by The Ultrasonic Non-Destructive Testing (NDT) Equipment Market is estimated to be valued at US$ 818.3 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ultrasonic NDT equipment uses high-frequency sound waves to detect and measure defects, flaws or cracks in materials non-invasively without damaging the test material. It is used for a variety of materials including metals, composites and plastics. Common applications include thickness and composition testing, porosity detection, bond inspection, leak detection, flaw detection and measurement etc. Advantages of ultrasonic testing include high sensitivity, possibility of automation and test results are not affected by material composition.
Market key trends:
Rising adoption of ultrasonic NDT equipment in aerospace industry is estimated to drive the market growth over the forecast period. Ultrasonic testing is widely used in aircraft production for inspecting corrosion, cracking and microstructural changes in aircraft components such as turbine blades, landing gear, airframes and jet engines. It is used for inspecting composite materials used in aircraft manufacturing. Growing aircraft orders and increasing commercial aircraft fleet size is prompting aircraft OEMs to ramp up production volumes, thus driving the demand for ultrasonic NDT equipment. Furthermore, stringent NDT regulations in aircraft industry mandate regular inspections and maintenance, thus supplementing market growth.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established industry players pose a barrier for new entrants. However, opportunity remains for innovative technologies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and established quality standards. Buyers can negotiate on price and delivery timelines.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and focus on long-term relationships.
Threat of new substitutes: Threat of new substitutes is low as NDT equipment require compliance with industry standards and regulations.
Competitive rivalry: Intense due to focus on innovation and customized solutions.
SWOT Analysis
Strength: Presence of stringent quality standards and regulations drives demand. Technological advancements enable accurate inspections.
Weakness: High initial investments and maintenance costs. Requirement of skilled professionals.
Opportunity: Growth of end-use industries such as oil & gas, aerospace, automotive. Emerging applications in 3D printing and composites testing.
Threats: Economic slowdowns reducing capital expenditure. Substitutes such as radiography pose competitive threat.
Key Takeaways
Global Ultrasonic Non Destructive Testing Equipment Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing infrastructural investments and stringent regulations. North America dominates the market currently due to large aerospace and oil & gas industries in the region. The Asia Pacific region is expected to grow at the fastest pace due to increasing manufacturing output and rapid industrialization in China and India.
Key players operating in the Ultrasonic Non Destructive Testing Equipment market are ROSEN Group, Johnson and Allen Ltd., Advanced NDT Ltd., Olympus Corporation, Intertek Group PLC, Baker Hughes, GE Measurement and Control, and Russell Fraser Sales Pty Ltd., among others. The key players are focused on new product launches and expansion strategies to gain competitve advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
