London, 07 August 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Ultrasonic Testing Equipment Market 2014-2018, which is expected to grow at a CAGR of 7.52 percent during the forecast period of 2013-2018.
The Global UT Equipment market is highly competitive with the presence of many local, regional, and international vendors. Local vendors from the developing markets such as India and China quickly adopt new technologies and introduce new products to compete with international players. The Global UT Equipment market includes four major product segments: Thickness Gauges, Digital Flaw Detectors, Phased Array Flaw Detectors, and Test Machines
Key Market Drivers
- Increase in Demand from Oil and Gas Industry
- Need to Improve Quality and Life of Aging Assets
- Stringent Government Regulations
- New Upcoming Technology
Key Market Trends
- Use of Phased Array Equipment in Lieu of Radiography
- Evolution of Technology
- Miniaturization of UT Equipment
- Need to Manufacture Customized UT Equipment
“Advancements in manufacturing technologies are leading to UT equipment, which is compact, lightweight, and flexible in design. New compact devices will positively drive the market during the forecast period,” says Faisal Ghaus, Vice President of TechNavio.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
