Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are a few major factors driving the ultrasonic testing market growth.
New York, April 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ultrasonic Testing Market with COVID-19 Impact by Type , Equipment, Service, Vertical And Geography - Global Forecast to 2026" - https://www.reportlinker.com/p04093399/?utm_source=GNW
The high adoption of IoT devices and the rising need to assess the health of aging assets are the other factors that propel the development of the ultrasonic testing market.
Based on type, the market for the phased array type to witness a high CAGR during the forecast period.
The phased array testing type is expected to multiply during the forecast period from 2021 to 2026.This type is used to measure or identify the subsurface cracks & seams, flaws, crack depth, coating thickness, and permeability.
Phased array type reduces the use of multiple elements to steer, focus, and scan beams with a single transducer assembly.It optimizes defect detection and minimizes inspection time.
It is used widely in the power generation, construction and manufacturing verticals and service environments that inspect safety or quality-related issues. The phased array type is used to check surface-breaking cracks on metals and inspect discontinuities in metal tubes.
Training services to grow at the highest CAGR during the forecast period.
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. The market for training services is expected to grow at the highest CAGR during the forecast period.
APAC to be the fastest-growing market for ultrasonic testing activities
Asia Pacific is likely to be the fastest-growing region in the ultrasonic testing market due to the rapid infrastructural development and automation adoption in manufacturing industries in countries such as India and China.The Make in India campaign promotion by the government and the development in the Smart Cities project provide lucrative opportunities for the players in the ultrasonic testing market in India.
The market in India is expected to grow at the highest CAGR during the forecast period.
In-depth interviews have been conducted with C-level executives, managers, and other executives from various key organizations operating in the ultrasonic testing market.
Break-up of profiles of primary participants for the report is given below:
• By Company Type: Tier 1 – 26%, Tier 2 – 32%, and Tier 3 – 42%
• By Designation: C-Level Executives –52%, Directors – 23%, and Managers – 25%
• By Region: North America - 44%, Europe – 29%, APAC – 23%, and RoW – 4%
Major players in the ultrasonic testing market are as follows:
• Baker Hughes (US)
• Olympus Corporation (Japan)
• MISTRAS Group (US)
• Intertek (UK)
• Sonatest LTD (UK)
• Amerapex Corporation (US)
• Sonotron NDT (Israel)
• Tecscan Systems Inc (Canada)
• Ashtead Technology (Scotland)
• NDT Systems Inc (US)
• Eddyfi (Canada)
• Applied Technical Services Inc (US)
The report defines, describes, and forecasts the ultrasonic testing market based on type, equipment, service, vertical, and geography. It also analyzes competitive developments such as product launches and developments, agreements, partnerships, collaborations, mergers and acquisitions, and expansions carried out by key players to grow in the market.
Key Benefits of Buying the Report
1. This report segments the ultrasonic testing market comprehensively and provides the closest approximations of the overall market size and subsegments across different applications and regions.
2. The report would help stakeholders understand the market’s pulse and provide them with information on key drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their market position. The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, and mergers and acquisitions carried out in the market in the recent past.
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