Market Analysis
Market Research Future (MRFR) projects the global Ultrasonic NDT Equipment market is expected to reach USD 2.47 billion at 9.87% CAGR from 2017-2023 (forecast period).
Multiple Factors to Augment Market Growth
The ultrasonic NDT equipment market is quite active and is predicted to increase steadily throughout the forecast period. The expansion of the aerospace and defense sectors, growth in the wind energy sector, and the creation of new avenues for natural gas market growth all have an impact on market growth. Furthermore, increased sales of electric vehicles, the usage of array equipment in radiography, and the demand for customization of ultrasonic NDT equipment are projected to drive market expansion throughout the projection period.
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Key Players
The prominent players in the global ultrasonic NDT equipment market are – GE Inspection Technologies (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), James Instruments (U.S.), NDT Systems (U.S.), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others. These market leaders are concentrating their efforts on growing their consumer base in foreign countries. These businesses are utilizing strategic collaboration initiatives to expand their market share and profitability. However, due to technological advancements and product breakthroughs, mid-size to small businesses are expanding their market presence by gaining new contracts and entering new markets.
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Market Segmentation
the worldwide ultrasonic NDT equipment market has been segmented into end-user
By end-user, the global ultrasonic NDT equipment market has been segmented into Oil Gas Industry, Power Generation, Aerospace and defense sector, Automotive and Transportation industry.
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Regional Analysis
North America to Lead the Global Market
North America was the largest market for ultrasonic NDT equipment due to automobile manufacturers' increased focus on boosting production processes in the United States. Among other countries in North America, the United States dominates the ultrasonic NDT equipment market, and Canada is likely to increase during the forecast period.
Europe to Follow North America
Europe is expected to grow at a steady rate during the forecast period, with a CAGR of 8.77% from 2017 to 2023. Increasing safety requirements, quick prototyping, and industrialization, among other factors, are attributed to the region. In addition, the rise of the aerospace and defense industries is likely to increase the market.