DUBLIN, Dec 14, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Ultrasonic NDT Equipment Market 2016-2020" report to their offering.
The global ultrasonic NDT equipment market to grow at a CAGR of 5.89% during the period 2016-2020
Global Ultrasonic NDT Equipment Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is ultrasonic testing for case-hardened components and laser-welded tailored blanks. Case-hardened components testing is used widely in the automobile industry, including for camshafts, ball bearings, crankshafts, and roller bearings, which require tight tolerance limits. The ultrasonic testing can be either implemented in a process integrated NDT unit, or can be installed in post-process testing systems. This inexpensive NDT method has led to a reduction in the high cost of material, and also a reduction in production line downtime, which is involved in the testing processes.
According to the report, one of the primary drivers in the market is expanding aerospace and defense sector. The aerospace and defense sector uses ultrasonic testing equipment for frequent testing of the welds in joined structural steel parts and materials. The global aerospace and defense sector is expected to witness moderate growth during the forecast period. Technavio expects the industry to grow by 3.12% in 2016. During the past few years, the global aerospace and defense industry witnessed a continuous decline in revenue growth, which registered 3.1% in 2013, 1.89% in 2014, and 0.61% in 2015.
Further, the report states that one major challenge in the market is necessity for price-sensitive and multiple technology solutions. Advances in technology have encouraged companies to invest in innovative products, thus increasing market competitiveness. Evolving consumer preferences have increased the need for investments in product development. A majority of ultrasonic NDT equipment vendors are dependent on raw materials from China to manufacture their products. The increase in raw material costs and import duties imposed by governments worldwide have increased the production cost of ultrasonic NDT equipment.
- GE Inspection Technologies
Other prominent vendors
- James Instruments
- NDT Systems
- PaR Systems
- Qualitest International
- Trinity NDT
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by end-user
Part 07: Geographical segmentation
Part 08: Market drivers
Part 09: Market challenges
Part 10: Impact of drivers and challenges
Part 11: Market trends
Part 12: Vendor landscape
Part 13: Key vendor analysis
Part 14: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/f59qq8/global_ultrasonic
Research and Markets
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SOURCE Research and Markets