"Overview of Ultrasonic NDT Equipment market"
The Ultrasonic NDT Equipment Market was valued at USD xx billion in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow with a CAGR of 11.3% during the forecast period.
Ultrasonic NDT equipment is used to inspect or evaluate the discontinuities in character with respect to materials, assemblies or components without hampering or tearing down the serviceability of the part or system. These inspection or evaluation are primarily done to determine the physical properties of materials which include impact resistance, ultimate tensile strength, ductility, fatigue strength, and fracture toughness.
Growing demand from the Industrial segment coupled with the increasing requirement of safety regulation for quality control drives the Ultrasonic NDT Equipment market.
Ultrasonic NDT equipment is getting prominence in the market mainly in steel & aluminum, aerospace and defense, and manufacturing industry. Increasing the requirement of safety regulation for quality control in the Industrial segment is expected to boost the demand for ultrasonic NDT equipment over the forecast period.
Moreover, increasing demand from the aerospace & defense sector for ensuring safety and technology advancement is further expected to fuel the demand for ultrasonic NDT equipment over the forecast period.
Analysis of real-time decision-making fuelled the demand for ultrasonic NDT testing equipment.
The ultrasonic NDT testing equipment can provide real-time data with improved communication technology and evolution in data collection and analytics software. Also, these devices can stream the live analysis and store the data on the cloud. This mission-critical information help to avoid failure due to fatigue or construction flaws in a structure.
In addition, railways are emerging as a significant consumer of ultrasonic NDT testing equipment. Countries that are major players in Europe and Asia are heavily investing in expanding and upgrading their railway networks. Due to this, the demand for high-speed trains has increased, but the increased speeds have resulted in requirements for increased upkeep of the railway infrastructure.
Moreover, with the expansion of the network, companies are looking for more cost-effective real-time detection and analysis techniques. Ultrasonic NDT equipment is set to become a key component of railway testing and maintenance procedures.
Oil & gas sector is expected to dominate the ultrasonic NDT testing equipment
The increased oil & gas and power generation projects, particularly in the nuclear energy sector in the U.S. drive the growth of the ultrasonic NDT equipment market. In 2017, the energy & power and oil & gas sectors constituted the largest market share due to the presence of huge shale oil & gas reserves and nuclear power plants in various countries such as the U.S., the UK, Germany, China, France, and Italy.
The growing infrastructural development around the world and Increasing investment in Oil & Gas sector are expected to fuel the demand for pipelines, these pipelines are regularly tested for leaks through ultrasonic NDT equipment, which is anticipated to drive the market for ultrasonic NDT equipment market over the forecast period. Developing countries continue to consume vast amounts of natural gas, while the demand is increasing in developed countries. This increased demand is causing the expansion of pipelines and refineries, due to which there is a surge in the ultrasonic NDT testing market.
North America to dominate the machine condition monitoring market during the forecast period
North America dominates the global ultrasonic NDT equipment market in terms of demand and is expected to continue its dominance over the forecast period. North America due its growing investment in the oil & gas industry has resulted in the adoption of new & advanced technology for safe & security reasons, which is anticipated to fuel the demand for North America ultrasonic NDT equipment market over the forecast period. The U.S. is the largest market with nearly 80% revenue share of the overall North American ultrasonic NDT equipment market. While Europe is expected to follow North America in the ultrasonic NDT equipment market over the forecast period.
However, Asia Pacific is the anticipated fastest growing market in the global ultrasonic NDT equipment market. China due to its shale gas reserves is expected to show significant growth over the forecast period in the ultrasonic NDT equipment market.
Olympus is one of the well-established brands in Ultrasonic NDT Equipment. It has a strong geographic presence with its diverse business segments, namely, Medical, Scientific Solution, Imaging, and Others, the company holds a strong position in the market
Some of key players of Ultrasonic NDT Equipment market include GE Inspection Technologies (U.S.), Olympus Corporation (Japan), PaR systems (U.S.), Danatronic (U.S.), Eddyfi (Canada), Sonatest (U.K.), Qualitest International (Canada), James Instruments (U.S.), NDT Systems (U.S.), and Trinity NDT (India).
Ultrasonic NDT Equipment Market Key segments:
Ultrasonic NDT Equipment Market, by component,
Ultrasonic NDT Equipment Market, by equipment,
Digital flaw detectors
Phased array flaw detectors
Ultrasonic NDT Equipment Market, by end-use industry
Oil & gas
Aerospace & defense
Automotive & Transportation
Ultrasonic NDT Equipment Market, By Region
Middle East and Africa