Ultrasonic Testing (UT) Market Moving Ahead at 8.3% CAGR: North America Leads
PUNE, India, August 26, 2016 /PRNewswire/ --
Overall ultrasonic testing market is expected to be dominated by phased array ultrasonic testing and be worth $3.93 Billion by 2022, at a CAGR of 8.3% with power generation vertical expected to grow at the highest CAGR.
Complete report on global ultrasonic testing (UT) market spread across 178 pages, profiling 10 companies and supported with 66 tables and 59 figures is now available at http://www.reportsnreports.com/reports/663207-ultrasonic-testing-market-by-type-time-of-flight-diffraction-phased-array-immersion-testing-guided-wave-equipment-flaw-detectors-tube-inspection-transducers-probes-bond-testers-service-vertical-and-geography-global-forecast-to-2022.html .
The key driving factors for the growth of the ultrasonic testing (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.
The market for phased array type of ultrasonic testing (UT) is estimated to grow at a high CAGR during the forecast period. The advantages of phased array ultrasonic testing (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 ultrasonic testing (UT) techniques during the forecast period.
The market for the power generation vertical is estimated to grow at a high CAGR during the forecast period. Ultrasonic testing 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.
The ultrasonic testing (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 ultrasonic testing (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 key players in the ultrasonic testing (UT) 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). Order a copy of Ultrasonic Testing Market by Type (Time-of- Flight Diffraction, Phased Array, Immersion Testing, Guided-Wave), Equipment (Flaw Detectors, Tube Inspection, Transducers & Probes, Bond testers), Service, Vertical, and Geography - Global Forecast to 2022 research report available at http://www.reportsnreports.com/purchase.aspx?name=663207 .
In the process of determining and verifying, the ultrasonic testing (UT) market for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (35%), Tier 2 (45%) and Tier 3 (20%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C Level Executives (35%), Director Level (25%) and others (40%) from various key organizations operating in the global ultrasonic testing (UT) market. The primary interviews were conducted worldwide covering regions such as North America (25%), Europe (30%), APAC (35%) and Rest of World (10%).
On a related note, another research on Eddy Current Testing Market Global Forecast to 2022 says, market for the manufacturing vertical expected to grow rapidly in the near future. The overall market is size is expected to be valued at USD 1,682.9 million by 2022, at a CAGR of 9.82% between 2016 and 2022. APAC is to be the fastest-growing market for eddy current testing. Growth in the aerospace industry is one of the major driving factors. Companies like General Electric Company, Olympus Corporation, Eddyfi NDT Inc., Ashtead TechnologyLtd., Fidgeon ltd, Magnetic Analysis ltd, Ether NDE Ltd., Zetec Inc., IGB NDT System Corporation, Mistras Group Inc. and TUV Rheinland have been profiled in this 156 pages research report available at http://www.reportsnreports.com/reports/660859-eddy-current-testing-market-by-type-conventional-eddy-current-acfm-rft-eddy-current-array-pulsed-eddy-current-near-field-testing-near-field-array-partial-saturation-eddy-current-service-vertical-and-geography-global-forecast-to-2022.html .
Explore more reports on the semiconductor and electronics market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .
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