Ultrasonic Testing Market Revenue, Future Growth, Trends, Business Opportunities


Posted February 14, 2022 by ctom7000

Ultrasonic inspection services are expected to account for the largest share of the market by services in 2026
 
The global ultrasonic testing market size is estimated to grow from USD 3.0billion in 2021 to USD 4.2 billion by 2026; it is expected to grow at a CAGR of 7.1% during forecast period. Stringent government regulations regarding public safety and product quality and continuous advances in electronics, automation, and robotics are the key factors driving the ultrasonic testing market's growth. The high adoption of IoT devices and rising need to assess the health of aging assets are the other factors propelling the development of the ultrasonic testing market.

Ultrasonic testing techniques are primarily used in engineering industries for evaluating different properties of structures, equipment, components, and materials, without causing any damage. Ultrasonic testing is an extremely valuable technique for timely evaluation and diagnosis of faults in products. It is an important quality control tool in the manufacturing process as it allows for early detection of surface and subsurface defects in finished and work-in-progress (WIP) goods. Ultrasonic testingis also used for detecting faults and structural integrity in industrial assets and public infrastructures such as factory buildings, platforms, bridges, railway lines, piping systems, and industrial machinery.

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The ultrasonic testing (UT) technique is likely to hold the largest shareof the NDT and inspection market 2020. It is presently the most popular NDT technique due to its ability to identify defects and accurately determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can be used for critical applications in the oil & gas and aerospace industries, among many others.

The power geneartion sector was the largest market for ultrasonic testing in 2020. The demand for ultrasonic testingĀ  in the power generation sector is drivenprimarily due to mounting need for use of renewable energy resources such as solar and wind energy for power generation.Furthermore, UT plays an important role in ensuring the safety of nuclear power plants in inspection during construction and whilst in-service.

The UT market is then followed by the oil and gas vertical which is driven mainly by the government regulations for ensuring public safety and the need to save the environment by avoiding oil spills due to leaks, bursting of pipes, or any other accidents. As a majority of piping networks and refineries are quite old, it is imperative to conduct ultrasonic inspections at regular intervals to ensure asset integrity. The manufacturing sector is expected to be the fastest-growing vertical in ultrasonic testing market during the forecast period. This sector is receiving a boost from emerging markets such as China, India, and South Africa.

Ultrasonic inspection services are expected to account for the largest share of the market by services in 2026. Ultrasonic testing techniques' primary purpose is to inspect objects, materials, machinery, and structures for defects so that they can be rectified in a timely and cost-effective manner. After inspection services, training services are likely to continue to gain the second-largest market share in the coming years since training NDT technicians to keep them updated with new technological trends and make them aware of the customers' changing demands is equally essential.

North America is expected to account for the largest share of the overall ultrasonic testing market in 2021. The demand for NDT techniques and services in this regionis driven mainly by theĀ  power generation and oil and gas verticals. APAC has the second-largest market in 2020 and showcases the highest growth rate during the forecast period. The demand for ultrasonic testing techniques and services in APAC is expected to be driven by the high demand from the power generation and manufacturing sectors.
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Issued By Tom
Country United Arab Emirates
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Tags ultrasonic testing market
Last Updated February 14, 2022