ULTRASONIC NON DESTRUCTIVE TESTING EQUIPMENT MARKET ANALYSIS

The global ultrasonic NDT testing equipment market was valued at US$ 764.8 Mn in 2022 and is forecast to reach a value of US$ 1,314.0 Mn by 2030 at a CAGR of 7.0% between 2023 and 2030. The global ultrasonic NDT testing equipment market is experiencing strong growth due to the rapid growth of the oil and gas industry and stringent safety rules and regulations. Moreover, increase in use or adoption of NDT testing equipment and rapid growth of the construction industry is expected to boost the growth of the market. However, factors such as high cost of NDT testing equipment and lack of skilled labor required to implement and/or carry out inspection service are expected to hamper growth of the ultrasonic NDT testing equipment market.

Global Ultrasonic NDT Testing Equipment Market: Regional Insights

Based on geography, the global ultrasonic NDT testing equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period due to the rising use of ultrasonic non-destructive testing (NDT) equipment, rise in adoption in the oil & gas sector, and growing safety regulations in the region. For instance, currently, there are four petroleum pipeline projects in the United States in the construction phase, including new pipelines and expansions. Some of the projects that are destined to be completed in the next few years. These projects are expected to increase demand for Ultrasonic NDT equipment in the region. This in turn is expected to aid in the market growth.

Europe and Asia Pacific are also expected to witness robust growth in the global ultrasonic NDT testing equipment market owing to the increasing use of testing technologies, increasing awareness among manufacturers regarding the use of NDT, and rise in adoption of ultrasonic non-destructive testing (NDT) equipment in these regions. For instance, Stanlay is one of India's leading supplier of concrete NDT equipment used to determine quality and integrity of concrete structures. STMH1 Rebound Concrete Test Hammer is the simplest, quickest, and least expensive method for NDT evaluation of compressive strength of concrete and other masonry materials.

Figure 1. Global Ultrasonic NDT Testing Equipment Market Share (%), by Region, 2023

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Global Ultrasonic NDT Testing Equipment Market Drivers:

Rapid growth of the oil & gas industry to augment market growth

One of the key factors expected to boost the growth of the global ultrasonic NDT testing equipment market over the forecast period is the rapid growth of the oil & gas industry. Ultrasonic and eddy current NDT testing solution are often used in the oil & gas industry. Ultrasonic testing equipment, such as NDT testing equipment, helps safeguard all aspects of the oil & gas industry against costly, and even catastrophic, component failure. In August 2021, Indian Oil Corporation Ltd. planned to invest US$ 15 billion to increase its refining capacity three times by 2025. This in turn is expected to augment the growth of the market.

Stringent safety regulations to underpin market growth

Another factor which is driving the growth of the global ultrasonic NDT testing equipment market is the stringent safety rules and regulations. For instance, the increasing safety regulations across various end-users and countries are expected to increase the use or adoption of NDT technology as well as different evaluation techniques. NDT testing is often used as a proactive safety measure, as it is required by law in many countries. Several government agencies and regional bodies across the globe formulated stringent measures, primarily for assuring buildings' safety. These measures have mandated the use of NDT and other evaluation techniques.

Global Ultrasonic NDT Testing Equipment Market Opportunities:

Rise in use/adoption of NDT testing equipment worldwide is expected to offer significant growth opportunities for players in the ultrasonic NDT testing equipment market. For instance, ultrasonic testing equipment is the most widely used NDT equipment that is simple, portable, light in weight, can withstand temperature, vibration, humidity, and dust, and are also cost-effective in nature. In September 2022, WaygateTechnologies, a leader in NDT testing solutions, launched Krautkrämer SpotVision, a new phased array ultrasonic solution for spot weld inspection to meet high-quality and product safety standards. This in turn is driving the market growth.

Rapid growth of the construction industry is expected to offer significant growth opportunities for players in the global ultrasonic NDT testing equipment market. For instance, with the rapid growth of the construction industry, the use/adoption of NDT testing equipment is also increasing rapidly. According to India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market in the world by 2025. Moreover, India, China, and the U.S. are expected to account for almost 60% of all global growth in the sector by 2025. The construction Industry in India is expected to reach US$ 1.4 trillion by 2025.

Global Ultrasonic NDT Testing Equipment Market Trends:

Rise in use of portable and connected devices is a recent trend

The portability offered by ultrasonic NDT testing equipment allows technicians to handle several on-site task. For instance, technicians can perform preparation, acquisition, analysis, and reporting of NDT on the site. Moreover, portable ultrasonic NDT equipment enables technicians to perform such activities without the need to go back to the desk, saving time and fastening the process. Thus, payers in the market are focusing on developing and launching portable/connected NDT devices in the market. This trend is expected to continue over the forecast period.

Technological advancements is another trend

Industries, such as oil & gas, manufacturing, food & beverage, utilities, and others, are increasingly investing and adoption novel technologies (such as IoT, Cloud, and Big Data analytics) to enhance their ability to innovate maximize return on their assets as well as to meet high-quality and product safety standards. Thus, such industries are increasingly adopting and/or using portable/connected NDT devices. This trend is expected to continue during the forecast period, driving the growth of the global ultrasonic NDT testing equipment market.

Global Ultrasonic NDT Testing Equipment Market Restraints:

High cost of NDT testing equipment to hinder market growth

One of the key factors expected to hamper growth of the global ultrasonic NDT testing equipment market is the high cost of NDT testing equipment. The high amount of investment in NDT testing equipment and technologies such as infrared thermography, computed tomography, radiography technologies, and more, may tend to be a restraining factor. These equipment are not affordable in some developing and under-developed countries, and this may lead to low adoption of NDT testing equipment, restraining the growth of the market.

Lack of skilled professionals to hamper the market growth

Another factor which is hampering growth of the global ultrasonic NDT testing equipment market is the lack of skilled labor required to implement and carry out inspection service. Technological advancements have made it even tougher for workers to stay abreast of present-day practices and techniques. There has been an incremental rise in the demand for skilled technicians in ultrasonic testing activities, along with skilled NDT technicians across the world. Lack of quality instructors is a source of concern in the emerging countries.

Figure 2. Global Ultrasonic NDT Testing Equipment Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2030

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Global Ultrasonic NDT Testing Equipment Market: Key Developments

In November 2022, Evident announced the launch of IPLEX G Lite-W, a video scope designed for wind turbines makes turbine gearbox inspection faster and more efficient. It is IP65-rated dust and water-resistant and designed to meet the U.S. Department of Defence Testing standards.

In October 2019, Intertek Group announced the expansion of its corrosion testing at its Sharjah Laboratory Complex, which assists clients in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt. The upgrade and expansion allows Intertek to offer enhanced local services in a laboratory devoted to the testing of corrosion inhibitors under highly ‘sour’ conditions.

In March 2019, Olympus Corp. announced the launch of the Olympus Industrial Research Chair on Ultrasonic Non-destructive Testing with the Quebec engineering school, École de technologie supérieure (ÉTS), simplifying interpretation of data obtained through ultrasonic testing, designing ultrasonic transducers for harsh environments, and engineering innovative ways to test materials without causing damage or dissembling them.

Global Ultrasonic NDT Testing Equipment Market: Key Companies Insights

The global ultrasonic NDT testing equipment market is highly competitive. This is attributed to the rise in demand or adoption of ultrasonic NDT testing equipment, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global ultrasonic NDT testing equipment market are ROSEN Group, Johnson and Allen Ltd., Advanced NDT Ltd., Olympus Corporation, Intertek Group PLC, Baker Hughes, GE Measurement and Control, and Russell Fraser Sales Pty Ltd., among others.

*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.