Ultrasonic Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Ultrasonic Testing Market: Introduction
Ultrasonic testing is a method used to detect defects in the materials. It is based on the quantification or transmission of waves. It has high penetrating power, high sensitivity and greater accuracy that helps it in detecting the deep flaws. It is mainly performed on steel and other metals. Steel and alumimium industries, aerospace industries, automotive industries, transportation sectors etc require ultrasonic testing in their industries to detect the flaws , ensure accuracy and higly automated operations.
Currently, the market for ultrasonic testing is witnessing high growth rate with rising demands from defense , aerospace and other manufacturing industries. The demand for ultrasonic testing from emerging markets of Asia Pacific is likely to drive growth during the assessment period.
Ultrasonic Testing Market: Key Drivers
Growing focus on infrastructure development is likely to provide an impetus to ultrasonic testing during the assessment period. The construction of steel bridges, railway tracks and other developments are creating opportunities for ultrasonic testing market players.
Expansion of oil and gas industries is also contributing to the growth of the market. Another factor that is likely to drive growth of ultrasonic testing is the revival of the automotive industry. Although automotive industry witnessed a decline in 2020, it is highly likely that demand will grow in the near-future. The growth in marine industries, bunker vessel projects, shipyard construction projects and other construction sectors are requiring ultrasonic testing in their industries slurring the growth of this market.
It is widely used in the aerospace industries to detect extremely small flaws. Automotive industries are also getting dependent on the ultrasonic testing for the manufacture of electric vehicles that involve highly efficient automation. Steel and aluminium industries, defense industries, construction industries,oil and gas industries , marine industries etc use ultrasonic testing equipments to estimate the size, shape and nature of defects.
Ultrasonic Testing Market: Key Restraints
The ultrasonic testing is not able to detect the initial levels of damage to manual ultrasonic thickness testing creating a barrier for its market growth.The detection of localized damage becomes the main challenge with manual ultrasonic testing.
Ultrasonic testing equipments are costly in comparison to mechanical measurement equipments. The users see these mechanical measurements equipments as a substitute to ultrasonic testing equipments.
Ultrasonic Testing Market: Region-Wise Forecast
Asia Pacific continues to be one of the leading markets for ultrasonic testing market, with China and India likely to present significant opportunities for market players. In addition to China and India, US and Western European countries will also continue to be the mainstay for growth for many players. As this testing is used majorly in testing the weld in offshore oil industry, demand is likely to be strong in the Gulf Cooperation Councl (GCC).
By End-Use Industry:
The companies are working on organic growth strategies to compete for more market share. To become market leaders, the strategies like product approvals, patents, events, product launches and innovations are being adopted by the key competitors in this market.
The major key players in Ultrasonic are Olympus corporation, Sonatest Limited, Zeal International, Cygnus instruments Incorporation, Amerapex corporation, Eddyfi NDT Incorporation, Sonotec Incorporation, NDT systems Incorporation, TecScan System Incorporation, Zetec Incorporation, Mistras Group Incorporation, General electric corporation, Ashtead Technology, Sonotron NDT etc. Among all these market players, Olympus Corporation and Sonatest limited are gaining high profits and market share as they are focusing more on adding new and improved varieties of products to stay competitive.
The ultrasonic testing market is likely to grow at over 7% CAGR through 2030. Although GCC is reducing its dependence on oil exports, the region’s offshore industry will continue to provide substantial opportunities for ultrasonic testing market players.
The GCC continues to be one of the most lucrative markets for ultrasonic testing globally. In addition to GCC, US is also a lucrative market for ultrasonic testing.
Historically, the ultrasonic testing market has grown at nearly 5% to 6%. During the period of 2013-2019, the market has witnessed fluctuations, largely due to changes in end-use industries.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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