Global Ultrasonic NDT Equipment Market & Forecast 2016 To 2023

The global Ultrasonic NDT Equipment market is expected to reach USD 2.47 billion by the end of 2023 with 9.87% CAGR during forecast period 2017-2023.

Reference: 180135
Price: $4,450.00
Tax included

General

Publisher:
Market Research Future
Geography Covered
Global
Publication Date
24th May 2017
Pages
70
Language
  • English
Format
License

The global ultrasonic NDT equipment market is a very dynamic market and is expected to witness stable growth over the forecast period. The growth of the ultrasonic NDT equipment market is influenced by the expansion in the aerospace & defense sector, growth in the wind energy sector and emergence of new avenues for natural gas market. Furthermore, growth in the electrical vehicle sales, use of array equipment in radiography and the need for customization of ultrasonic NDT equipment are the factors expected to boost the growth of the market over the forecast period. However, lack of skilled manpower, rise in pipeline sabotage threats are the factors hindering the growth of ultrasonic NDT equipment market.
The global Ultrasonic NDT Equipment market is expected to reach USD 2.47 billion by the end of 2023 with 9.87% CAGR during forecast period 2017-2023.
Key Players
The key players of Ultrasonic NDT Equipment market include GE Inspection Technologies (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), James Instruments (U.S.), NDT Systems (U.S.), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others.

Global Ultrasonic NDT Equipment Market Analysis & Forecast, from 2016 to 2023
• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Ultrasonic NDT Equipment market.
• To provide insights about factors affecting the market growth.
• To analyze the Ultrasonic NDT Equipment market based on porter’s five force analysis etc.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World.
• To provide country level analysis of the market with respect to the current market size and future prospective.
• To provide country level analysis of the market for segment on the basis of output, technology and end user.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Ultrasonic NDT Equipment market.
Target Audience
• Ultrasonic NDT Equipment Manufacturers
• Distributors
• Research firms
• Consultancy firms
• Vendors
• Semiconductor Manufacturers
• Stakeholders
• End-user sectors
• Technology Investors

Key Findings
• The Global Ultrasonic NDT Equipment Market has been valued at USD 1,297.7 million in the year 2016 which is estimated to grow at USD 2,472.50 million by the end of year 2023.
• The Global Ultrasonic NDT Equipment Market is expected to grow with 9.87% of compound annual growth rate from 2017 to 2023.
• By Region-
o North America is dominating the market and has been valued at USD 475.63 million in the year 2016.
o North America Ultrasonic NDT Equipment Market is expected to grow at USD 917.71 million by 2023 with 10.06% of CAGR.
o Europe Ultrasonic NDT Equipment Market holds 32.19% of total market which has been valued at USD 417.79 million in the year 2016 and is estimated to reach at USD 741.91 million by the end of forecast period with 8.77% of CAGR.
o Asia Pacific has emerged as fastest growing market with 12.26% of CAGR and has been valued at USD 285.66 million in the year 2016 and is estimated to reach at USD 633.03 million by the end of forecast period.
• By End Users
o Power Generation segment holds largest market share 26.49% in the year 2016 of Ultrasonic NDT Equipment Market and has been valued at USD 343.7 million. This market is expected to grow at USD 666.9 million by the end of year 2023 with 10.17% of CAGR from 2017 to 2023.
o Oil & Gas Industry segment holds second largest market share of 23.28% in the year 2016 and has been valued at USD 302.1 million in the year 2016 which is estimated to reach at USD 555.7 million by the end of year 2023 with 9.30% of CAGR from 2017 to 2023.
o Aerospace & Defense Sector has emerged as the fastest growing market with 12.12% of CAGR from 2017-2023 and has been valued at USD 278.7 million in the year 2016 which is estimated to reach at USD 612.2 million by the end of forecast period.
• The key market drivers of Ultrasonic NDT equipment are expanding Aerospace and Defense sector, high development and growth in the energy market and Emergence of new avenues for natural gas market whereas the major challenges of the market have been identified as Necessity for price-sensitive and multiple technology solutions, Lack of skilled manpower, Approval of different standards to use new technology and Rise in pipeline sabotage threats.
• The key trends of this market have been identified as Ultrasonic testing for case-hardened components and laser-welded tailored blanks, Growth in electrical vehicle sales and Use of phased array equipment in lieu of radiography among others.


Regional and Country Analysis of Ultrasonic NDT Equipment Market Estimation and Forecast
North America was the largest market for ultrasonic NDT equipment market due to increasing focus by automotive manufacturers to increase its production processes in U.S. Among other countries in North-America, U.S. is dominating the ultrasonic NDT equipment and Canada is expected to grow over the forecast period whereas Europe is growing at a stable rate over the forecast period with a CAGR of 8.77% from 2017 to 2023. The region is attributed to the increasing safety regulations, rapid prototyping and industrialization among others. Also, the expansion in the aerospace and defense sector is expected to boost the market. Whereas, factors such as lack of skilled workforce and the equipment being expensive for testing are stopping the market to grow in the European region..
The reports also cover country level analysis:
• North America
o US
o Canada
o Mexico
o Others
• Europe
o Germany
o UK
o France
o Rest of the Europe
• Asia – Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
• Rest of the World

 

1 Executive Summary 8
1.1 Key Market Highlights 9
2 Market Dynamics 10
2.1 Introduction 10
2.2 Drivers 11
2.2.1 Expanding aerospace and defense sector 11
2.2.2 Growth in wind energy market 12
2.2.3 Emergence of new avenues for natural gas market 14
2.3 Challenges 15
2.3.1 Necessity for price-sensitive and multiple-technology solutions 15
2.3.2 Lack of skilled manpower 15
2.3.3 Approval of different standards to use new technology 15
2.3.4 Rise in pipeline sabotage threats 15
2.4 Market Trends 16
2.4.1 Growth In Electrical Vehicle Sales 16
2.4.2 Use of Phased Array Equipment in Lieu of Radiography 18
2.4.3 Miniaturization and Need for Customization of Ultrasonic NDT Equipment 18
2.4.4 Ultrasonic Testing for Case-Hardened Components and Laser-Welded Tailored Blanks 18
2.5 Porter’s Five Forces Analysis 18
2.5.1 Introduction 18
3 Ultrasonic NDT Equipment Market, By End-User 20
3.1 Introduction 20
3.2 Oil & Gas Industry 21
3.3 Power Generation 23
3.4 Aerospace and defense sector 28
3.5 Automotive and Transportation industry 30
3.6 Others 31
4 Ultrasonic NDT Equipment Market, By Region 33
4.1 Introduction 33
4.2 North-America 34
4.3 Europe 36
4.4 Asia-Pacific 38
4.5 Rest of the World 41
5 Company Profile 43
5.1 Competitive Scenario 43
5.1.1 Other Prominent Vendors 44
5.2 Key Vendor Analysis 45
5.2.1 GE Inspection Technologies 45
5.2.1.1 Overview 45
5.2.1.2 Product/Services Offering 45
5.2.1.3 Strategy 46
5.2.1.4 SWOT Analysis 46
5.2.2 Olympus Corporation 48
5.2.2.1 Overview 48
5.2.2.2 Product/Services Offering 48
5.2.2.3 Strategy 49
5.2.2.4 SWOT Analysis 49
5.2.3 Sonatest 51
5.2.3.1 Overview 51
5.2.3.2 Product/Services Offering 51
5.2.4 Danatronics 52
5.2.4.1 Overview 52
5.2.4.2 Product/Services Offering 52
5.2.5 Eddyfi 53
5.2.5.1 Overview 53
5.2.5.2 Product/Services Offering 53
5.2.6 James Instruments 54
5.2.6.1 Overview 54
5.2.6.2 Product/Services Offering 54
5.2.7 NDT Systems 55
5.2.7.1 Overview 55
5.2.7.2 Product/Services Offering 55
5.2.8 PaR Systems 57
5.2.8.1 Overview 57
5.2.8.2 Product/Services Offering 57
5.2.9 Qualitest International 58
5.2.9.1 Overview 58
5.2.9.2 Product/Services Offering 58
5.2.10 Trinity NDT 59
5.2.10.1 Overview 59
5.2.10.2 Product/Services Offering 59
6 Scope of the Report 60
6.1 Market overview 60
6.2 Scope of the Study 60
6.3 Assumptions 60
6.4 Market Structure 60
6.5 Top Vendor Offerings 61
7 Market Research Methodology 63
7.1 Research Process 63
7.2 Primary Research 64
7.3 Secondary Research 64
7.4 Market Size Estimation 64
7.5 Forecast Model 65
8 Appendix 66
8.1 List of abbreviations 66

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