The global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027 owing to the growing adoption of advanced flaw detection technologies in aircraft manufacturing, observes Fortune Business Insights™ in its report, titled “Ultrasonic Testing Market Size, Share & COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction, Phased Array, Immersion Testing, Guided-Wave Testing, Acoustography, and Others) By Equipment (Flaw Detectors, Thickness Gauges, Transducers & Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems, and Others), By Service (Inspection Services, Equipment Rental Services, Calibration Services, and Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others) and Regional Forecast, 2020-2027”. As per the report, the global market value stood at USD 2,297.2 million in 2019 and the market is expected to register a CAGR of 9.43% from 2020 to 2027.
The COVID-19 pandemic has proved catastrophic for the aviation industry as lockdowns, social distancing, and travel restrictions have rapidly diminished the demand for air travel worldwide. Furthermore, supply chain disruptions and a general slowdown in the global economy has severely impacted the medium-term investment plans of airline companies. Combined, these factors will lead to a negative growth of -14.9% of the market and decline the market value to USD 1,954.4 million in 2020
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List of Key Companies Profiled in the Ultrasonic Testing Market Report:
- TD Williamson, Inc. (The U.S.)
- Sonatest Ltd. (The U.K.)
- Nikon Metrology (Japan)
- Mistras Group (The U.S.)
- Ashtead Technology (The U.K.)
- Amerapex Corporation (The U.S.)
- Tecscan Systems Inc. (Canada)
- Olympus Corporation (Japan)
- NDT Global GmbH & Co. Kg (The U.S.)
- General Electric (The U.S.)
- Applied Technical Services, Inc. (The U.S.)
The report states that the value of the market was estimated to be USD 2,297.2 million in 2019 and also shares the following:
- Holistic evaluation of the various market drivers and trends;
- Granular understanding of the challenges facing the market;
- Unmatched segmentation of the market; and
- Microscopic study of the competitive milieu and regional prospects of the market.
Revenue Shortfalls amid the COVID-19 Crisis to Quell Market Growth
With the coronavirus-induced global economic and health crisis unfolding with increasing intensity, the aviation industry is set to experience unprecedented revenue shortfalls. According to the International Civil Aviation Organization (ICAO), in the first half of 2021, airlines are likely to face potential gross passenger operating revenues between USD 163 billion and USD 194 billion. This is in addition to the USD 391 billion worth of losses faced by airliners in 2020. The ultrasonic testing market growth is also expected to suffer setbacks as a result of these financial stresses as the pandemic has severely disrupted investment plans of aircraft manufacturers and aviation technology providers. Furthermore, travel restrictions and the cancelation of flights have delayed the adoption of advanced UT technologies. For example, a recent report by the Organization for Economic Cooperation and Development (OECD) points out that a combination of supply shocks and negative demand has created widespread uncertainty in the aviation industry, thus delaying the deployment of next-generation technologies, such as ultrasonic testing, by airline companies. As a result of these developments, this ndt ultrasonic market will display a negative CAGR of -14.9% in 2019 and reach a value of USD 1,954.4 million in 2020.
North America to Register Sterling Growth; Asia Pacific to Progress Promisingly
In 2019, the North America market size stood at USD 893.7 million, and the region is expected to bolster its growth trajectory during the forecast period on account of the rising employment of UT methods in the inspection of railway infrastructures. In addition, growing adoption of advanced testing technologies in the region’s robust aerospace industry will further boost the regional market.
Asia Pacific is anticipated to showcase the fastest growth in the ultrasonic testing market share in the forthcoming years owing to the huge investments in ramping up public infrastructure in India and the rapid expansion of the manufacturing industry in China. In Europe, the regional market growth will be aided by the increasing demand for these ultrasonic type of testing solutions in the automotive industry in Germany.
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Lucrative Collaborations to Characterize Market Competition
The competitive landscape of this market is experiencing a period of prolific dynamism due to the increasing number of lucrative partnerships between aviation industry giants and key players in the ultrasonic testing equipments market. These collaborations are aimed at developing inventive testing solutions for aircraft components, which in turn will entrench the market position of the collaborating entities.
With the increasing complexity of rail operations worldwide, the demand for advanced testing technologies has escalated in recent times. These technologies are principally aimed at minimizing railroad accidents, which can even be avoided with the efficient use of modern ultrasonic type of testing solutions. To cater to these rising testing needs in the rail industry, some leading companies have developed cutting-edge UT non destructive testing ultrasonic solutions to enhance the safety quotient of railways. For example, the French railroad major, Pandrol, has developed an ultrasonic rail testing mechanism that utilizes high-pitched waves to detect flaws in rails. In addition, the company also manufactures and sells ultrasonic inspection equipment and provides training services tailored to customer needs. Another prominent example is Eddyfi’s phased array ultrasound or PAUT. The array has been engineered to allow inspectors to angle the wave-beam in different directions, amplifying its radius, and identify defects that may have been missed during fixed-angle testing. The development and introduction of such game-changing UT technologies will ensure an enduring growth trajectory of this ultrasonic testing ndt market.
High Investments in Innovation by Key Players to Bolster Market Outlook
Top participants in this market are making focused investments to augment their innovation potential. These investments will allow companies to create novel UT solutions and capture a larger market share as well as elevate the profitability of their ventures. A diversified portfolio will also attract customers from varied industry verticals, further entrenching the position of the key players and fueling the ultrasonic testing market growth in the process.
Highlights on offerings of the research report for Ultrasonic Testing (Ut) Market:
• Overall market assessment concerning industry offerings, region analysis and other essentials like (size of the market, market revenue etc) of the market overall.
• Key players along with detailed information of the companies playing a major role in the Ultrasonic Testing (Ut) Market.
• Ultrasonic Testing (Ut) Market analysis like: Market drivers, market opportunities, market restraints, Product type analysis and application analysis.
• Covid-19 impact on the market & industry, consumer behavior, recovery &forecast analysis.
• Various strategies and impacts, in-depth analysis and major key factors for the Ultrasonic Testing (Ut) market wholly are mentioned in the research report.
• Conclusion explaining the future market position and all the latest happenings in the market.
Key Industry Developments:
- September 2020: Element Sheffield announced the bagging of approval from the aircraft engine maker, Safran, for destructive testing services. The agreement follows the recent clearance from Safran to Element to deploy ultrasonic testing techniques for Safran’s components and materials.
- January 2020: Novosound, a Scottish startup, secured a USD 4.3 million investment to develop and launch its first flexible thin-film ultrasound sensor for inspecting curved surfaces in June. The startup will be targeting the field of inspection and maintenance of aircraft with the introduction of this device.
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