USD 3,671.9 Billion growth in Ultrasonic Testing Market share by 2027, at a CAGR of 9.43%during forecast period: Fortune Business Insights™
Key Companies Covered in Ultrasonic Testing Market reports are TD Williamson, Inc. (The U.S.), Sonatest Ltd. (The U.K.), Nikon Metrology (Japan), Mistras Group (The U.S.), Ashtead Technology (The U.K.), Amerapex Corporation (The U.S.), Tecscan Systems Inc. (Canada), Olympus Corporation (Japan), NDT Global GmbH & Co. Kg (The U.S.), General Electric (The U.S.), Applied Technical Services, Inc. (The U.S.) & Others.
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 & 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.
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.
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.
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.
- 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.
Source :- https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865