Ultrasonic Testing Market Global Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future Plans and Opportunity Assessment 2028
The global ''ultrasonictesting market size'' is projected to reach USD 3,671.9 million by2027, exhibiting a CAGR of 9.43% during the forecast period.The burgeoning startup culture in the non-destructive testing (NDT) domain willplay a central role in fueling this market, postulates Fortune BusinessInsights™ in its report, titled “Ultrasonic Testing MarketSize, Share & COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction,Phased Array, Immersion Testing, Guided-Wave Testing, Acoustography, andOthers) By Equipment (Flaw Detectors, Thickness Gauges, Transducers &Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, ImagingSystems, and Others), By Service (Inspection Services, Equipment RentalServices, Calibration Services, and Training Services), By Vertical(Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive,Power Generation, and Others) and Regional Forecast, 2020-2027”. Testingand inspection are critical functions that operators and owners of capital haveto perform to ensure the safety and reliability of equipment, machinery, andother assets. Startups have been steadily emerging over the past few years tofulfill these functions using NDT and ultrasonic testing (UT) technologies.
For example, the Indian startup AAVRTTI has developedRUDI (Radar for Utility Detection and Imaging) to detect, identify, andmap buried utilities. The company also offers other services, such as the localizeddetection of cable faults and underground pipe leakages. Inductosense, astartup domiciled in the UK, has been engaged in developing NDT solutions usingultrasonic testing. The company manufactures ultrasonic sensors to facilitateaccurate monitoring of internal corrosion & erosion in pipelines andvessels. These advancements in asset testing technologies, heralded byfledgling 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 MarketReport:
- 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 tobe 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 crisisunfolding with increasing intensity, the aviation industry is set to experienceunprecedented revenue shortfalls. According to the International Civil AviationOrganization (ICAO), in the first half of 2021, airlines are likely to facepotential gross passenger operating revenues between USD 163 billion and USD194 billion. This is in addition to the USD 391 billion worth of losses facedby airliners in 2020. The ultrasonic testing market growth is also expected tosuffer setbacks as a result of these financial stresses as the pandemic hasseverely disrupted investment plans of aircraft manufacturers and aviationtechnology providers. Furthermore, travel restrictions and the cancelation offlights have delayed the adoption of advanced UT technologies. For example, arecent report by the Organization for Economic Cooperation and Development(OECD) points out that a combination of supply shocks and negative demand hascreated widespread uncertainty in the aviation industry, thus delaying thedeployment of next-generation technologies, such as ultrasonic testing, byairline companies. As a result of these developments, this market will displaya negative CAGR of -14.9% in 2019 and reach a value of USD1,954.4 million in 2020.
Regional Insights
North America to Register Sterling Growth; Asia Pacific toProgress Promisingly
In 2019, the North America market size stood at USD 893.7million, and the region is expected to bolster its growth trajectory duringthe forecast period on account of the rising employment of UT methods in theinspection of railway infrastructures. In addition, growing adoption ofadvanced testing technologies in the region’s robust aerospace industry willfurther boost the regional market.
Asia Pacific is anticipated to showcase the fastest growth in theultrasonic testing market share in the forthcoming years owing to the hugeinvestments in ramping up public infrastructure in India and the rapidexpansion of the manufacturing industry in China. In Europe, the regionalmarket growth will be aided by the increasing demand for these ultrasonic typeof 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 periodof prolific dynamism due to the increasing number of lucrative partnershipsbetween aviation industry giants and key players in the UT market. Thesecollaborations are aimed at developing inventive testing solutions for aircraftcomponents, which in turn will entrench the market position of the collaboratingentities.
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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