BURLINGAME, Calif., May 22, 2024
/PRNewswire/ -- The global Ultrasonic Non Destructive Testing
Equipment Market size is calculated at USD 818.3 million in 2023 and is expected to be
worth around USD 1,314.0 million
by 2030, growing at a CAGR of 7% from 2023 to 2030, according to
Coherent Market Insights. Growing commercial aircraft fleet
sizes and increasing development of renewable energy sources are
creating new growth opportunities for ultrasonic NDT solutions
outside their traditional usage in oil & gas and manufacturing
industries.
Ultrasonic NDT Testing Equipment Market Report
Coverage
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$818.3 million
|
Estimated Value by
2030
|
$1,314.0 million
|
Growth
Rate
|
Poised to grow at a
CAGR of 7%
|
Historical
Data
|
2017–2021
|
Forecast
Period
|
2023–2030
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type Of Equipment,
By Component, By End Use Industry
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
• Rapid growth of the
oil & gas industry
• Stringent safety
rules and regulations
|
Restraints &
Challenges
|
• High cost of NDT
testing equipment
• Lack of skilled labor
or professionals
|
Market Dynamics:
Increased adoption of ultrasonic non destructive testing
equipment across various end-use industries such as oil & gas,
aerospace, and manufacturing is a major factor driving the market
growth. Ultrasonic non destructive testing equipment helps detect
flaws or discontinuities in materials or components without
damaging the part itself. They are widely used for weld inspection,
material thickness checking, deformation detection and quality
control in these industries. Moreover, stringent government
regulations regarding quality control and safety has increased
reliance on non destructive testing techniques and equipment. Rapid
industrialization and expanding manufacturing sector globally has
further augmented the demand.
The Full Study is Readily Available | Get Sample Pages of
this Report:
https://www.coherentmarketinsights.com/insight/request-sample/646
Market Trends:
Growing automation in non-destructive testing is the key trend
witnessed in the market. Integration of advanced technologies like
artificial intelligence, machine learning, and robotics have
automated many manual processes and enabled extraction of more
useful information from data. This has improved inspection accuracy
and reduced human dependency. Furthermore, miniaturization of
ultrasonic non-destructive testing equipment has gained traction.
Manufacturers are developing compact and portable devices to meet
demand from on-field applications and ensure lightweight and easier
transportation. This has increased equipment utilization in
industries like aerospace with stringent accessibility
requirements.
Market Opportunities:
Thickness gauges find widespread application in industries like
oil & gas, automotive, and aerospace where accurate thickness
measurement is critical. These gauges use ultrasonic pulses to
determine the thickness of materials non-destructively. Rapid
industrialization and infrastructure development are driving the
need for thickness monitoring of equipment, pipelines, vessels, and
other critical components. Strict quality control regulations also
mandate regular thickness measurement. The ability of ultrasonic
thickness gauges to detect even minute thickness variations is
spurring their adoption across industries.
Digital flaw detectors or phased arrays provide high resolution
imaging for inspection of complex geometries and detection of
internal flaws. They are gaining popularity as they offer
advantages like enhanced accuracy, multi-element probes for full
matrix capture, and integrated data analytics software. Sectors
like aviation and power where failure can lead to catastrophic
consequences are major consumers. Stringent aviation safety norms
mandate thorough aircraft inspection through digital ultrasonic
detectors. Their ability to inspect thick sections
non-destructively without compromising integrity is a major factor
boosting sales.
Customize this study as per your requirement@
https://www.coherentmarketinsights.com/insight/request-customization/646
Key Developments:
In October 2021 - Intertek's
non-destructive testing (NDT) experts in Derby, United Kingdom, added an X-ray computed
tomography (CT) scanner to the company's extensive laboratory of
advanced technology. The scanner has 240 kV microfocus and 450 kV
mini focus capability.
In September 2021 - Bureau Veritas
acquired AET France, which is specialized in laboratory testing,
product development, and sustainable testing. This acquisition has
strengthened BV's position in the European consumer goods retail
industry.
Key Market Takeaways:
The global ultrasonic non-destructive testing equipment market
is anticipated to witness a CAGR of 7.0% during the forecast period
2023-2030, owing to stringent quality control regulations across
industries.
On the basis of type of equipment, the digital flaw detectors
segment is expected to hold a dominant position, accounting for
over 40% of the market share by 2030, due to their ability to
provide high resolution imaging of complex components.
By component, the equipment segment is expected to hold a
dominant position over the forecast period, owing to periodic
replacement of existing machinery with newer technologies.
Regionally, North America is
expected to hold a dominant position over the forecast period, due
to stringent aviation safety norms and presence of major players in
the region.
Key players operating in the ultrasonic non-destructive testing
equipment market include ROSEN Group, Olympus Corporation, GE
Measurement & Control, Sonatest, and YD, Inc. Strategic
acquisitions and regional expansion are some of the key strategies
adopted by these players.
Immediate Delivery Available | Buy This Premium Research
Report@
https://www.coherentmarketinsights.com/insight/buy-now/646
Detailed Segmentation:
By Type of Equipment:
- Thickness gauges
- Digital flaw detectors
- Phased array flaw detectors
- Test machines
- Others
By Component:
By End Use Industry:
- Oil & gas
- Power Generation
- Aerospace & defense
- Automotive & Transportation
- Others
By Region:
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East &
Africa
Browse More Insights:
- Drilling Fluids Market: The global drilling fluids
market size was valued at US$ 8.03
billion in 2022 and is anticipated to witness a compound
annual growth rate (CAGR) of 5% from 2023 to 2030.
- EPC Consulting Market: The EPC consulting market size is
expected to reach US$ 20.32 Bn by
2030, from US$ 11.40 Bn in 2023,
exhibiting a compound annual growth rate (CAGR) of 8.6% during the
forecast period.
- Industrial Hand Protection Gloves Market: The global
industrial hand protection gloves market is estimated to be valued
at US$ 11,485.1 million in 2021 and
is expected to exhibit a CAGR of 11.20% over the forecast period
(2021-2028).
- Laser Safety Glasses Market: The global Laser Safety
Glasses Market accounted for US$ 626.0
Mn in terms of value in 2023 and is expected to grow at a
CAGR of 10.9% during the forecast period (2023-2030).
About Us:
Coherent Market Insights is a global market intelligence and
consulting organization that provides syndicated research reports,
customized research reports, and consulting services. We are known
for our actionable insights and authentic reports in various
domains including aerospace and defense, agriculture, food and
beverages, automotive, chemicals and materials, and virtually all
domains and an exhaustive list of sub-domains under the sun. We
create value for clients through our highly reliable and accurate
reports. We are also committed in playing a leading role in
offering insights in various sectors post-COVID-19 and continue to
deliver measurable, sustainable results for our clients.
Contact Us:
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone:
US: +1-206-701-6702
UK: +44-020-8133-4027
Japan: +81-050-5539-1737
India: +91-848-285-0837
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com
Follow Us: LinkedIn | Twitter
Logo:
https://mma.prnewswire.com/media/902389/Coherent_Market_Insights_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/ultrasonic-non-destructive-testing-equipment-market-size-to-worth-usd-1-314-0-mn-by-2030--302152673.html
SOURCE Coherent Market Insights