Ultrasonic Testing Market Analysis By Key Players, Share, Revenue, Trends, Size, Growth, Opportunities, and Regional Forecast To 2027
The global ultrasonic
testing market size is projected to reach USD 3,671.9 million by
2027, exhibiting a CAGR of 9.43% during the forecast period.
The burgeoning startup culture in the non-destructive testing (NDT) domain will
play a central role in fueling this market, postulates Fortune Business
Insights in its report, titled “Ultrasonic Testing Market Size, Share
& COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction, Phased
Array, Immersion Testing, Guided-Wave Testing, Acoustography, and Others) By
Equipment (Flaw Detectors, Thickness Gauges, Transducers & Probes,
Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems,
and Others), By Service (Inspection Services, Equipment Rental Services,
Calibration Services, and Training Services), By Vertical (Manufacturing, Oil
& Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and
Others) and Regional Forecast, 2020-2027”. Testing and inspection are
critical functions that operators and owners of capital have to perform to
ensure the safety and reliability of equipment, machinery, and other assets.
Startups have been steadily emerging over the past few years to fulfill these
functions using NDT and ultrasonic testing (UT) technologies. For example, the
Indian startup AAVRTTI has developed RUDI (Radar for Utility Detection and
Imaging) to detect, identify, and map buried utilities. The company also offers
other services, such as the localized detection of cable faults and underground
pipe leakages. Inductosense, a startup domiciled in the UK, has been engaged in
developing NDT solutions using ultrasonic testing. The company manufactures
ultrasonic sensors to facilitate accurate monitoring of internal corrosion
& erosion in pipelines and vessels. These advancements in asset
testing technologies, heralded by fledgling startups, will create massive
opportunities for this market.
The report states that the value of the market was estimated
to be USD 2,297.2 million in 2019 and also shares the
following:
- Holistic
evaluation of the various market drivers and trends;
- Granular
understanding of the challenges facing the market;
- Unmatched
segmentation of the market; and
- Microscopic
study of the competitive milieu and regional prospects of the market.
Browse Complete Report Sample PDF:
https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865
Regional Insights
North America to Register Sterling Growth; Asia Pacific to
Progress Promisingly
In 2019, the North America market size stood at USD 893.7
million, and the region is expected to bolster its growth trajectory during
the forecast period on account of the rising employment of UT methods in the
inspection of railway infrastructures. In addition, growing adoption of
advanced testing technologies in the region’s robust aerospace industry will
further boost the regional market.
Asia Pacific is anticipated to showcase the fastest growth in the
ultrasonic testing market share in the forthcoming years owing to the huge
investments in ramping up public infrastructure in India and the rapid
expansion of the manufacturing industry in China. In Europe, the regional
market growth will be aided by the increasing demand for these ultrasonic type
of testing solutions in the automotive industry in Germany.
Competitive Landscape
Lucrative Collaborations to Characterize Market Competition
The competitive landscape of this market is experiencing a period
of prolific dynamism due to the increasing number of lucrative partnerships
between aviation industry giants and key players in the UT market. These
collaborations are aimed at developing inventive testing solutions for aircraft
components, which in turn will entrench the market position of the
collaborating entities.
Industry Developments:
- September
2020: Element
Sheffield announced the bagging of approval from the aircraft engine
maker, Safran, for destructive testing services. The agreement follows the
recent clearance from Safran to Element to deploy ultrasonic testing
techniques for Safran’s components and materials.
- January 2020: Novosound, a
Scottish startup, secured a USD 4.3 million investment to develop and
launch its first flexible thin-film ultrasound sensor for inspecting
curved surfaces in June. The startup will be targeting the field of
inspection and maintenance of aircraft with the introduction of this
device.
Restraining Factor
Revenue Shortfalls amid the COVID-19 Crisis to Quell Market Growth
With the coronavirus-induced global economic and health crisis
unfolding with increasing intensity, the aviation industry is set to experience
unprecedented revenue shortfalls. According to the International Civil Aviation
Organization (ICAO), in the first half of 2021, airlines are likely to face
potential gross passenger operating revenues between USD 163 billion and USD
194 billion. This is in addition to the USD 391 billion worth of losses faced
by airliners in 2020. The ultrasonic testing market growth is also expected to
suffer setbacks as a result of these financial stresses as the pandemic has
severely disrupted investment plans of aircraft manufacturers and aviation
technology providers. Furthermore, travel restrictions and the cancelation of
flights have delayed the adoption of advanced UT technologies. For example, a
recent report by the Organization for Economic Cooperation and Development
(OECD) points out that a combination of supply shocks and negative demand has
created widespread uncertainty in the aviation industry, thus delaying the
deployment of next-generation technologies, such as ultrasonic testing, by
airline companies. As a result of these developments, this market will display
a negative CAGR of -14.9% in 2019 and reach a value of USD
1,954.4 million in 2020.
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