by Ultrasonic non-destructive testing equipment use high-frequency sound waves to detect internal flaws or analyze object characteristics without causing damage. These techniques are widely used in industries such as aerospace, oil & gas, and manufacturing to inspect different materials and components for various applications including thickness monitoring, crack detection, pore sizing and grain measurement. With rapid infrastructural development activities in emerging economies, demand for steel, cement and construction materials has increased substantially. As ultrasonic NDT equipment allow testing of key construction elements non-invasively and help assure safety, their adoption is growing across industry verticals engaged in infrastructure building.
The global Ultrasonic Non Destructive Testing Equipment Market is estimated to be valued at US$ 818.3 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Adoption of automated inspection techniques driven by Industry 4.0 is a major trend witnessed in the ultrasonic NDT equipment market. Traditional manual methods are now being replaced by robotic and automated inspection systems considering advantages such as repeatability, operator-independence and ability to inspect hard to reach areas. Large manufacturers are investing in advanced automated equipment integrated with technologies like machine learning and artificial intelligence to achieve predictive maintenance of assets and reduce downtime. Furthermore, miniaturization of ultrasonic NDT devices allows localized and internal defect detection unfeasible earlier. Portable equipments are gaining traction as they facilitate on-site and real-time validation even in difficult terrains.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the ultrasonic non destructive testing equipment market is moderate. Manufacturing NDT equipment requires significant investments in R&D and production facilities. However, the market is growing at a good pace attracting new players.
Bargaining power of buyers: The bargaining power of buyers in the ultrasonic non destructive testing equipment market is high. Buyers can negotiate on price and demand additional features due to availability of numerous vendors in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials. However, manufacturers have significant control over raw materials and parts limiting the supplier power.
Threat of new substitutes: Threat of new substitutes is low as ultrasonic technology has been established in the market with no significantly better alternatives available. However, new technologies can emerge as substitutes.
Competitive rivalry: The market has several global players resulting in high competitive rivalry. Players compete based on product performance, features, and pricing.
Key Takeaways
The Global Ultrasonic Non Destructive Testing Equipment Market Growth is expected to witness high over the forecast period. The global Ultrasonic Non Destructive Testing Equipment Market is estimated to be valued at US$ 818.3 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Asia Pacific is expected to dominate the market during the forecast period. Growing manufacturing sector and stringent government regulations regarding safety are driving the APAC ultrasonic NDT equipment market. North America is also expected to grow at a significant rate owing to huge refurbishment and maintenance activities of aging infrastructure. Major automotive and aerospace companies based in US and Canada are boosting adoption of NDT equipment.
Key players operating in the ultrasonic non destructive testing equipment market are Diageo, William Grant & Sons, Castle Brand, Jameson Irish whiskey, and The Old Bushmills Distillery Co. Major players are focusing on new product launches and partnerships to gain higher market share. They are investing in R&D to develop advanced inspection solutions integrated with latest technologies like IoT and AI.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
