Global Ultrasonic Testing Equipment Market
Global Ultrasonic Testing Equipment Market was valued US$ XX Mn in 2018 and is expected to reach US$ XX Mn by 2026, at a CAGR of around XX % during a forecast period.
Pipelines are one of the most important assets of the oil and gas midstream sector, connecting the upstream and downstream part. Their capability to transport high volumes makes them a popular choice for oil and gas transportation. Nevertheless, pipeline design and maintenance are complex issues as pipelines operate under several operating environments and carry fluids such as crude oil, natural gas, refined products and liquefied gases. They are highly prone to defects and corrosion as they carry different types of crude oils, which include corrosive fluids.
On the other hand, there are some limitations and problems associated with the use of ultrasonic testing. One of the limitations of ultrasonic testing equipment is its non-suitability for all kinds of surfaces. Complex shapes are not suitable for ultrasonic testing.
Based on end-use industry, the power generation vertical is anticipated to grow at the maximum CAGR throughout the forecast period. Ultrasonic testing plays an important role in ensuring the safety of nuclear power plants both in inspection throughout construction and whilst in-service. In addition, emerging economies such as India are investing in power grid infrastructure to expand their reach of electricity to almost every household.
Globally, the market in APAC is anticipated to grow at a high CAGR between 2018 and 2026. The growth of the ultrasonic testing equipment market in APAC is attributed on account of the rapid infrastructural development. The market for ultrasonic testing equipment is projected to grow fast, driven primarily by major infrastructure advancements and automation in manufacturing processes in countries such as India and China. The countries such as China and India have high demand for ultrasonic testing equipment in the APAC region.
The market outline chapter in the report explains market trends and dynamics that comprise drivers, restraining factors, and the current and future opportunities for global ultrasonic testing equipment market. Market viewpoint analysis has also been provided in the report. As well, the report offers analysis of different business strategies being adopted by leading players operating in ultrasonic testing equipment market. The market introduction chapter helps in getting an idea of different trends in ultrasonic testing equipment market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global ultrasonic testing equipment market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global ultrasonic testing equipment market.
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Scope of Global Ultrasonic Testing Equipment Market
Global Ultrasonic Testing Equipment Market, By Product
• Flaw Detectors
• Thickness Gauges
• Ultrasonic Scanners
• Others
Global Ultrasonic Testing Equipment Market, By Component
• Hardware
• Services
Global Ultrasonic Testing Equipment Market, By Technique
• Conventional
• Advanced
Global Ultrasonic Testing Equipment Market, By End-use Industry
• Oil & Gas
• Aerospace & Defense
• Power Generation
• Automotive
• Manufacturing
• Others
Global Ultrasonic Testing Equipment Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Ultrasonic Testing Equipment Market
• Olympus Corporation
• Baker Hughes, LLC (a GE company)
• Sonatest Ltd.
• TecScan System Inc.
• Ndt Systems Inc.
• Cygnus Instruments Inc.
• Amerapex Corporation
• Zeal International
• Ametek, Inc.
• Eddyfi NDT Inc.
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