Market Challenges And Opportunities

High cost of NDT testing equipment
Lack of skilled labor or professionals

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: 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.