Ultrasonic NDT Equipment Market Estimations, Competitive Landscape, Business Revenue Forecast and Statistics
Market Scenario:
The global ultrasonic NDT equipment market is a very dynamic market and is expected to witness stable growth over the forecast period. The growth of the ultrasonic NDT equipment market is influenced by the expansion in the aerospace & defense sector, growth in the wind energy sector and emergence of new avenues for natural gas market. Furthermore, growth in the electrical vehicle sales, use of array equipment in radiography and the need for customization of ultrasonic NDT equipment are the factors expected to boost the growth of the market over the forecast period. However, lack of skilled manpower, rise in pipeline sabotage threats are the factors hindering the growth of ultrasonic NDT equipment market.
The global ultrasonic NDT equipment market size is expected to reach USD 2.47 billion by the end of 2023 with 9.87% CAGR during forecast period 2017-2023
Key Players
The prominent players in the market of Ultrasonic NDT Equipment market are – GE Inspection Technologies (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), James Instruments (U.S.), NDT Systems (U.S.), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others.
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Segments:
Global Ultrasonic NDT Equipment Market, End-User
Oil & Gas Industry
Power Generation
Aerospace and defense sector
Automotive and Transportation industry
Global Ultrasonic NDT Equipment Market, By Region
North America
Europe
Asia Pacific
RoW
Regional Analysis:
North America was the largest market for ultrasonic NDT equipment market due to increasing focus by automotive manufacturers to increase its production processes in U.S. Among other countries in North-America, U.S. is dominating the ultrasonic NDT equipment and Canada is expected to grow over the forecast period whereas Europe is growing at a stable rate over the forecast period with a CAGR of 8.77% from 2017 to 2023. The region is attributed to the increasing safety regulations, rapid prototyping and industrialization among others. Also, the expansion in the aerospace and defense sector is expected to boost the market. Whereas, factors such as lack of skilled workforce and the equipment being expensive for testing are stopping the market to grow in the European region.
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Intended Audience
Ultrasonic NDT Equipment Manufacturers
Distributors
Research firms
Consultancy firms
Vendors
Semiconductor Manufacturers
Stakeholders
End-user sectors
Technology Investors
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