According to the latest market research study released by Technavio, the global ultrasonic NDT equipment market is expected to grow at a CAGR of almost 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global ultrasonic NDT equipment market based on end-user:
Global ultrasonic NDT equipment market share by end-user 2015
|
Oil and gas |
27.45% |
|
Power generation |
26.12% |
|
Aerospace and defense |
16.80% |
|
Automotive and transportation |
13.21% |
|
Others |
16.42% |
Source: Technavio
The top three revenue contributing end-user segments are discussed below:
Oil and gas industry
The oil and gas industry accounted for around 27% share of the global ultrasonic NDT equipment market in 2015. The ultrasonic NDT equipment is used in various stages of oil and gas refining, exploration, and transportation. It is also used in the production of different parts used in this industry such as heat exchangers, boilers, pressure vessels, storage tanks, and reactors. To carry out various NDT inspection activities including ultrasonic testing inspection, refineries are shut down at regular intervals for certain periods.
“The massive increase in investments in both upstream and pipeline transportation, is the major factor driving the ultrasonic NDT equipment market. The growing investments ensure that the pipelines are tested for leaks with the help of ultrasonic NDT equipment. One of the key aspects that is advantageous for pipeline transportation relates to several economic benefits,” says Anju Ajaykumar, a lead analyst at Technavio for research on test and measurement.
There are basically three means of transporting the crude oil to the downstream markets which include pipelines, marine vessels/tankers, and road/rail tankers. The overall economic benefits of any form of transportation cannot be established, and heavily depend on the project’s outlines. However, studies have found the significant advantages of pipeline transportation in many situations. An increase in pipeline transportation of oil is expected to drive demand for ultrasonic NDT equipment to test leakages in oil- and gas-carrying pipelines.
Power generation
Factors such as the increasing population and growing urbanization have led to considerable rise in power consumption. Excessive power consumption has led to power outages in many countries and has resulted in heavy loads during peak hours. The ultrasonic NDT equipment ensures complete and safe testing of major parts of various power plants. It is used for inspection of storage vessels, turbine parts, compressors, and plant infrastructure, and quality checks in power plants and at manufacturing facilities of power plant equipment. Rapid industrialization and infrastructure development across the world has created a huge demand for electricity. To meet the electricity demand, countries are increasing their installed power capacities. The Americas will be the dominant region of the market as the US, Mexico, and Canada play crucial role to meet the growing demand for power in the region. The increasing carbon emission concerns, strict government regulations, and fossil fuel scarcity have led countries to invest a lot in renewable energy installation. NDT is conducted on various types of equipment and parts of nuclear power plants such as nozzles, piping components, concrete, valves, vessel head welds, and vessel welds. The growing use of renewable energy such as hydropower, solar, wind and geothermal will drive the market for ultrasonic NDT equipment in the Americas, China, India, and the GCC countries.
Aerospace and defense sector
To ensure the safety of people on daily basis, the aerospace and defense segment requires high precision and quality, for which the use of ultrasonic NDT equipment is mandatory. The use of ultrasonic NDT equipment guarantees that the components used in both the aerospace and defense industries are designed and manufactured to be as light as possible. Any distortion in the properties of a metal case can lead to serious accidents, so, to prevent accidents, aircraft manufacturing companies use the latest ultrasonic NDT equipment. The use of this technology enables testing of the steel and other alloys that are used in the manufacture of components and parts, thereby improving the reliability and durability of the products. Many ultrasonic NDT equipment vendors offer modified solutions for testing, specifically for aircraft manufacturers, which enables adaptability in their production lines. In developing economies like India and Indonesia, an increase in disposable income will make people choose air travel, creating the demand for more aircrafts, which will in turn drive the need for ultrasonic NDT equipment. The commercial airlines are expanding routes and exploring new regions, which calls for quicker access to components, streamlined manufacturing schedules, and rigorous quality testing of products and services. These factors are expected to influence the demand for NDT equipment in the aviation industry. Many developed countries have increased their defense budget due to growing security threats, this has propelled demand for the ultrasonic NDT equipment in the defense sector.
The top leading vendors operating in the global ultrasonic NDT equipment market are:
- GE Inspection Technologies
- Olympus
- Sonatest
Other prominent vendors in the market include Danatronics, Eddyfi, James Instruments, NDT Systems, PaR Systems, Qualitest International, and Trinity NDT.
A more detailed analysis is available in the Technavio report titled, ‘Global Ultrasonic NDT Equipment Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Crude Oil Pipelines Market 2016-2020
- Global Material Testing Equipment Market 2016-2020
- Global Non-destructive Testing (NDT) Equipment Market 2015-2019
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