The Ultrasonic NDT Testing Equipment Market is expected to register a CAGR of 11%, over the forecast period (2020 - 2025). Developing countries continue to consume vast amounts of Natural gas, while the demand is increasing in developed countries. The increased demand is causing the expansion of Pipelines and refineries due to which there is s surge for Ultrasonic NDT Testing Market.
- In the oil and gas industry alone there is a vast network of pipeline along with other infrastructure which requires continuous monitoring. Companies are using this Testing equipment for scheduled assessment and monitoring of the materials.
- The ultrasonics based NDT testing equipment can provide real-time data owing to the improved communication technology and evolution in data collection and analytics software. Also, these devices can stream the live analysis and store the data on the cloud due to which they are preferred over other Testing technologies.
- Demand for Ultrasonic NDT testing equipment is further fuelled by the systems unique ability to provide analysis for real-time decision making.
Scope of the Report
The ultrasonic NDT testing equipment market typically comprises of system integrators, security monitoring service providers who use these types of equipment to measure the hardness, flaws and sometimes stress on the object. The study incorporates these in the scope in the market. These instruments provide mission-critical information to avoid failure due to fatigue or constructions flaws in the structure.
Key Market Trends
Railways are Emerging as a Significant Consumer of Ultrasonic NDT Testing Equipments
- Major countries in Europe and Asia are on a spree to upgrade and expand their railway network. Due to this, the demand for high-speed trains has increased. But the increased speeds have resulted in increased upkeep of the railway infrastructure.
- With Increase speeds, the Railways is facing more risk due to which railway companies are looking for newer solutions to monitor fatigues caused by wear and tear. Ultrasonic NDT Testing Equipments have been adopted to study the tracks and wheels for Fatigue.
- Moreover, with the expansion of the network, companies are looking for more cost-effective and real-time detection and analysis techniques. The Ultrasonic NDT Testing Equipments are said to become a key component of railway testing and maintenance procedures.
North America Dominates the Market Owing to Early Large Scale Adoption
- North America is one of the leading adopters of Ultrasonic NDT Testing Equipments and is considered to be one of the largest markets for Ultrasonic NDT Testing Equipment market. The demand in North America is mainly driven by a higher focus on safety as this region has the most stringent safety regulations in essential industries like Aerospace and defense, Transportation, and manufacturing.
- The presence of major commercial and defense aircraft manufacturers in this region is further supporting the growth of the market.
- Moreover, the region has a strong foothold of vendors and system integrators in the market. Some of them include GE owned Baker Hughes, Olympus, BuildingIQ, and SAS Institute Inc., among others.
The market is mildly consolidated with the industry majors like Baker Hughes having partnership deals with major system integrators like McDermott. Other players in the industry are more dependent on other sales channels. companies with a wide offering and strong marketing strategies hold the major share in the market.
- APRIL 2019 - Testing services provider Element invested in increased immersion ultrasonic testing (IUT) capabilities to support its aerospace NDT offering in Monterrey, Mexico.
- March 2019 - Eddyfi Technologies released Panther, an ultrasound imaging machine. Panther comes with M2M’s state-of-the-art phased array ultrasonic techniques (PAUT) and total focusing method (TFM).
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