It is anticipated that the market for ultrasonic NDT equipment will be worth around US$19.35 Billion in 2022. According to the market analysis report, the global market will see a CAGR of 7.5% from 2022 to 2032 and end up with a total market value of US$ 40 Billion. 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 includes impact resistance, ultimate tensile strength, ductility, fatigue strength and fracture toughness. Amongst the benefit, ultrasonic NDT equipment helps in lowering the cost of production and maintain a uniform quality level.
Ultrasonic NDT equipment is getting prominence in the market mainly in steel & aluminum, manufacturing, aerospace and defense industry. Growing demand from Industrial segment coupled with increasing requirement of safety regulation for quality control are expected to boost the demand for ultrasonic NDT equipment over the forecast period.
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Ultrasonic NDT Equipment Market: Drivers and Restraints
The need for pipelines used to carry hazardous products is predicted to increase due to rising investment in the oil and gas industry and expanding infrastructure development globally, which is predicted to boost the pipeline safety market throughout the forecast period.
Additionally, the chemical and power generating industries’ increased worries about pipeline security are anticipated to fuel the market throughout the forecast period. Additionally, the pipeline safety market is anticipated to benefit from an increase in terrorist attacks, chemical and gas leaks, as well as natural disasters and their influence on pipelines, during the course of the projected period.
The demand for pipeline safety has increased as a result of the numerous safety and recovery measures that governments around the world have created, and this demand is expected to continue to grow.
The global Ultrasonic NDT Equipment market can be segmented as follows:
Ultrasonic NDT Equipment Market, by component
Equipment
Service
Ultrasonic NDT Equipment Market, byend use industry
Oil & gas
Power Generation
Aerospace & defense
Automotive & Transportation
Others
Ultrasonic NDT Equipment Market: Regional Outlook
Geographically, the global ultrasonic NDT equipment market can be divided in major regions which include North America, Latin America, Western and Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
In terms of demand, North America dominates the global ultrasonic NDT equipment market and is expected to continue its dominance over the forecast period.
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North America due its growing investment in oil & gas industry has resulted in adoption of new & advanced technology for safe & security reason, which in turn is anticipated to propel the demand for North America ultrasonic NDT equipment market over the forecast period. Europe is expected to follow North America in ultrasonic NDT equipment market over the forecast period.
Asia Pacific is anticipated to hold third place in global ultrasonic NDT equipment market. China due to its shale gas reserves is expected to show a significant growth over the forecast period in ultrasonic NDT equipment market.
Ultrasonic NDT Equipment Market: Key Players
The key players in the global Ultrasonic NDT Equipment marketare
GE Inspection Technology
Olympus Corporation
YXLON International
Mistras Group
Zetec Inc.
Nikon metrology
Danatronics Corporation
Eddyfi
James Instruments
NDT System Inc.
PaR System Inc.
Qualitest International
Trinity NDT
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