Ultrasonic Testing Market Demand Analysis in 2020, Global Revenue, Top Companies Growth Forecast to 2027
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”. Testing and
inspection are critical functions that operators and owners of capital have to
perform to ensure the safety and reliability of equipment, machinery, and other
assets. Startups have been steadily emerging over the past few years to fulfill
these functions using NDT and ultrasonic testing (UT) technologies.
For
example, the Indian startup AAVRTTI has developed RUDI (Radar for Utility
Detection and Imaging) to detect, identify, and map buried utilities. The
company also offers other services, such as the localized detection of cable
faults and underground pipe leakages. Inductosense, a startup domiciled in the
UK, has been engaged in developing NDT solutions using ultrasonic testing. The
company manufactures ultrasonic sensors to facilitate accurate monitoring of
internal corrosion & erosion in pipelines and vessels. These
advancements in asset testing technologies, heralded by fledgling startups,
will create massive opportunities for this market.
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.
Restraining Factor
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 market will display a negative CAGR
of -14.9% in
2019 and reach a value of USD
1,954.4 million in 2020.
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.
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.
Browse Detailed Summary of Research Report :
https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865
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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