Market Research Future (MRFR) projects the global Ultrasonic NDT Equipment market is expected to reach USD 2.47 billion at 9.87% CAGR from 2017-2023 (forecast period).
COVID-19 Impact on the Worldwide Market
The studied market is seeing a drop in growth as a result of lockdown and other social distancing norms affecting end-user industries such as automotive, oil and gas, and construction, among others. As per the Ministry of Statistics and Program Institute (MOSPI) India, the impact of COVID-19 on gross value-added in the construction, manufacturing, and mining sectors have been -13.3 percent, -6.3%, and -14.7 percent, respectively. As a result, the fall in the growth of these industries lowered demand for NDT activities, which has an impact on market growth.
Market Segmentation
the worldwide ultrasonic NDT equipment market has been segmented into end-user
By end-user, the global ultrasonic NDT equipment market has been segmented into Oil & Gas Industry, Power Generation, Aerospace and defense sector, and Automotive and Transportation industry.
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Regional Analysis
North America to Lead the Global Market
North America was the largest market for ultrasonic NDT equipment due to automobile manufacturers' increased focus on boosting production processes in the United States. Among other countries in North America, the United States dominates the ultrasonic NDT equipment market, and Canada is likely to increase during the forecast period.
Europe to Follow North America
Europe is expected to grow at a steady rate during the forecast period, with a CAGR of 8.77% from 2017 to 2023. Increasing safety requirements, quick prototyping, and industrialization, among other factors, are attributed to the region. In addition, the rise of the aerospace and defense industries is likely to increase the market.
