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Ultrasonic Testing Market Size, Share, Forecasts Analysis, Company Profiles, Competitive Landscape and Key Regions 2027

The global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027, exhibiting a CAGR of 9.43% during the forecast period. The burgeoning startup culture in the non-destructive testing (NDT) domain will play a central role in fueling this market,


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Ashwini Bhamare

5 months ago | 3 min read
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The global ultrasonic testing market size is projected
to reach USD 3,671.9 million by 2027, exhibiting a CAGR
of 9.43% during the forecast period. The burgeoning startup
culture in the non-destructive testing (NDT) domain will play a central role in
fueling this market, postulates Fortune Business Insights™in its
report, titled “Ultrasonic Testing Market Size, Share & COVID-19 Impact
Analysis, By Type (Time-Of-Flight Diffraction, Phased Array, Immersion Testing,
Guided-Wave Testing, Acoustography, and Others) By Equipment (Flaw Detectors,
Thickness Gauges, Transducers & Probes, Industrial Scanners, Tube
Inspection Systems, Bond Testers, Imaging Systems, and Others), By Service
(Inspection Services, Equipment Rental Services, Calibration Services, and
Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public
Infrastructure, Automotive, Power Generation, and Others) and Regional
Forecast, 2020-2027”. Testing and inspection are critical functions that
operators and owners of capital have to perform to ensure the safety and
reliability of equipment, machinery, and other assets. Startups have been
steadily emerging over the past few years to fulfill these functions using NDT
and ultrasonic testing (UT) technologies. For example, the Indian startup
AAVRTTI has developed RUDI (Radar for Utility Detection and Imaging) to
detect, identify, and map buried utilities. The company also offers other
services, such as the localized detection of cable faults and underground pipe
leakages. Inductosense, a startup domiciled in the UK, has been engaged in
developing NDT solutions using ultrasonic testing. The company manufactures
ultrasonic sensors to facilitate accurate monitoring of internal corrosion
& erosion in pipelines and vessels. These advancements in asset
testing technologies, heralded by fledgling startups, will create massive
opportunities for this market.



 The report states that the value of the market was estimated
to be USD 2,297.2 million in 2019 and also shares the
following:




  • Holistic
    evaluation of the various market drivers and trends;

  • Granular
    understanding of the challenges facing the market;

  • Unmatched
    segmentation of the market; and

  • Microscopic
    study of the competitive milieu and regional prospects of the market.



Browse Complete Report Sample PDF:



https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865



 



Restraining Factor



Revenue Shortfalls amid the COVID-19 Crisis to Quell Market Growth



With the coronavirus-induced global economic and health crisis
unfolding with increasing intensity, the aviation industry is set to experience
unprecedented revenue shortfalls. According to the International Civil Aviation
Organization (ICAO), in the first half of 2021, airlines are likely to face
potential gross passenger operating revenues between USD 163 billion and USD
194 billion. This is in addition to the USD 391 billion worth of losses faced
by airliners in 2020. The ultrasonic testing market growth is also expected to
suffer setbacks as a result of these financial stresses as the pandemic has
severely disrupted investment plans of aircraft manufacturers and aviation
technology providers. Furthermore, travel restrictions and the cancelation of
flights have delayed the adoption of advanced UT technologies. For example, a
recent report by the Organization for Economic Cooperation and Development
(OECD) points out that a combination of supply shocks and negative demand has
created widespread uncertainty in the aviation industry, thus delaying the
deployment of next-generation technologies, such as ultrasonic testing, by
airline companies. As a result of these developments, this market will display
a negative CAGR of -14.9% in 2019 and reach a value of USD
1,954.4 million in 2020.



Regional Insights



North America to Register Sterling Growth; Asia Pacific to
Progress Promisingly



In 2019, the North America market size stood at USD 893.7
million, and the region is expected to bolster its growth trajectory during
the forecast period on account of the rising employment of UT methods in the
inspection of railway infrastructures. In addition, growing adoption of
advanced testing technologies in the region’s robust aerospace industry will
further boost the regional market.



Asia Pacific is anticipated to showcase the fastest growth in the
ultrasonic testing market share in the forthcoming years owing to the huge
investments in ramping up public infrastructure in India and the rapid
expansion of the manufacturing industry in China. In Europe, the regional
market growth will be aided by the increasing demand for these ultrasonic type
of testing solutions in the automotive industry in Germany.



 Competitive Landscape



Lucrative Collaborations to Characterize Market Competition



The competitive landscape of this market is experiencing a period
of prolific dynamism due to the increasing number of lucrative partnerships
between aviation industry giants and key players in the UT market. These
collaborations are aimed at developing inventive testing solutions for aircraft
components, which in turn will entrench the market position of the
collaborating entities.



Industry Developments:




  • September
    2020: Element
    Sheffield announced the bagging of approval from the aircraft engine
    maker, Safran, for destructive testing services. The agreement follows the
    recent clearance from Safran to Element to deploy ultrasonic testing
    techniques for Safran’s components and materials.

  • January 2020: Novosound, a
    Scottish startup, secured a USD 4.3 million investment to develop and
    launch its first flexible thin-film ultrasound sensor for inspecting
    curved surfaces in June. The startup will be targeting the field of
    inspection and maintenance of aircraft with the introduction of this
    device.



 







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