Ultrasonic NDT Equipment Market Research Report- Global Forecast 2027

Ultrasonic NDT Equipment Market, By End-User (Oil & Gas Industry, Power Generation, Aerospace and defense sector, Automotive and Transportation industry), By Geography (North-America, Europe, Asia-Pacific, RoW) - Forecast 2027

ID: MRFR/SEM/2443-CR | May 2017 | Region: Global | 68 pages

Please note that the assessment period of report has been updated from 2017-2023 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis of Global Ultrasonic NDT Equipment Market:


Market Scenario:


The global ultrasonic NDT equipment market is a very dynamic market and is expected to witness stable growth over the forecast period. The growth of the ultrasonic NDT equipment market is influenced by the expansion in the aerospace & defense sector, growth in the wind energy sector and emergence of new avenues for natural gas market. Furthermore, growth in the electrical vehicle sales, use of array equipment in radiography and the need for customization of ultrasonic NDT equipment are the factors expected to boost the growth of the market over the forecast period. However, lack of skilled manpower, rise in pipeline sabotage threats are the factors hindering the growth of ultrasonic NDT equipment market.


The global Ultrasonic NDT Equipment market is expected to reach USD 2.47 billion by the end of 2023 with 9.87% CAGR during forecast period 2017-2023


Key Players 


The prominent players in the market of Ultrasonic NDT Equipment 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.


Segments:


Global Ultrasonic NDT Equipment Market, End-User



  • Oil & Gas Industry

  • Power Generation

  • Aerospace and defense sector

  • Automotive and Transportation industry


Global Ultrasonic NDT Equipment Market, By Region



  • North America

  • Europe

  • Asia Pacific

  • RoW


Regional Analysis:


North America was the largest market for ultrasonic NDT equipment market due to increasing focus by automotive manufacturers to increase its production processes in U.S. Among other countries in North-America, U.S. is dominating the ultrasonic NDT equipment and Canada is expected to grow over the forecast period whereas Europe is growing at a stable rate over the forecast period with a CAGR of 8.77% from 2017 to 2023. The region is attributed to the increasing safety regulations, rapid prototyping and industrialization among others. Also, the expansion in the aerospace and defense sector is expected to boost the market. Whereas, factors such as lack of skilled workforce and the equipment being expensive for testing are stopping the market to grow in the European region.


 


Global Ultrasonic NDT Equipment Market, By Region (USD Million)


Ultrasonic NDT Equipment Market 


Intended Audience



  • Ultrasonic NDT Equipment Manufacturers

  • Distributors

  • Research firms

  • Consultancy firms

  • Vendors

  • Semiconductor Manufacturers

  • Stakeholders

  • End-user sectors

  • Technology Investors



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 2.47 billion
  CAGR   9.87%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   The expansion in the aerospace & defense sector, growth in the wind energy sector and emergence of new avenues for natural gas market.
  Key Market Drivers

  • The expansion of the automotive industry and stringent safety regulations.
  • Rapid adoption of advanced technology.
  • The growing investment in oil and gas industry.