Ultrasonic non-destructive testing equipment are used for defect detection and electronic measurement in various materials without causing any damage. These equipment help detect both external and internal flaws in materials and components such as defects, cracks, porosity, etc. With rapid industrialization and urbanization worldwide, the demand for quality control and safety assurance across various industries including aerospace, manufacturing, oil & gas is rising significantly. This rising demand is driving the need for advanced non-destructive testing equipment for comprehensive quality check of materials and components.
The global Ultrasonic Non Destructive Testing Equipment Market is estimated to be valued at US$ 942.69 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing industrialization and urbanization have been a key driver propelling the growth of the ultrasonic non-destructive testing equipment market over the recent years. Rapid industrial development especially across emerging economies in Asia Pacific and Latin America has augmented the demand for quality control and safety assurance across core industries. Moreover, rising investments in infrastructure development and manufacturing sector worldwide are further fueling the need for advanced ultrasonic NDT equipment for inspection of critical components and structures. This growing industrial footprint is expected to continue stimulating market growth over the forecast period.
SWOT Analysis
Strength: Ultrasonic non-destructive testing equipment provides a quick, reliable, and safe method for inspecting materials without causing damage. It allows for the detection of both external and internal flaws.
Weakness: Ultrasonic testing requires specialized knowledge and skills to interpret testing results. Factors such as surface conditions, material properties, and inspector capabilities can impact accuracy.
Opportunity: Growing demand from industries such as aerospace, automotive, and energy is driving increased investment in quality control and predictive maintenance technologies. The ability to inspect operating components extends equipment life.
Threats: Other advanced non-destructive testing methods such as radiography, eddy current, and magnetic particle may be preferred for certain applications based on material type and flaw characteristics. Price pressure from low-cost competitors threatens margins.
Key Takeaways
The Global Ultrasonic Non-Destructive Testing Equipment Market Size is expected to witness high growth. The global Ultrasonic Non Destructive Testing Equipment Market is estimated to be valued at US$ 942.69 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2031.
The Asia Pacific region currently dominates the market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rising investments in infrastructure projects and expanding manufacturing industry in China and India. North America is another major regional market supported by ongoing industrial upgrades in the US.
Key players related content comprises: Key players operating in the ultrasonic non-destructive testing equipment market are Aditya Birla Chemicals, Glanzstoff, Jilin Chemical Fibre Group Co. Ltd, Kelheim Fibers GmbH, LENZINGAG, Nanjing Chemical Fibre Co. Ltd, Sateri, SNIACE Group, Tangshan Sanyou Group Xingda Chemical Fibre Co. Ltd, Xinjiang Zhongtai Chemical Co. Ltd, and Yibin Grace Company Limited (Milan). Leading manufacturers are focused on product innovation and integration of advanced technologies like AI and IoT to gain competitive edge.
The global ultrasonic non-destructive testing equipment market is fragmented with the presence of several small and large players. Strategic partnerships for research and development of new products tailored for industry-specific needs are expected to intensify competition over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
