The global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027, exhibiting a CAGR of 9.43% during the forecast period. The burgeoning startup culture in the non-destructive testing (NDT) domain will play a central role in fueling this market, postulates 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”.
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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.
Report Scope:
Geographic Segment Analysed in the Report:
North America (USA and Canada)
Latin America (Brazil, Mexico, and the rest of Latin America)
Europe (UK, Germany, France and the rest of Europe)
Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
Middle East and Africa (GCC and rest of the Middle East and Africa)
Key Business Strategies –
Which are the key business segments in the global industry?
What are the important elements used to study the business intelligence of the market?
What is the market value of the dominant firms operating in the industry?
Regional Insights
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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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.)
Competitive Landscape
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 UT 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.
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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