Ultrasonic NDT Equipment Market To Reach Valuation of USD 43 Billion at CAGR of 9.2% by 2030 - Report by Market Research Future (MRFR)
Adoption of technology to boost the Ultrasonic NDT Equipment Market growth
New York, US, March 07, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Ultrasonic NDT equipment market Research Report: By End-User, And By Region- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 43 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.2% during the assessment timeframe.
Ultrasonic NDT equipment market Key Players
Key Companies in the Ultrasonic NDT Equipment market include
- GE Inspection Technologies
- Olympus Corporation
- James Instruments
- NDT Systems
- PaR Systems
- Qualitest International
- Trinity NDT
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|Revenue forecast in 2030||USD 43 Billion|
|Growth Rate||CAGR of 9.2% from 2023 to 2030|
|Key Market Opportunities||The expansion in the aerospace & defence sector Growth in the wind energy sector and the emergence of new avenues for the natural gas market.|
|Key Market Drivers||The expansion of the automotive industry and stringent safety regulations Rapid adoption of advanced technology the growing investment in oil and gas industry|
Browse In-depth Market Research Report (68 Pages) on Ultrasonic NDT Equipment Market:
In recent years, industries have placed a greater emphasis on increasing total production rates. Energy optimization and cost efficiency are now seen as essential elements for all company sectors and are the main factors boosting market growth.
Higher penetration power, which allows for the discovery of even deeper faults in the machinery part, is one of the possible advantages of the ultrasonic NDT method. Due to the Ultrasonic NDT's increased sensitivity, even minute fractures can be detected.
Moreover, the alloy structure of components with various acoustic qualities can be ascertained by ultrasonic non-destructive testing (NDT). Hence, Ultrasonic NDT is preferred above other testing techniques by several end-user businesses. These are regarded as the main forces behind the expansion of the ultrasonic NDT equipment market.
Because the Ultrasonic NDT method may deliver testing findings with a high degree of precision, industries with a reduced tolerance for errors heavily rely on it. The Ultrasonic NDT method also guarantees the safety of the workers using it, as well as the safety of the tools and the material, due to its non-hazardous nature.
The expansion of end-user industries like those in aerospace, defence, oil and gas, and manufacturing is having a significant impact on the market for ultrasonic NDT equipment. Ultrasonic testing is used to find corrosion and other defects that could stop a part or component from degrading further. Early fault detection greatly lowers the significant expenses of replacing the part or the full piece of
equipment. As a result, businesses are heavily employing ultrasonic NDT to reduce costs. These elements are creating profitable potential for the industry of ultrasonic NDT equipment.
Consequently, these ultrasonic NDT equipment-related factors have raised the global ultrasonic NDT equipment market CAGR in recent years.
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Ultrasonic NDT Equipment Market Segmentation:
The market is segmented based on type and region.
The Oil & Gas Industry, Power Generation, Aerospace and Defence Sector, and the Automotive and Transportation Industries are included in the segmentation of the Ultrasonic NDT Equipment Market based on end users. In 2022, the Oil & Gas Industry category dominated the market. From 2023 to 2030, it is anticipated to develop at a quicker rate. This industry's expansion can be linked to the rising demand for non-destructive testing in oil and gas exploration and production as well as the expanding understanding of the advantages of ultrasonic testing.
Due to the rising demand for maintenance and inspection of aerospace components and power generation machinery, respectively, the sectors of aerospace and defence are also anticipated to experience significant growth. The growing demand for ultrasonic testing in the manufacture of automobiles and transportation equipment is also predicted to contribute to the automotive and
transportation sector's stable expansion. These all have a beneficial effect on the market growth for ultrasonic NDT equipment.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The market for ultrasonic NDT equipment in the Asia-Pacific region is expected to develop at the quickest rate in the next years.
This growth can be attributed to the rising demand for ultrasonic NDT equipment in rapidly developing nations, particularly in China and India. This demand is being fueled by the expansion of the industrial sector, the expansion of infrastructure, and the rising need for non-destructive testing across a range of sectors, including oil and gas, power generation, and transportation. The expansion of the market in the Asia-Pacific region is also being fueled by the growing understanding of the advantages of ultrasonic testing and the increased emphasis on safety and quality control. The presence of a significant number of important competitors and rising expenditure in R&D activities are anticipated to further fuel market expansion in the Asia-Pacific region.
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The second-largest market share belongs to the Ultrasonic NDT Equipment market in Europe. This is mostly because there are established industrial sectors present and non-destructive testing is becoming more and more in demand across a range of sectors, including aerospace and defence, power production, and oil and gas. The expansion of the market in Europe is also being fueled by the growing understanding of the advantages of ultrasonic testing and the growing importance of safety and quality control. The presence of numerous significant competitors in the area and rising expenditure in R&D initiatives are anticipated to further accelerate the market's expansion in Europe. Also, the UK Ultrasonic NDT Equipment market grew at the fastest rate in the world, while the Germany Ultrasonic NDT Equipment market held the biggest market share.
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