The explosive growth of the oil and gas industry is one of the main factors anticipated to propel the growth of the worldwide ultrasonic NDT testing equipment market over the forecast period. In the oil and gas sector, eddy current and ultrasonic NDT testing methods are frequently employed. NDT testing equipment, for example, uses ultrasonic technology to protect all facets of the oil and gas sector from expensive and potentially catastrophic component failure. Indian Oil Corporation Ltd. announced plans in August 2021 to invest US$ 15 billion to triple its refining capacity by 2025. In turn, it is anticipated that this will accelerate market expansion.
The market for Ultrasonic NDT Testing Equipment was valued at US$ 764.8 Mn in 2022 and is anticipated to grow by 7.0% CAGR to US$ 1,314.0 Mn by 2030.
Key Companies in the Ultrasonic Non-destructive Testing (NDT) Equipment Industry:
1. ROSEN Group: Created in 1990. Strategic consultancy firm with a U.S. base that assists companies with their investment choices. The business provides strategic studies, investment analytics, market evaluations, forecasting, and advisory services, all of which aid in spotting threats and opportunities in regional economies and the real estate sector. A business stake in the German Research Centre for Artificial Intelligence (DFKI) has been bought by the ROSEN Group.
2. Allen Ltd: Created in 1988. Head office in Rajasthan, India. Owner of career coaching facilities for the purpose of providing services for both domestic and international Olympiad exam preparation. The company's centres specialise in providing instruction in physics, chemistry, biology, mathematics, and pre-medical coaching through classroom and distance learning programmes, allowing students to prepare for many competitive exams under one roof. Allen Career Institute's 36% interest is now owned by Bodhi Tree for $600 million.
3. Advanced NDT Ltd: Started in 1986. Located in England, in the United Kingdom. Service provider offering materials testing. Customers in the United Kingdom can take advantage of a wide range of non-destructive testing, mechanical testing, and metallurgical testing services provided by the company's UKAS and Nadcap accredited laboratory, including ultrasonic immersion inspection, ultrasonic contact inspection, dye penetrant inspection, magnetic particle inspection, radiographic inspection, and eddy current inspection. NDT Global's acquisition by Eddyfi/NDT is complete.
4. Olympus Corporation: Established in 1919. Head office in Japan. Precision instruments are made and sold by Olympus Corp. for the medical sector. The company's three business divisions are scientific solutions, imaging, and medical. Microscopes and other imaging equipment are sold to customers in the life sciences and industry by the scientific solutions segment. Under the Olympus brand, digital cameras are sold by the image business. The medical equipment market provides endotherapy devices, gastrointestinal and surgical endoscopes, and other medical supplies. The great majority of the revenue is produced by this segment. The major revenue contributors are sales in North America and Asia.
5. Intertek Group PLC: Established in 1885. Located in England, in the United Kingdom. One of the biggest and most established businesses in the testing, inspection, and certification sector is Intertek, a FTSE 100 company. Goods and materials are tested, locations and industrial equipment are inspected, and goods and systems are certified to guarantee they meet company and global standards. One of the four TIC firms with a global presence across several industries is Intertek. Following a divestment by Charterhouse, the company became public in 2002. Nearly 44,000 people work for it internationally. Purchase of SAI Global Assurance by Intertek
6. Baker Hughes: United States headquarters. The artificial lift, specialty chemicals, and completions areas are where Baker Hughes has a particularly strong foothold as a global leader in oilfield services and equipment. The other half of its company is divided into three segments: industrial asset management, process solutions, and industrial power generation, all of which have significant exposure to the industrial end markets in general and the liquid natural gas market in particular. The most recent acquisitions include Veros Systems (May 2022), AccessESP (July 2022), and Quest Integrity (Aug 2022).
7. Russell Fraser Sales Pty Ltd: Since 1993, Russell Fraser Sales (RFS) has supplied reliable non-destructive testing (NDT) tools to the Australian NDT market. Russell and his team of ten employees are committed to providing excellent customer service and frequently provide their clients the chance to view and experiment with cutting-edge NDT technologies. Some of you may recall the RFS Roadshow's heyday, as well as RFS' consistent attendance at industry fairs and the weekly in-house product presentations that take place in the RFS showroom.
*Definition: Non-destructive testing (NDT) is a combination of various inspection techniques used individually or collectively to evaluate the integrity and properties of the material, component, or system without causing damage to it. Ultrasonic testing is a practical and versatile NDT method that allows for a full volumetric examination of the material, component, or system.
