Newark, NJ, May 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ultrasonic testing market is expected to grow from USD 3.29 billion in 2020 and to reach USD 6.04 billion by 2028, growing at a CAGR of 7.9% during the forecast period 2021-2028.
The ultrasonic testing market has witnessed significant growth in the past years. This growth is attributed to the rigid implementation of government regulations to secure the workforce’s safety, increasing complexity of machinery, growing requirements of accurate product usage and rising strict quality control requirements. The rapid infrastructural developments such as constructing railways, power plants, dams, refineries and bridges are contemplated to increase the growth of the ultrasonic testing market in emerging countries like Malaysia, China, Brazil and India.
Ultrasonic testing can be described as a kind of non-destructive technique, which is used for detecting flaws, leak detection in fuel engines, and mainframe structure analysis. To know the condition of the materials ultrasonic testing technique can be used. For timely estimation and diagnosis of faults in the products, the ultrasonic testing technique is vastly used. For detecting faults and structural integrity in public infrastructure and industrial assets, ultrasonic testing is the best-used method. Special types of equipment are used for sending and receiving high-frequency sound waves that penetrate into the material thickness. In the manufacturing process, it is an important quality control tool, which is used for the early detection of subsurface and surface defects in work-in-progress and finished goods.
The global ultrasonic testing market is contemplated to witness significant growth with the help of stringent government regulations to assure the workforce’s safety, increasing complexity of machinery, growing requirements of accurate product usage and rising strict quality control requirements. The rapid infrastructural developments such as constructing railways, power plants, dams, refineries and bridges are contemplated to increase the growth of the ultrasonic testing market in the emerging countries. According to the report of the World Rail Market, UNIFE has predicted a 2.6% worldwide growth in the railway infrastructure from 2021 to 2030. The factors that are restraining the market are the lack of a skilled and qualified workforce for conducting ultrasonic testing. Highly skilled testers and inspectors are required for operating the high complexity ultrasonic testing in order to satisfy the government regulations.
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Key players operating in the global ultrasonic testing market include Olympus Corporation, Amerapex Corporation, Mistras Group, Inc., Sonatest Ltd., General Electric Co., Tecscan Systems Inc., Sonotron NDT, Ashtead Technology, Acuren, Cygnus Instruments Ltd., LynX Inspection, Baker Hughes, Intertek, T.D. Williamson Inc., Zetec Inc., Magnaflux, Eddyfi, Fischer Technology Inc., NDT Global GmbH, and Bosello High Technology Srl. To gain a striking market share in the global ultrasonic testing market, the key players are now focusing on adopting strategies such as mergers and acquisitions, joint venture, product innovation, product development, partnership and collaborations.
- In December 2020, Baker Hughes Business’s Walgate technologies, which is an industry leader in inspection solutions has introduced its first high-energy computed tomography system Phoenix Powerlscan HE Solution.
- In September 2019, New Century Software (US), which is a leading provider of services to energy transportation companies and pipeline integrity management software, has been acquired by Mistras Group.
The Ultrasonic Flaw Detector segment dominated the market and held the largest market share of 14.5% in the year 2020
On the basis of equipment, the global ultrasonic testing market is segmented into thickness gauges, industrial scanners, imaging systems, bond testers, flaw detectors, tube inspection systems, transducers and probes. The ultrasonic flaw detector had the largest market share of 14.5% in the year 2020. In order to know whether the penetration of any material inside the substance is perfect or not, this equipment is used.
The Phased Array Segment dominated the market and held the largest market share of 22% in the year 2020
On the basis of type, the global ultrasonic testing market is segmented into immersion testing, phased array, time-of-flight diffraction, acoustography, and guided wave. The phased array segment is envisaged to hold the largest market share of 22% in the year 2020 with the development of portable phased array ultrasonic testing equipment.
The Inspection and Training Segment dominated the market and held the largest market share of 52% in the year 2020
On the basis of service, the global ultrasonic testing market is segmented into inspection services, calibration services, training services, and equipment rental services. The inspection segment dominated the market and held the largest market share of 52% in the year 2020. It was anticipated that there would be a rise in ultrasonic testing (UT) inspection and training services as the market is lacking skilled and trained technicians for conducting UT operations.
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The Government Infrastructure & Power Generation Segment dominated the market and held the largest market share in 2020.
On the basis of vertical, the global ultrasonic testing market is segmented into the government infrastructure, manufacturing, aerospace, oil and gases, marine, power generation, automotive and others. The growth of government infrastructure is attributed to brisk infrastructural development in the emerging countries.
Regional Segment of Ultrasonic Testing Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global ultrasonic testing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In North America, U.S and Canada have dominated the market by the increased use of UT techniques for inspection of railways across the countries. Europe is anticipated to register notable growth in the UT market share with the growing aerospace vertical in U.K and the sturdy automobile industry in Germany. Asia-Pacific is the fastest-growing region in the Ultrasonic Testing market due to the automation adoption in manufacturing industries and rapid infrastructural development in emerging countries like India and China.
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About the report:
The global ultrasonic testing market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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