Ultrasonic Testing Equipment Market Scope
Ultrasonic Testing uses high frequency sound waves in the range between 0.5 and 15 MHz to conduct examination and make measurements. It is widely used in engineering applications for flaw detection, dimensional measurements, and material characterization. These are also used in medical field, manufacturing quality control, equipment condition monitoring, building and bridge inspection and more. In general it is based on the capture and qualification of either the reflective or the transmitted waves.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Zetec Inc. (United States), Olympus Corporation (Japan), Eddyfi NDT Inc. (Canada), GE Measurement & Control Solutions (United States), Sonatest Ltd. (United Kingdom), MISTRAS Group, Inc. (United States) and PFINDER KG (Germany) |
CAGR | 9.3% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Ultrasonic Testing Equipment market throughout the predicted period.
Zetec Inc. (United States), Olympus Corporation (Japan), Eddyfi NDT Inc. (Canada), GE Measurement & Control Solutions (United States), Sonatest Ltd. (United Kingdom), MISTRAS Group, Inc. (United States) and PFINDER KG (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Bosello High Technology srl (Italy), Magnaflux (United States) and Socomore (France).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Ultrasonic Testing Equipment market by Type , by Application (Oil and Gas Industry, Power Generation, Aerospace and Defense, Automotive and Others) and Region with country level break-up.
On the basis of geography, the market of Ultrasonic Testing Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In August 2023,Altana acquires the business of Imaginant. The US-based company develops and produces ultrasound-based measuring and testing equipment. The specialty chemicals group thus strategically expands its Byk division and enters the growth market of the semiconductor industry.
In August , 2023 Waygate Technologies, a Baker Hughes business and world leader in nondestructive testing (NDT) solutions for industrial and energy inspection, announced the launch of Krautkrämer RotoArray comPAct, a portable roller probe for manual phased array (PA) ultrasonic inspection of large-scale composite materials.
Influencing Trend:
Increasing in the Adoption of Innovative Technologies and Increasing Number of Nuclear Power Plants
Market Growth Drivers:
Increasing Demand for Ultrasonic Testing In Pipelines and Growing Demand for Power Generation by Residential and Industrial Sector
Challenges:
Wood and Paper Products Are Not Suitable For Ultrasonic Testing, Rising Complexities of Machineries and High Cost of Ultrasonic Testing Equipment
Restraints:
Not Suitability for All Kinds of Surfaces and Lack of Skilled Equipment Operators
Opportunities:
Growing Focus on Pipeline Safety and Increasing Industrialization in Developing Countries
Key Target Audience
Manufacturers of Ultrasonic Testing Equipment, Suppliers of Ultrasonic Testing Equipment, Wholesalers, Distributors and Retailers of Ultrasonic Testing Equipment, Oil & Gas Industry, Service Providers of Testing Equipment and Governmental Bodies