New York, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Ultrasonic NDT Equipment Market” published by Consegic Business Intelligence, the market was worth USD 979.26 Million in 2022 and is anticipated to reach over USD 1,824.26 Million by the year 2030, growing at a CAGR of 8.40%.
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Ultrasonic NDT equipment refers to a range of specialized devices and instruments designed to inspect materials and structure for defects or irregularities without causing any damage to the tested object. The devices utilize ultrasonic wave in the form of high frequency sound wave to probe and analyze the internal structure of materials.
Moreover, ultrasonic NDT equipment are used in various industries to detect defects including cracks, voids, inclusions and material thickness variation in material such as metals, ceramics, plastics, and composites. Technology is widely employed in sectors including manufacturing, oil and gas, aerospace, and defense, automotive, among others to ensure the integrity and safety of critical components and structures.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 1,824.26 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.40% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Nanjing BKN Automation System Co., LTD., Magnetic Analysis Corporation, Unique Group, EVIDENT, Modsonic Instruments Mfg. Co. (P) Ltd., Instrumart, Honesdom International (HK) Limited, OKOndt GROUP, TWI Ltd., Baker Hughes Company, Sonatest, and Aimil Ltd. |
| By Component | Hardware and Software |
| By Mode of Operation | Manual and Automatic |
| By Technology | Phased Array Ultrasonic, Time of Flight Diffraction Technique, Automated Ultrasonic Backscatter Technique, Conventional Ultrasonic, Rapid Ultrasonic Gridding (RUG), Dry-Coupled Ultrasonic Testing, Others |
| By End Use | Automotive, Oil & Gas, Aerospace & Defense, Power & Energy, Construction, Chemical, Infrastructure, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Ultrasonic NDT Equipment Market Growth Drivers:
- Increasing demand for ultrasonic NDT equipment in energy and power sector is driving the market growth
- Strict regulations associated with safety of employee and equipment is driving the demand for ultrasonic NDT equipment in various end use industries
Restraints
- Variable factors associated with ultrasonic non-destructive testing is hindering the market growth
Opportunities
- Outsourcing of services associated with NDT technology is projected to drive the market growth during the forecast period
Global Ultrasonic NDT Equipment Market Segmentation Details:
Based on Component, Hardware segment contributed the largest shares to the market growth in 2022. Hardware of ultrasonic detectors are designed for efficient handling and are gradually decreasing in size thus providing efficient handling ability to the user. Moreover, handheld devices are available in small and portable size thus providing greater affordability and accessibility to the operator, which tends to be driving the market growth of hardware segment.
Based on Mode of Operation, Manual segment contributed the largest shares to the market growth in 2022. Manual mode of operation is important for the area where high precision and accuracy is required. Moreover, manual mode of operation is considered effective in detection of material integrity, volumetric flaws and component thickness. Aforementioned type of testing is preferred on forging, castings, welded components, and composite structure across various industries. The key attributable factors that drive the growth of the segment include its application in flaw detection such as porosity, cracks, determining the thickness of test objects, among others. Moreover, the rising demand for proficient testing methods for critical infrastructures is compelling the demand for manual ultrasonic NDT equipment.
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Based on Technology, phased array ultrasonic segment contributed the largest shares to the market growth in 2022. Factors contributing towards the growth of the segment include precise control over the ultrasonic beam thus allowing better defect detection and characterization. Technology is commonly employed for applications including corrosion mapping, weld detection, and other critical applications where accurate defect sizing is important.
Based on End Use, aerospace & defense segment contributed the largest shares to the market growth in 2022. The key factors attributed to the growth of the segment owing to increasing importance to manufacture defect free components of aircraft are driving the market growth of ultrasonic NDT equipment. Moreover, the industry is constantly using ultrasonic NDT technology to identify the strength and wear and tear present in the airframe of aircrafts to avoid any accident is further promoting the demand for ultrasonic NDT equipment.
Based on region, North America region accounted for the largest revenue share in the year 2022. The adoption of ultrasonic NDT equipment in North American region is primarily driven by factors including increased demand for predictive maintenance and flourished oil and gas sector. According to EIA (Energy Information Agency), U.S. had total petroleum consumption of 20.28 million barrels per day in 2021. Moreover, U.S. held largest petroleum consumer ranking of 20.4% globally during same year.
Key Market Highlights
- Globally, ultrasonic NDT equipment market is divided based on the component into hardware and software.
- On the basis of mode of operation, ultrasonic NDT equipment market is bifurcated into manual and automatic.
- On the basis of technology, ultrasonic NDT equipment market is segregated into phased array ultrasonic, time of flight diffraction technique, automated ultrasonic backscatter technique, conventional ultrasonic, rapid ultrasonic gridding (RUG), dry-coupled ultrasonic testing, others
- Based on end use, ultrasonic NDT equipment market is segmented into automotive, oil & gas, aerospace & defense, power & energy, construction, chemical, infrastructure, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America is estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in ultrasonic NDT equipment market.
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List of Major Global Ultrasonic NDT Equipment Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of Component, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Nanjing BKN Automation System Co., LTD.
- Magnetic Analysis Corporation
- Unique Group
- EVIDENT
- Modsonic Instruments Mfg. Co. (P) Ltd.
- Instrumart
- Honesdom International (HK) Limited
- OKOndt GROUP
- TWI Ltd.
- Baker Hughes Company
- Sonatest
- Aimil Ltd.
Global Ultrasonic NDT Equipment Market Segmentation:
- By Component
- Hardware
- Software
- By Mode of Operation
- Manual
- Automatic
- By Technology
- Phased Array Ultrasonic
- Time of Flight Diffraction Technique
- Automated Ultrasonic Backscatter Technique
- Conventional Ultrasonic
- Rapid Ultrasonic Gridding (RUG)
- Dry-Coupled Ultrasonic Testing
- Others
- By End Use
- Automotive
- Oil & Gas
- Aerospace & Defense
- Power & Energy
- Construction
- Chemical
- Infrastructure
- Others
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Recent Developments
- In February 2022, EVIDENT launched OmniScan X3 64 phased array ultrasonic testing (PAUT) flaw detector to its product line.
Key Questions Covered in the Ultrasonic NDT Equipment Market Report
- What is Ultrasonic NDT Equipment?
- Ultrasonic NDT equipment refers to a range of specialized devices and instruments designed to inspect materials and structure for defects or irregularities without causing any damage to the tested object. The devices utilize ultrasonic wave in the form of high frequency sound wave to probe and analyze the internal structure of materials.
- What is the dominating segment in the ultrasonic NDT equipment market by end use?
- In 2022, aerospace & defense segment in end use accounted for the highest market share in the overall ultrasonic NDT equipment market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on Ultrasonic NDT Equipment growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for ultrasonic NDT equipment from multiple industries including automotive, aerospace and defense, among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR of 8.8% during the forecast period due to rapid growth in industrial infrastructure in the region.
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