LONDON, Aug. 31, 2016 /PRNewswire/ -- The overall ultrasonic testing (UT) market is expected to reach USD 3.93 Billion by 2022, at a CAGR of 8.3% between 2016 and 2022. The key driving factors for the growth of the UT are the demand for reliable non-destructive testing technique for fiberglass and carbon fiber composites in manufacturing. Ultrasonic testing provides a complete and well-established technique for locating and documenting internal flaws. The sound waves are reflected from voids or cracks, changes in the echo pattern indicate changes in the internal structure of a part.
"Phased array ultrasonic testing expected to grow at a high rate in the overall UT market during the forecast period"
The market for phased array type of UT is estimated to grow at a high CAGR during the forecast period. The advantages of phased array UT techniques include the ability to perform electronic scanning of the ultrasonic beam and reduce inspection time by eliminating or reducing the need to move the probes. Furthermore, the phased array technology reduces the use of multiple elements to steer, focus, and scan beams with a single transducer assembly. The phased array UT optimizes defect detection and minimizes inspection time, thus this method is expected to grow at a faster rate than other types of UT techniques during the forecast period.
"The UT market for the power generation vertical is expected to grow at the highest CAGR"
The market for the power generation vertical is estimated to grow at a high CAGR during the forecast period. UT plays an important role in ensuring the safety of nuclear power plants in inspection during construction and whilst in-service. Additionally, developing economies such as India are investing in power grid infrastructure to expand their reach of electricity to almost every household.
"North America the largest market, whereas APAC to grow at the highest rate for UT market during the forecast period"
The UT market in North America is primarily driven by major infrastructure undertakings in verticals such as aerospace, power generation, and transportation in the U.S. The market in APAC is expected to grow at a high CAGR between 2016 and 2022. The growth of the UT market in APAC is because of the rapid infrastructural development. The market for NDT equipment is forecast to grow fast, driven primarily by major infrastructure advancements and automation in manufacturing processes in countries such as India and China.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C–Level Executives – 35%, Directors– 25%, Others – 40%
- By Region: North America - 25%, Europe – 30%, APAC – 35%, RoW – 10%
The key players in the market include General Electric (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), and TecScan Systems Inc. (Canada), Sonatest Ltd. (U.K.), Amerapex Corporation (U.S.), NDT Systems Inc. (U.S.), Applied Technical Services, Inc. (U.S.), and Sonotron NDT (Israel).
Objectives of the study
To define, describe, and forecast the ultrasonic testing market segmented on the basis of type, equipment, service, vertical, and geography
To provide detailed information regarding the major factors influencing the growth of the UT market (drivers, restraints, opportunities, and industry-specific challenges)
To provide a detailed overview of the value chain in the UT market and analyze the market trends with the Porter's five forces analysis
To forecast the market size, in terms of value, for various segments with respect to four main regions (along with their respective countries), namely, North America, Europe, Asia-Pacific, and Rest of the World
Target audience of the report:
- Associations, organizations, and alliances related to NDT
- Government bodies such as regulating authorities and policy makers
- Original equipment manufacturers (OEMs)
- Providers of ultrasonic testing services
- Research organizations and consulting companies
- Suppliers of related accessories for ultrasonic testing equipment
- Ultrasonic testing equipment distributors and suppliers
- Venture capitalists and private equity firms
Scope of the report:
This research report categorizes the global ultrasonic testing market on the basis of type, equipment, services, vertical, and geography.
Ultrasonic Testing Market, by Type:
- Time of Flight Diffraction
- Phased Array techniques
- Ultrasonic Immersion Testing
- Guided-Wave Ultrasonic
- Ultrasonic Acoustography
- Ultrasonic spectroscopy
Ultrasonic Testing Market, by Equipment:
- Flaw Detectors
- Thickness Gages
- Transducers and Probes
- Industrial Scanners Tube Inspection Systems
- Bond testers
- Imaging Systems
Ultrasonic Testing Market, by Service:
- Inspection Services
- Equipment Rental Services
Ultrasonic Testing Market, by Application:
- Oil & Gas
- Government Infrastructure
o Military & Defense
o Railway Industry
o Bridges and Tunnels
- Power Generation
o Nuclear Power
o Renewable Energy
o Fossil Fuel
Ultrasonic Testing Market, by Geography:
- North America
- Asia-Pacific (APAC)
- Rest of the World (RoW)
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