Overview of the global ultrasonic NDT equipment market
Market research analysts at Technavio predict that the global ultrasonic non-destructive testing (NDT) equipment market will grow steadily during the next four years and post a CAGR of almost 6% by 2020. This market research analysis identifies the identification of new avenues for natural gas exploration as one of the primary growth factors for this market. The unchecked use of fossil fuels has resulted in an exponential increase in hydrocarbon acquisition costs and has also displaced exploration activities. With the oil and gas exploration and production companies concentrating on identifying unconventional avenues for exploration, the natural gas pipeline market will witness a significant growth in revenue. This, in turn, will boost the demand for ultrasonicNDT equipment to examine pipeline properties without damaging them.
When compared to radiography, phased array technology is much safer and is also less time-consuming, less expensive, and offers better output availability. Moreover, it also provides a much better way of detecting planar flaws than radiography and can also be used in non-screened-off areas. Such advantages will result in the increased adoption of phased array equipment, which will be one of the major trends gaining traction in the ultrasonic testingequipment market in the coming years.
Competitive landscape and key vendors
This global market is characterized by the presence of several well-diversified international, regional, and local vendors and appears to be highly fragmented. With vendors from across the globe competing to gain a considerable share of the market, the competitive environment among vendors is intense. Though the market consists of several local or regional NDT equipment manufacturers, they find it extremely difficult to compete with the international vendors in terms of product quality, durability, and reliability. The majority of vendors are concentrated in the developed countries such as the US, Germany, Italy, and Switzerland and vendors from the emerging economies such as China are focusing on providing ultrasonic NDT equipment at a lower price to enhance their market share.
The leading vendors in the market are -
GE Inspection Technologies
The other prominent vendors in the market are Danatronics, Eddyfi, James Instruments, NDT Systems, PaR Systems, Qualitest International, and Trinity NDT.
Segmentation by end-user and analysis of the ultrasonic NDT equipment market
Aerospace and defense
Automotive and transportation
Oil and gas
During 2015, the oil and gas segment accounted for the major shares and dominated the market. This is mainly due to the use of NDT equipment in various oil and gas exploration stages such as refining and transportation and in manufacturing different parts like pressure vessels, heat exchangers, boilers, reactors, and storage tanks. The rise in investments in upstream and pipeline transportation activities will drive the growth of this market segment in the coming years.
Geographical segmentation and analysis of the ultrasonic NDT equipment market
This market study estimates that due to the demand for non-destructive testing equipment from the oil and gas and automotive industries, North America will be the major revenue contributor to the market throughout the forecast period. Factors such as the constant demand for crude oil from countries such as the US, Canada, and Mexico and the focus of automotive manufacturers in the US toward enhancing their production processes will fuel market growth in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global ultrasonic NDT equipment market?
What are the key market trends impacting the growth of the global ultrasonic NDT equipment market?
What are the challenges to market growth?
Who are the key vendors in the global ultrasonic NDT equipment market?
What are the market opportunities and threats faced by the vendors in the global ultrasonic NDT equipment market?
Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
What are the key outcomes of the five forces analysis of the global ultrasonic NDT equipment market?
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