Ultrasonic NDT Equipment Market will exhibit a CAGR of 8.5 % in the forecast period of 2022 to 2030 and is expected to reach USD 8.12 Billion by 2030.
The Ultrasonic NDT Equipment market is expected to reach USD 8.12 Billion by the end of 2023 with 8.5% CAGR during forecast period 2022-2030. The Ultrasonic NDT equipment is used to inspect and test the defects in the industrial equipment or devices. The inspection is generally done on the physical properties of the materials used to manufacture the device. The parameters that undergo testing include resistance, tensile strength, ductility, fatigue, defect, and toughness. The frequent testing and management of the devices ensure that they operate efficiently with minimal power consumption. The power generating factories, railways, and other crucial industrial sectors are the primary end-user industries of the Ultrasonic NDT equipment market. The industries are increasingly focusing on improving the overall production rate in recent times; energy optimization and cost efficiency are considered as primary factors for any business sector. Such factors are further stimulating the overall growth of Ultrasonic NDT equipment.
Ultrasonic testing is generally used for industries that use different materials; the sustainability of different materials can be inspected by this Ultrasonic NDT. Industries that involved ceramics, plastics, composites, and concrete utilize the Ultrasonic NDT method to inspect their materials. Especially, the medical sector Ultrasonic NDT method for routine diagnostic imaging and medical researches as there is no ionizing radiation.
COVID 19 Analysis:
The COVID 19 pandemic has negatively affected the expansion of the major end-user industries that include Automotive, oil and gas, construction, railways, and others. The prolonged lockdowns and social distancing norms have significantly reduced the production and manufacturing rates in recent times. Therefore the decline of these industries has reduced the Ultrasonic NDT equipment market value in recent times. A recent study shows that the gross value of the construction, manufacturing, and mining sectors have reached the values: 13.3%, 6.3%, and 14.7% respectively.
However, the introduction of innovative testing ultrasonic testing equipment in the market during the pandemic, which includes the Flex track automated X-Y scanner, released during the pandemic, can be used in both aerospace and maintenance environment have significantly reduced the requirement of varied testing equipment for different applications. Such factors are considered as the major driving factors of the Ultrasonic NDT equipment market.
The potential benefits of the Ultrasonic NDT method include higher penetration power which enables to detection of even deeper flaws in the machinery part. The higher sensitivity of the Ultrasonic NDT allows detecting even the tiny fractures and flaws. Additionally, the Ultrasonic NDT can be utilized to determine the alloy structure of the components that are possessing different acoustic properties. Therefore, several end-user industries prefer the Ultrasonic NDT over other testing methods. They are considered as the major driving factors of the Ultrasonic NDT equipment industry growth.
The Ultrasonic NDT is capable of providing the testing results with great accuracy therefore the industries that have a lower tolerance to the errors highly utilize the Ultrasonic NDT method. Moreover, the non-hazardous property of the Ultrasonic NDT method ensures safety for the personnel operating it, additionally, the safety of the equipment and the material is also ensured.
Several governments of the developing countries are imposing stringent regulations on the manufacturing and other industrial sectors to ensure safety and improve productivity. Such factors have propelled the industrial sectors to utilize highly sophisticated and non-destructive testing technologies.
The development of the end-user industries such as aerospace, defense, oil and gas, and manufacturing industries are highly influencing the overall growth of the Ultrasonic NDT equipment market. The ultrasonic testing is carried out for detecting the corrosion and other flaws that potentially prevent the further degradation of the part or component. The early detection of the flaws significantly reduces the major costs of replacing the component or the entire equipment. Therefore the industries are intensively utilizing the Ultrasonic NDT to cut their expenses. Such factors are presenting lucrative opportunities for the overall growth of the Ultrasonic NDT equipment industry.
The Ultrasonic NDT equipment requires experienced technicians for the inspection and to acquire test results. Lack of skilled operators and experienced technicians in several countries are expected to hinder the Ultrasonic NDT Equipment market growth during the forecast period.
Some of the industrial objects that are difficult to be handled by the Ultrasonic NDT equipment as they are rough, irregular in shape, small and thinner impose challenges during the inspection. Such factors are hindering the overall growth of the Ultrasonic NDT equipment market.
The testing procedures can be carried when the loose scale or the paint from the device/equipment should be removed to carry out the efficient testing. Such factors might affect the position and functionality of the device. Such factors are considered as the primary challenges for the overall growth of the Ultrasonic NDT equipment market.
There is a varied Ultrasonic NDT testing equipment range for the varied applications. For instance, contact ultrasonic testing is utilized for on-site inspections. Additionally, contact Ultrasonic NDT testing is carried out in the cases where the machine parts are difficult to remove or transport and only the surface of the part is accessible. On the other hand, Immersion Ultrasonic testing is required for laboratory-based testing procedures. Therefore the requirement of different techniques and the absence of single equipment to service all the requirements in market is also hindering the overall growth of the Ultrasonic NDT equipment market.
Cumulative Growth Analysis:
The Ultrasonic NDT devices are integrated with the IoT solutions which enable optimized operations, increased productivity, and other potential benefits. The increasing number of incidences in several industrial verticals is the primary growth-stimulating factor of the Ultrasonic NDT equipment market. Especially the railways are facing wear and tear as the trains are operated at higher speeds. Therefore the demand for testing the tracks, wheels for defects, and fatigue are increasingly impacting the overall growth of the Ultrasonic NDT equipment market. The Ultrasonic NDT Equipment Industry is expected to surpass USD 2.47 billion by the year 2023 while registering a CAGR of 9.87% during the forecast period. On the other hand, the demand for Ultrasonic NDT equipment is rising for the crucial industrial verticals including Aerospace, defense, railways, and medical sectors. Such factors are stimulating the overall growth of the Ultrasonic NDT market.
Value Chain Analysis:
The Ultrasonic NDT methods include practical and versatile testing methods where the examination of the components is carried out using efficient instrumentation, portable systems with varied complexities. The scanners with the advanced technologies are capable of scanning the surfaces which involve corrosion mapping, weld inspections, and other testing factors. Such advanced technologies and equipment ensure physical properties such as Strength, ductility, fatigue strength, fracture toughness, and other physical properties.
The major growth-stimulating factor of the Ultrasonic NDT equipment market is the influence of the power generating industries. The heavy loads during peak hours increase the energy demand. Therefore the energy production market demands the proper balance of loads, which can be acquired by the Ultrasonic NDT equipment. On the other hand, the growing demand for the aerospace and defense sector is also impacting the overall growth of the Ultrasonic NDT equipment market as they ensure the safety and the efficient functioning of the equipment.
Based on Product Type:
Based on End-user Application:
Based on Techniques:
North America is holding the largest market share in the Ultrasonic NDT equipment market, as the automotive manufacturers are increasingly focusing on the production processes. The U.S is estimated to showcase a market value of over USD 541.4 million by the forecast period. On the other hand, the presence of established vendors in the region which includes MAGNAFLUX Corporation, GE measurement, and control, Johnson and Allen, Barker Hughes Inc., Mistras Group is currently working to expand their product portfolio and collaborating with other market players to integrate advanced technologies into their products.
In the year 2019, one of the leading market players, Intertek has expanded its corrosion testing laboratory which has efficiently assisted clients from the countries like UAE, Oman, Egypt, Saudi Arabia. The corrosion testing services included the testing of corrosion inhibitors that undergo highly sour conditions and testing the fluids containing a higher concentration of Hydrogen Sulphide.
In the year 2020, one of the leading market players, Sonotec has launched contactless ultrasonic testing systems which are named as SONOAIR R&D system, which is capable of detecting the common discontinuities present in the test objects. The SONOAIR system is utilized in the multi-layer glass and carbon fiber composites with the honeycomb cores which are generally difficult with the conventional liquid coupled ultrasonic testing systems.
This report has covered:
|Market Size||USD 8.12 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|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.|