The Ultrasonic Testing Market size is estimated to grow from USD 3.0 billion in 2021 to USD 4.2 billion by 2026, growing at a CAGR of 7.1%.
Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. The high adoption of IoT devices and rising need to assess aging assets health also propel the development of the ultrasonic testing market.
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The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market in 2021
Ultrasonic testing is expected to account for the largest market share in 2021. It is presently the most popular ultrasonic testing technique owing to its ability to identify defects and determine their severity accurately. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for critical applications in the oil & gas and aerospace industries. Ultrasonic testing has evolved considerably over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic testing and inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications.
The market for the manufacturing vertical expected to grow at the highest CAGR during the forecast period
The manufacturing sector is expected to be the fastest-growing vertical in the ultrasonic testing market from 2021 to 2026. This sector is receiving a boost from emerging markets such as China, India, and South Africa due to their growing manufacturing and industrial base. The ultrasonic testing technique is widely used in manufacturing to ensure the integrity of components produced. This technique is primarily employed for preventive maintenance and failure analysis and the post-care of the damages.
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North America expected to hold the largest market share during the forecast period
North America is expected to hold the largest share of the overall ultrasonic testing market by 2026. The rapid growth of automotive, power generation, oil & gas, and aerospace & defense industries in the region are the major reason for the growing adoption of ultrasonic testing equipment and rising demand for related services in North America.
Baker Hughes (US), Olympus Corporation(Japan), MISTRAS Group (US), Intertek (UK), Amerapex Corporation (US), Sonatest (UK), Sonotron NDT (Israel), Tecscan System Inc (Canada), (Italy), Eddyfi (Canada), Ashtead Technology (Scotland) and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the ultrasonic testing market.