibits the fastest growth due to increasing foreign investments and expansion of manufacturing industry in developing countries such as China and India.
Key players operating in the ultrasonic non destructive testing equipment market are ROSEN Group, Johnson and Allen Ltd., Advanced NDT Ltd., Olympus Corporation, Intertek Group PLC, Baker Hughes, GE Measurement and Control, and Russell Fraser Sales Pty Ltd., among others. Key players are focusing on new product launches and mergers & acquisitions to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it