Market Research Future (MRFR) has recently published a detailed report asserting that the global market for Ultrasonic Non-destructive testing equipment may reach USD 2.47 Bn by 2023. It can expand at a noteworthy CAGR of 9.87% from 2017 to 2023 (forecast period).

Pune, India - May 7, 2019 /MarketersMedia/ —

Market Highlights:

Ultrasonic non-destructive testing (NDT) is a method of determining the physical properties of a test piece such as ductility, impact resistance, fracture toughness, ultimate tensile strength and others. The Ultrasonic NDT equipment uses high-frequency sound waves for flaw detection or evaluation, material characterization, dimensional measurements and more. Rapid rise in urbanization and industrialization has generated massive demand for advanced technology in various sectors, leading to the expansion of ultrasonic non-destructive testing equipment market on the global level.

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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.

Competitive Analysis:

The innovative initiatives and advanced products introduced by the prominent players in the global ultrasonic NDT equipment market is expected to increase the competition among the players. In April 2018, Sonatest (U.K.) has launched new software for their equipment in order to provide higher resolution results along with other noteworthy features. In May 2018, Danatronic (U.S.) has introduced a new feature, Auto Phase Reversal Detection Alarm, to their ECHO 7 gages that enables accurate detection of change in phase in a test piece.

The prominent players in this 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.

Market Segmentation:

The global ultrasonic non-destructive testing equipment market has been segmented on the basis of end-users and region. On the basis of end-users, the utrasonic NDT equipment market has been segmented into oil and gas industry, power generation, aerospace and defense sector, and automotive and transportation industry.

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.

Market Restraints:

Lack of well-trained operators to carry out the test with appropriate reference standards and thorough interpretation of the results and rise in pipeline sabotage threats are likely to hamper the growth of global ultrasonic non-destructive testing equipment market.

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Competitive Analysis:

The innovative initiatives and advanced products introduced by the prominent players in the global ultrasonic NDT equipment market is expected to increase the competition among the players. In April 2018, Sonatest (U.K.) has launched new software for their equipment in order to provide higher resolution results along with other noteworthy features. In May 2018, Danatronic (U.S.) has introduced a new feature, Auto Phase Reversal Detection Alarm, to their ECHO 7 gages that enables accurate detection of change in phase in a test piece.

Table of Contents

1 Market Introduction
1.1 Key Market Highlights
2 Scope of the Report
2.1 Market Overview
2.2 Scope of the Study
2.3 Assumptions
2.4 Market Structure
2.5 Top Vendor Offerings
Continues...

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Source URL: https://marketersmedia.com/ultrasonic-ndt-equipment-market-2019-global-industry-size-segments-share-trends-growth-competitive-landscape-emerging-factors-regional-forecast-to-2023/509558

Source: MarketersMedia

Release ID: 509558