The potential benefits of the Ultrasonic NDT method include higher penetration power which enables to detection of even deeper flaws in the machinery part. The higher sensitivity of the Ultrasonic NDT allows the detection of even the tiny fractures and flaws. Additionally, the Ultrasonic NDT can be utilized to determine the alloy structure of the components that are possessing different acoustic properties. Therefore, several end-user industries prefer Ultrasonic NDT over other testing methods. They are considered the major driving factors of the Ultrasonic NDT equipment industry growth.
The Ultrasonic NDT is capable of providing the testing results with great accuracy therefore the industries that have a lower tolerance to errors highly utilize the Ultrasonic NDT method. Moreover, the non-hazardous property of the Ultrasonic NDT method ensures safety for the personnel operating it, additionally, the safety of the equipment and the material is also ensured.
The development of the end-user industries such as aerospace, defense, oil and gas, and manufacturing industries are highly influencing the overall growth of the Ultrasonic NDT equipment market. Ultrasonic testing is carried out for detecting corrosion and other flaws that potentially prevent the further degradation of the part or component. The early detection of the flaws significantly reduces the major costs of replacing the component or the entire equipment. Therefore industries are intensively utilizing the Ultrasonic NDT to cut their expenses. Such factors are presenting lucrative opportunities for the overall growth of the Ultrasonic NDT equipment industry. Therefore, such factors related to Ultrasonic NDT Equipment have enhanced the Ultrasonic NDT Equipment market CAGR across the globe in recent years.
Based on end users, the Ultrasonic NDT Equipment Market segmentation includes Oil & Gas Industry, Power Generation, Aerospace and defense sector, and the Automotive and Transportation industry. The Oil & Gas Industry segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The growth of this segment can be attributed to the increasing demand for non-destructive testing in the exploration and production of oil and gas, as well as the growing awareness of the benefits of ultrasonic testing in the industry. The Power Generation and Aerospace and Defense sectors are also expected to show significant growth due to the increasing demand for maintenance and inspection of power generation equipment and aerospace components, respectively. The Automotive and Transportation industry is also expected to show steady growth due to the increasing demand for ultrasonic testing in the production of vehicles and transportation equipment. these all factors for Ultrasonic NDT Equipment positively impact the market growth.
Figure 2: Ultrasonic NDT Equipment Market, by Distribution Channels, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Ultrasonic NDT Equipment market is growing rapidly and is projected to be the fastest-growing region in the coming years. This growth can be attributed to the increasing demand for ultrasonic NDT equipment in rapidly developing countries, particularly in China and India, driven by the growing industrial sector, increasing infrastructure development, and the increasing demand for non-destructive testing in various industries, including oil and gas, power generation, and transportation. The growing awareness of the benefits of ultrasonic testing and the increasing focus on safety and quality control are also driving the growth of the market in the Asia-Pacific region. The presence of a large number of key players and the increasing investment in research and development activities are expected to further boost the growth of the market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: ULTRASONIC NDT EQUIPMENT MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Ultrasonic NDT Equipment market accounts for the second-largest market share. This is mainly due to the presence of well-established industrial sectors and the increasing demand for non-destructive testing in various industries, including aerospace and defense, power generation, and oil and gas. The growing awareness of the benefits of ultrasonic testing and the increasing focus on safety and quality control are also driving the growth of the market in Europe. The presence of several key players in the region and the increasing investment in research and development activities are expected to further boost the growth of the market in Europe. Further, the Germany Ultrasonic NDT Equipment market held the largest market share, and the UK Ultrasonic NDT Equipment market was the fastest-growing market in the European region.
North American, Ultrasonic NDT Equipment market, is expected to be the largest from 2023 to 2030. The dominance of North America can be attributed to the presence of a large number of key players in the region and the increasing demand for ultrasonic NDT equipment in various industries, particularly in the Oil & Gas and Power Generation industries. Moreover, the U.S. Ultrasonic NDT Equipment market held the largest market share, and the Canada Ultrasonic NDT Equipment market was the fastest-growing market in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Ultrasonic NDT Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Ultrasonic NDT Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Ultrasonic NDT Equipment. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Ultrasonic NDT Equipment industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Ultrasonic NDT Equipment industry to benefit customers and expand the market sector. Major Ultrasonic NDT Equipment market players, including GE Inspection Technologies, Olympus Corporation, Sonatest, Intertek’s, Eddyfi, James Instruments, NDT Systems, PaR systems, Qualitest International and Trinity NDT, and others, are attempting to increase market demand by funding R&D initiatives.
GE Inspection Technologies is a subsidiary of General Electric (GE) that specializes in the development and manufacturing of ultrasonic and eddy current non-destructive testing (NDT) equipment. The company provides a wide range of NDT equipment, including handheld and benchtop ultrasonic flaw detectors, phased array systems, and eddy current inspection systems. GE Inspection Technologies caters to various industries, including oil and gas, power generation, aerospace and defense, and automotive. With its extensive product portfolio, the company offers innovative solutions for the inspection and testing of various components, including pipelines, pressure vessels, castings, and forgings. The company operates globally and has a strong presence in major markets, including Europe, North America, and Asia-Pacific.
Olympus Corporation is a multinational company headquartered in Tokyo, Japan that specializes in the manufacture of optical and digital imaging products, scientific solutions, and medical equipment. The company has a strong presence in the non-destructive testing (NDT) market, offering a wide range of ultrasonic testing equipment, including handheld and benchtop ultrasonic flaw detectors, phased array systems, and ultrasonic thickness gauges. Olympus Corporation caters to various industries, including oil and gas, aerospace, power generation, and automotive. The company has a strong global presence, with its NDT products being used in various applications, including the inspection of pipelines, pressure vessels, castings, and forgings.
October 2021: Intertek's announced the addition of an X-ray computed tomography (CT) scanner to the company's extensive laboratory of advanced technology.
North America
Europe
Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 21.8 Billion |
| Market Size 2024 | USD 23.8 Billion |
| Market Size 2032 | USD 47.6 Billion |
| Compound Annual Growth Rate (CAGR) | 9.10% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2034 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | GE Inspection Technologies, Olympus Corporation, Sonatest, Intertek’s, Eddyfi, James Instruments, NDT Systems, PaR systems, Qualitest International and Trinity NDT |
| Key Market Opportunities | The expansion in the aerospace & defense sector Growth in the wind energy sector and the emergence of new avenues for the natural gas market. |
| Key Market Dynamics | The expansion of the automotive industry and stringent safety regulations Rapid adoption of advanced technology The growing investment in oil and gas industry |
Ultrasonic NDT Equipment Market Highlights:
Frequently Asked Questions (FAQ) :
The Ultrasonic NDT Equipment Market size was valued at USD 21.8 Billion in 2023.
The global market is projected to grow at a CAGR of 9.10% during the forecast period, 2024-2032.
North America had the largest share in the Ultrasonic NDT Equipment Market.
The key players in the market are GE Inspection Technologies, Olympus Corporation, Sonatest, Intertek’s, Eddyfi, James Instruments, NDT Systems, PaR systems, Qualitest International and Trinity NDT.
The Oil & Gas category dominated the market in 2023.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
