by Ultrasonic non-destructive testing equipment are widely used for inspection of materials and components used in various industries without causing damage to them. Ultrasonic testing employs high frequency sound energy to conduct examinations and make evaluations of materials, structures and components for various industrial and manufacturing applications. From aircraft parts and pressure vessels to structural beams and piping complexes, ultrasonic testing plays a critical role in evaluating internal flaws and anomalies, thickness measurement and integrity assessment. With rapid industrialization and growing infrastructure development activities around the world, the need for quality control and assurance has increased tremendously, driving greater adoption of advanced ultrasonic testing solutions.
The global Ultrasonic Non Destructive Testing Equipment Market is estimated to be valued at US$ 3.5 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Portable and automated ultrasonic testing systems are gaining higher traction in the market owing to advantages of mobility, versatility and minimal human intervention. These next-generation ultrasonic flaw detectors and thickness gauges are integrated with advanced technologies like phased arrays, time-of-flight diffraction and guided wave testing for improved accuracy, coverage and productivity. Growing emphasis on establishing integrity of aging assets is bolstering demand for automated ultrasonic testing tools that can conduct repeatable inspections at predetermined intervals for corrosion mapping, weld characterization and deformation monitoring. Adoption of Industry 4.0 standards like industrial internet of things (IIoT) is further augmenting capabilities of modern ultrasonic NDT equipment.
Porter’s Analysis
Threat of new entrants: Low-moderate. High capital requirements and need for technological know-how pose a barrier for new players. However, opportunities exist for specialty players providing value-added services.
Bargaining power of buyers: Moderate-high. Large industrial buyers can negotiate on price and demand additional services. Buyers can substitute with alternative NDT testing methods as well.
Bargaining power of suppliers: Low-moderate. Presence of numerous component manufacturers keeps supplier power in check. However, innovation in sensor technologies influences equipment design.
Threat of new substitutes: Low-moderate. While new NDT methods emerge, ultrasound testing is entrenched for its versatility, cost advantages, and validation history. Adoption depends on specific inspection needs.
Competitive rivalry: High. Global players compete on technology, service reach, and competitive pricing. Industry consolidation occurs through mergers and acquisitions.
Key Takeaways
The Global Ultrasonic Non Destructive Testing Equipment Market Size is expected to witness high growth.
Regional analysis:
Asia Pacific region dominates the market currently owing to rapidly growing manufacturing industries in China, India. North America and Europe are also major regional markets.)
Key players operating in the ultrasonic non destructive testing equipment market are Olympus, GE Measurement & Control, Magnaflux, Zetec, Proceq, Sonatest, UniWest etc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
