The total worth of the market for ultrasonic NDT equipment is estimated to be around US$ 19.35 Billion in 2022 and is predicted. As per the market analysis report, the global market would register a CAGR of 7.5% between 2022 and 2032 and reach an overall valuation of US$ 40 Billion by the end of this forecast years.
| Attributes | Details |
|---|---|
| Market Size Value (2022) | US$ 19.35 Billion |
| Market Size Value (2032) | US$ 40 Billion |
| Market Growth Rate (2022 to 2032) | 7.5% |
The increase in industrial activity in emerging and developed countries is expected to fuel the growth of the ultrasonic non-destructive testing (NDT) equipment market during the forecast years. Moreover, recent technological advancements have resulted in the development of enhanced ultrasonic NDT techniques with increased fault identification and safety. Similarly, rising manufacturers' knowledge of the usage of Ultrasonic NDT methods has favored the penetration of the overall market in Latin America and African countries.
The expensive cost of other non-destructive testing and diagnostic methods, along with the engineering hurdles required in its deployment or installation and functioning have popularized the Ultrasonic NDT equipment in the last few years. Based on offerings, the services sector was the major revenue-contributing factor of the overall market until the year 2021 and accounted for more than 75% share. As per the market analysis report, this segment is also likely to continue to grow at a higher rate throughout the forecast years.
As per this report, the conventional test technique segment still dominates the market, accounting for more than 80% of total revenue generated in the year 2022. The increased acceptance of classical NDT procedures also including visual testing, liquid penetrant testing, magnetic particle testing, eddy current testing, radiographic testing, and the ultrasonic test is attributed to this growth.
Though the new phased array ultrasonic testing (PAUT) segment accounted only for 21% of the total shares but it is also gaining traction rapidly in the present ultrasonic NDT equipment market. This method's rich visualization feature aids in determining the size, depth, form, and direction of the defects more accurately and quickly.
The manufacturing industry category led the ultrasonic NDT equipment market, accounting for 22% of revenue in 2021. Further, the growing sale of all types of finished hardware products is expected to provide more opportunities for this segment to contribute more.
While the unavailability of skilled personnel to operate and maintain the equipment has motivated many end-users in these regions to outsource their non-destructive testing activities. End-users are increasingly outsourcing non-destructive testing processes to third-party service providers in the United States and European economies consequently having a developed market and contributing a lion’s share of the global ultrasonic NDT equipment market.
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.
Increasing investment in Oil & gas sector coupled with growing infrastructural development around the world is expected to fuel the demand for pipelines, these pipelines are regularly tested for leaks through ultrasonic NDT equipment, which in turn is anticipated to drive the market for ultrasonic NDT equipment market over the forecast period.
Additionally, growing industrialization and urbanization have led to the considerable rise in power consumption, which in turn has resulted into heavy loads during peak hours, the ability of ultrasonic NDT equipment to ensure a proper balance of loads is gaining preference from power generation industry and is expected to have significant growth over the forecast period.
Moreover, increasing demand from aerospace & defense sector for ensuring safety and technology advancement in ultrasonic NDT equipment such as testing of steel and other alloys is further expected to fuel the demand for ultrasonic NDT equipment over the forecast period.
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.
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.
The key players in the global Ultrasonic NDT Equipment marketare
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global Ultrasonic NDT Equipment market can be segmented as follows:
Ultrasonic NDT Equipment Market, by component
Ultrasonic NDT Equipment Market, byend use industry
The market is likely to register a CAGR of 7.5% through 2032.
The market is currently valued at US$ 19.35 Bn in 2022.
The market is likely to grow to a valuation of US$ 40 Bn by 2032.
North America is likely to be a leading market during the forecast period.
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Ultrasonic NDT Equipment Market
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