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.
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