ULTRASONIC NON DESTRUCTIVE TESTING EQUIPMENT MARKET ANALYSIS

Ultrasonic Non Destructive Testing Equipment MarketSize and Trends

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.

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

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.