Ultrasonic Testing Market Global Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future Plans and Opportunity Assessment 2027
The global ''ultrasonic
testing market size'' is projected to reach USD 3,671.9 million by
2027, exhibiting a CAGR of 9.43% during the forecast period.
The burgeoning startup culture in the non-destructive testing (NDT) domain will
play a central role in fueling this market, postulates Fortune Business
Insights™ in its report, titled “Ultrasonic Testing Market
Size, Share & COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction,
Phased Array, Immersion Testing, Guided-Wave Testing, Acoustography, and
Others) By Equipment (Flaw Detectors, Thickness Gauges, Transducers &
Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging
Systems, and Others), By Service (Inspection Services, Equipment Rental
Services, Calibration Services, and Training Services), By Vertical
(Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive,
Power Generation, and Others) and Regional Forecast, 2020-2027”. Testing
and inspection are critical functions that operators and owners of capital have
to perform to ensure the safety and reliability of equipment, machinery, and
other assets. Startups have been steadily emerging over the past few years to
fulfill these functions using NDT and ultrasonic testing (UT) technologies.
For example, the Indian startup AAVRTTI has developed
RUDI (Radar for Utility Detection and Imaging) to detect, identify, and
map buried utilities. The company also offers other services, such as the localized
detection of cable faults and underground pipe leakages. Inductosense, a
startup domiciled in the UK, has been engaged in developing NDT solutions using
ultrasonic testing. The company manufactures ultrasonic sensors to facilitate
accurate monitoring of internal corrosion & erosion in pipelines and
vessels. These advancements in asset testing technologies, heralded by
fledgling startups, will create massive opportunities for this market.
Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
List of Key Companies Profiled in the Ultrasonic Testing Market
Report:
- TD Williamson,
Inc. (The U.S.)
- Sonatest Ltd.
(The U.K.)
- Nikon Metrology
(Japan)
- Mistras Group
(The U.S.)
- Ashtead
Technology (The U.K.)
- Amerapex Corporation
(The U.S.)
- Tecscan Systems
Inc. (Canada)
- Olympus
Corporation (Japan)
- NDT Global GmbH
& Co. Kg (The U.S.)
- General Electric
(The U.S.)
- Applied
Technical Services, Inc. (The U.S.)
The report states that the value of the market was estimated to
be USD 2,297.2 million in 2019 and also shares the following:
- Holistic
evaluation of the various market drivers and trends;
- Granular
understanding of the challenges facing the market;
- Unmatched
segmentation of the market; and
- Microscopic
study of the competitive milieu and regional prospects of the market.
Restraining Factor
Revenue Shortfalls amid the COVID-19 Crisis to Quell Market Growth
With the coronavirus-induced global economic and health crisis
unfolding with increasing intensity, the aviation industry is set to experience
unprecedented revenue shortfalls. According to the International Civil Aviation
Organization (ICAO), in the first half of 2021, airlines are likely to face
potential gross passenger operating revenues between USD 163 billion and USD
194 billion. This is in addition to the USD 391 billion worth of losses faced
by airliners in 2020. The ultrasonic testing market growth is also expected to
suffer setbacks as a result of these financial stresses as the pandemic has
severely disrupted investment plans of aircraft manufacturers and aviation
technology providers. Furthermore, travel restrictions and the cancelation of
flights have delayed the adoption of advanced UT technologies. For example, a
recent report by the Organization for Economic Cooperation and Development
(OECD) points out that a combination of supply shocks and negative demand has
created widespread uncertainty in the aviation industry, thus delaying the
deployment of next-generation technologies, such as ultrasonic testing, by
airline companies. As a result of these developments, this market will display
a negative CAGR of -14.9% in 2019 and reach a value of USD
1,954.4 million in 2020.
Regional Insights
North America to Register Sterling Growth; Asia Pacific to
Progress Promisingly
In 2019, the North America market size stood at USD 893.7
million, and the region is expected to bolster its growth trajectory during
the forecast period on account of the rising employment of UT methods in the
inspection of railway infrastructures. In addition, growing adoption of
advanced testing technologies in the region’s robust aerospace industry will
further boost the regional market.
Asia Pacific is anticipated to showcase the fastest growth in the
ultrasonic testing market share in the forthcoming years owing to the huge
investments in ramping up public infrastructure in India and the rapid
expansion of the manufacturing industry in China. In Europe, the regional
market growth will be aided by the increasing demand for these ultrasonic type
of testing solutions in the automotive industry in Germany.
Competitive Landscape
Lucrative Collaborations to Characterize Market Competition
The competitive landscape of this market is experiencing a period
of prolific dynamism due to the increasing number of lucrative partnerships
between aviation industry giants and key players in the UT market. These
collaborations are aimed at developing inventive testing solutions for aircraft
components, which in turn will entrench the market position of the collaborating
entities.
Ultrasonic Testing Market report Focus on:
- Extensive
product offerings
- Customer
research services
- Robust research
methodology
- Comprehensive
reports
- Latest
technological developments
- Value chain
analysis
- Potential Market
opportunities
- Growth dynamics
- Quality
assurance
- Post-sales
support
- Regular report
updates
Reasons to Purchase this Report:
- Comprehensive
analysis of the market growth drivers, obstacles, opportunities, and other
related challenges.
- Tracks the
developments, such as new product launches, agreements, mergers and
acquisitions, geographical expansions, and joint ventures.
- Identifies
market restraints and boosters.
- Identifies all
the possible segments present in the market to aid organizations in
strategic business planning.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865
Detailed Table of Content:
- Introduction
- Research Scope
- Market
Segmentation
- Research
Methodology
- Definitions and
Assumptions
- Executive
Summary
- Market Dynamics
- Market Drivers
- Market
Restraints
- Market
Opportunities
- Key Insights
- Key Industry
Developments – Key Contracts & Agreements, Mergers, Acquisitions and
Partnerships
- Latest
technological Advancements
- Porters Five
Forces Analysis
- Supply Chain
Analysis
- Quantitative
Insights-Impact of COVID-19 Pandemic on Global Ultrasonic Testing Market
- Impact of
COVID-19 Pandemic on Global Ultrasonic Testing Market
- Steps Taken by
Industry/Companies/Government to Overcome the Impact
- Key Development
in the industry in Response to COVID-19 Pandemic
- Potential
Opportunities due to COVID-19 Outbreak
- Global
Ultrasonic Testing Market Analysis, Insights and Forecast, 2016-2027
- Key Findings /
Summary
- Market
Analysis, Insights and Forecast – By Type
- Time-Of-Flight
Diffraction
- Phased Array
- Immersion
Testing
- Guided-Wave
Testing
- Acoustography
- Others
- Market
Analysis, Insights and Forecast – By Equipment
- Flaw
Detectors
- Thickness
Gauges
- Transducers
& Probes
- Industrial
Scanners
- Tube
Inspection Systems
- Bond Testers
- Imaging
Systems
- Others
- Market
Analysis, Insights and Forecast – By Service
- Inspection
Services
- Equipment
Rental Services
- Calibration
Services
- Training
Services
- Market
Analysis, Insights and Forecast – By Vertical
- Manufacturing
- Oil & Gas
- Aerospace
- Public
Infrastructure
TOC Continued…!
Key Industry Developments:
- September
2020: Element
Sheffield announced the bagging of approval from the aircraft engine
maker, Safran, for destructive testing services. The agreement follows the
recent clearance from Safran to Element to deploy ultrasonic testing
techniques for Safran’s components and materials.
- January 2020: Novosound,
a Scottish startup, secured a USD 4.3 million investment to develop and
launch its first flexible thin-film ultrasound sensor for inspecting
curved surfaces in June. The startup will be targeting the field of
inspection and maintenance of aircraft with the introduction of this
device.
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