A recent report published by Infinium Global Research on ultrasonic testing equipment market provides an in-depth analysis of segments and sub-segments in the global as well as regional ultrasonic testing equipment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional ultrasonic testing equipment market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global ultrasonic testing equipment market. According to the report, the global ultrasonic testing equipment market is projected to grow at a CAGR of 5.3% over the forecast period of 2019-2025.
The ultrasonic testing is a non-destructive testing technique that is based on ultrasonic waves in the material testing or object. It depends on two types of waves either reflected or transmitted waves. In testing applications, these two types of waves are used. This testing is often performed to assess corrosion on valves, steel, and pipes. It is also used to detect flaws such as leaks and cracks. Thus an ultrasonic tester is an integral tool used in engineering, manufacturing, material testing, equipment condition monitoring, bridge, and building inspection. It is largely being used in different sectors such as medical, automotive, construction, aerospace and defense
The ultrasonic testing equipment market is driven by automation in the manufacturing process and advancement in infrastructure. This market is growing rapidly owing to the growing demand for ultrasonic testing in pipelines. These pipelines are used to transport a high volume of gas and oil, which causes leakage and corrosion and adversely affect the surrounding environment, hence ultrasonic testing used in these pipelines to monitor leakage or crack to avoid any unwanted situation. Globally oil & gas projects become strict in order to ensure safety which gives rise to the adoption of technological advancement. This development also drives the market for ultrasonic testing equipment however requirement of skilled professional to handle the process of testing and its high cost hampers the growth of ultrasonic test equipment market moreover Government regulations about safety in various sectors such as oil& gas provides an opportunity for Ultrasonic test equipment market.
Geographically, the ultrasonic testing equipment market is segmented into North America, Asia Pacific, and Europe. North America is the market leader of the ultrasonic testing equipment market owing to the increasing number of applications of ultrasonic testing equipment in aerospace, defense and oil& gas sector for detecting internal flaws with high accuracy and growing need for automation in the manufacturing industry. Thus power generation, aerospace, and transportation fueling the growth of the market in this region.
The report on global ultrasonic testing equipment market covers segments such as product, component, technique, and end-use industry. On the basis of product, the sub-markets include flaw detectors, thickness gauges, and ultrasonic scanner. On the basis of component, the sub-markets include hardware, and services. On the basis of technique, the sub-markets include conventional, and advanced. On the basis of end-use industry, the sub-markets include power generation, manufacturing, automotive, oil & gas, and aerospace & defense.
The report provides profiles of the companies in the market such as Olympus Corporation, Sonatest Ltd., TecScan System Inc, Cygnus Instruments Inc., Baker Hughes, Ndt Systems Inc, Amerapex Corporation, Zeal International, Ametek Inc., and Eddyfi NDT Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of ultrasonic testing equipment market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.