Rising Technological Developments To Boost Ultrasonic Non-Destructive Testing (NDT) Equipment Market Growth

Ultrasonic Non-destructive Testing (NDT) Equipment Market

Ultrasonic Non-destructive Testing (NDT) Equipment Market by Testing Method (Magnetic Particle Testing, Radiography Testing, Visual Inspection Testing, And Electromagnetic Testing, Eddy Current Testing, Liquid Penetrant Testing, Others), by Technique (Volumetric Examination, Surface Examination, Others), by Industry Vertical (Oil And Gas, Energy And Power, Aerospace And Defense, Automotive And Transportation, Infrastructure, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Ultrasonic Non-destructive Testing (NDT) Equipment Market is estimated to be valued at US$ 50.26 Billion in 2022, and is expected to exhibit a CAGR of 8.79 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Ultrasonic testing consists a range of non-destructive testing (NDT) methods that deliver or transmit ultrasonic waves from an object or material. These high frequency sound waves are transferred into substances to characterize the substance or for flaw detection. The main principle of ultrasonic testing is the usage of sound to detect a substance’s width at various points. 

Competitive Landscape:

Key players involved in the growth of global Ultrasonic Non-destructive Testing (NDT) Equipment Market are Russell Fraser Sales Pty Ltd., Baker Hughes, Intertek Group PKC, and Olympus Corporation.

Market Key Drivers:

Rising technological developments in the industry is projected to boost the growth of global Ultrasonic Non-destructive Testing (NDT) Equipment Market. For instance, ultrasonic testing is being utilized in the marine and aviation sector, as the testing activity is commonly conducted on steel and aluminum vessels to identify and quantify erosion. 

Rising approvals and launches are projected to propel the growth of global Ultrasonic Non-destructive Testing (NDT) Equipment Market. For instance, In April 2021, Jet Aviation was permitted by the Swiss Federal Office of Civil Aviation to utilize infrared thermography for non-destructive testing at its Basel maintenance service to add to other Ultrasonic Non-destructive Testing (NDT) Equipment methods utilized in Basel.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Ultrasonic Non-destructive Testing (NDT) Equipment Market due to the surge in pandemic, disruption in supply chain and halt in production facilities impeded the market growth.

Key Takeaways:

The global Ultrasonic Non-destructive Testing (NDT) Equipment Market is anticipated to exhibit a CAGR of 8.79 % during the forecast period owing to the rising mergers and acquisitions for the product expansion. For instance, in September 2021 - Bureau Veritas entered an acquisition with AET France, which is specific in lab testing, advancement of the product, and sustainable testing. 

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global Ultrasonic Non-destructive Testing (NDT) Equipment Market due to increasing mergers and acquisitions, increasing partnerships and collaborations and rising safety concerns. For instance, as per U.S. Census Bureau In 2022, the value of construction in the United States is known to reach US$ 135 billion.