Global Ultrasonic NDT Equipment Market expected to reach USD 43 Billion by 2030, at a CAGR of 9.2% during the forecast period 2023-2030.
Research Reports
Sep 30, 2023
The ultrasonic NDT equipment market was estimated at USD 20 billion in 2022. The market for ultrasonic nondestructive testing equipment (NDT) is anticipated to increase from USD 28 billion in 2023 to USD 43 billion by 2030, with a predicted CAGR of 9.2% over the forecast period (2023 – 2030). In recent years, industries have placed a greater emphasis on increasing total production rates. Energy optimisation and cost efficiency are now seen as essential elements for all company sectors and are the main factors boosting market growth.
Key Companies in the Ultrasonic NDT Equipment market include
- GE Inspection Technologies
- Olympus Corporation
- Sonatest
- Intertek’s
- Eddyfi
- James Instruments
- NDT Systems
- PaR Systems
- Qualitest International
- Trinity NDT
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Higher penetration power, which allows for the discovery of even deeper faults in the machinery part, is one of the possible advantages of the ultrasonic NDT method. Due to the Ultrasonic NDT’s increased sensitivity, even minute fractures can be detected.
Additionally, the alloy structure of components with various acoustic qualities can be ascertained by ultrasonic nondestructive testing (NDT). Consequently, Ultrasonic NDT is preferred above other testing techniques by a number of end-user businesses. They are regarded as the main forces behind the expansion of the ultrasonic NDT equipment market.
Because the Ultrasonic NDT method may deliver testing findings with a high degree of precision, industries with a reduced tolerance for errors heavily rely on it. The Ultrasonic NDT method also guarantees the safety of the workers using it, as well as the safety of the tools and the material, due to its non-hazardous nature.
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Segmentation
The Oil & Gas Industry, Power Generation, Aerospace and Defence Sector, and the Automotive and Transportation Industry are included in the segmentation of the Ultrasonic NDT Equipment Market based on end users. In 2022, the market was dominated by the Oil & Gas Industry sector.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The market for ultrasonic NDT equipment in the Asia-Pacific region is expected to develop at the quickest rate in the next years. This growth can be attributed to the rising demand for ultrasonic NDT equipment in rapidly developing nations, particularly in China and India. This demand is being fueled by the expansion of the industrial sector, the expansion of infrastructure, and the rising need for non-destructive testing across a range of sectors, including oil and gas, power generation, and transportation.
The expansion of the market in the Asia-Pacific region is also being fueled by the growing understanding of the advantages of ultrasonic testing and the increased emphasis on safety and quality control. The presence of a significant number of important competitors and rising expenditure in R&D activities are anticipated to further fuel market expansion in the Asia-Pacific region.
From 2023 to 2030, the Ultrasonic NDT Equipment market in North America is anticipated to be the largest. Due to the concentration of important players in the area and the rising demand for ultrasonic NDT equipment across a variety of industries, especially in the oil and gas and power generation sectors, North America now has a dominant position in the market. Additionally, the North American Ultrasonic NDT Equipment market in the U.S. had the biggest market share, while the market in Canada had the fastest rate of expansion.
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