Ultrasonic NDT equipment market Market

The advent of urbanization across the globe has led to the advancement in various manufacturing industries including automotive, infrastructure, oil & gas, power & utilities, aerospace & defense, and others, in terms of technology, equipment, and systems. Various manufacturing companies across the globe use non-destructive testing (NDT) equipment for inspecting the quality of the product and for analyzing the flaws within the material or a product. Ultrasonic NDT is a type of non-destructive technique which uses sound waves to detect cracks and defects within the product parts and materials. Various equipment and systems are available in the market that are used in the ultrasonic NDT method that includes flaw detectors, thickness gauges, transducers, and scanners.

The global ultrasonic NDT equipment market registered a market value of USD 1010.8 million in 2018 and is expected to grow at a CAGR of 7.31% during the forecast period of 2019—2025. There are various factors driving the growth of the market across the globe such as developments in infrastructure and increasing awareness about the inspection and quality of materials across industries. One of the major factors driving the growth of the market is the rising demand of the ultrasonic NDT in the aerospace and defense industry as this equipment allows the individual to inspect the flaws and imperfections in the components which reduces the risk of any mishappening or accident resulting in improvements in safety. Additionally, the increasing investments in renewable energy generation have increased as compared to the previous decades which requires advanced and reliable methods for inspecting the products and parts before the installation. These methods are also used for inspection of the overall infrastructure of the wind turbine for the weld inspection to wall thickness measurement and also for the detection of discontinuities including inclusions, invisible cracks, voids and other discontinuities in metals, plastics, ceramics, and composites. The ultrasonic NDT equipment is used to inspect the damage within the wind turbine blades; this method also reveals flaws quickly, reliably, and effectively.

According to the Wantstats analysis, the global ultrasonic NDT equipment market has been segmented based on testing method, vertical, and region. Based on the testing method, the global ultrasonic NDT equipment has been segmented into flaw detectors, thickness gauges, transducers & probes, industrial scanners, inspection systems, and others. The flaw detectors segment accounted for the largest market share of 28.8% in 2018 and is expected to grow at a CAGR of 8.23% during the forecast period of 2019—2025. Ultrasonic flaw detectors are commonly used for detecting the flaws, defects, or anomalies within the material and are also capable of measuring cracks, inclusion, discontinuities, voids, and porosity. These detectors are used in the inspection of infrastructure, tanks, pipes, and others as well as for weld inspection. Based on vertical, the market has been segmented into automotive, power & utilities, oil & gas, aerospace & defense, infrastructure, and others. The oil & gas segment accounted for the largest share with a share of 25.6% in 2018, this is due to their capability to efficiently inspect cladding, welds, pipes, and risers for cracks, resulting in the reduction of major failures in refineries, storage, critical oil extraction, and delivery systems. Ultrasonic testing equipment enables the companies to generate returns on investment by preventing revenue losses and the risk of liability while helping to increase asset uptime.

Based on region, North America accounted for the largest share with 32.2% in the market. This is due to the presence of various major players such as GE Inspection Technologies, Danatronics Corporation, and James Instruments offering a broad range of equipment for detecting the flaws within a material or part. Moreover, the rapid advancements in technology and rising developments in the infrastructure across the region are some of the factors driving the market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period of 2019—2025 owing to increasing investments by the governments of various countries such as China, Japan, India and the rest of Asia-Pacific for the development of the infrastructure and increasing installation of wind turbines across the region.