Market Scenario:
The global ultrasonic NDT equipment market is a fast-paced industry that is predicted to grow steadily over the next several years. The expansion of the aerospace and defence sector, the growth of the wind energy sector, and the creation of new avenues for the natural gas market all influence the ultrasonic NDT equipment market's growth. Furthermore, the market is predicted to rise due to an increase in the sales of electric vehicles, the usage of array equipment in radiography, and the requirement for customization of ultrasonic NDT equipment over the forecast period. However, the ultrasonic NDT equipment market is being hampered by a lack of experienced staff and an increase in pipeline sabotage concerns.
The global ultrasonic NDT equipment market size is expected to reach USD 2.47 billion by the end of 2023 with 9.87% CAGR during forecast period 2017-2023
Key Players
The prominent players in the market of Ultrasonic NDT Equipment market are – GE Inspection Technologies (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), James Instruments (U.S.), NDT Systems (U.S.), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others.
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Segments:
Global Ultrasonic NDT Equipment Market, End-User
- Oil & Gas Industry
- Power Generation
- Aerospace and defense sector
- Automotive and Transportation industry
Global Ultrasonic NDT Equipment Market, By Region
- North America
- Europe
- Asia Pacific
- RoW
Regional Analysis:
North America was the largest market for ultrasonic NDT equipment market due to increasing focus by automotive manufacturers to increase its production processes in U.S. Among other countries in North-America, U.S. is dominating the ultrasonic NDT equipment and Canada is expected to grow over the forecast period whereas Europe is growing at a stable rate over the forecast period with a CAGR of 8.77% from 2017 to 2023. The region is attributed to the increasing safety regulations, rapid prototyping and industrialization among others. Also, the expansion in the aerospace and defense sector is expected to boost the market. Whereas, factors such as lack of skilled workforce and the equipment being expensive for testing are stopping the market to grow in the European region.
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Intended Audience
- Ultrasonic NDT Equipment Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Vendors
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
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