The global ultrasonic testing equipment market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190128005463/en/
Technavio has released a new market research report on the global ultrasonic testing equipment market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing demand for ultrasonic testing in pipelines. Pipelines are used for transporting high volumes of oil and gas and thus are highly prone to corrosion and defects, and leakage or rupture in it can adversely affect the surrounding environment. Ultrasonic testing is widely used in pipeline inspection as it offers a high level of accuracy and depth resolution, accurate inspection of thick walls, and the detection of mid-wall anomalies. Post the Deepwater Horizon accident in 2011, new oil and gas projects have become more stringent globally, with stricter regulatory norms. These rules aimed to enhance pipeline safety and drive the adoption of innovative technologies and best practices for pipelines. Such developments are expected to increase the demand for pipeline inspection, thereby driving the demand for ultrasonic testing equipment.
As per Technavio, the rise in the use of phased array ultrasonic testing equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ultrasonic testing equipment market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
This report is available at a USD 1,000 discount for a limited time only:View market snapshot before purchasing
Global ultrasonic testing equipment market: Rise in use of phased array ultrasonic testing equipment
The phased array ultrasonic testing method is an advanced form of ultrasonic testing that offers accurate and flexible defect identification. The main difference between a conventional ultrasonic and a phased array testing equipment is that the latter comprises a single transducer for sending and receiving signals while the former uses multiple transducers. With several transducers, a phased array testing equipment can emit ultrasonic waves at different angles to cover the maximum possible area to be inspected, thereby offering a more detailed and accurate representation of the inspected object. The other significant advantage of phased array testing is the use of computer-controlled ultrasonic waves. This provides flexibility in fixing the transducer at different parameters, which helps in inspecting even complex geometries. The data gathered from phased array testing can be stored digitally. With a general trend toward the digitization of industries, the adoption of phased array testing is expected to offer new opportunities for ultrasonic testing equipment manufacturers.
“Apart from rise in use of phased array ultrasonic testing equipment, the growing demand for power, the growing use of ultrasonic testing in place of radiographic testing, and the rise in wind power generation are some other major aspects that are contributing largely to the growth of the market,” says a senior analyst at Technavio.
Global ultrasonic testing equipment market: Segmentation analysis
This market research report segments the global ultrasonic testing equipment market by end-user (oil and gas, power generation, aerospace and defense, automotive, others) and geographical regions (North America, APAC, Europe, MEA, South America).
The North American region led the market in 2018 with a market share of over 37%, followed by APAC, Europe, MEA, South America respectively. However, during the forecast period, the European region is expected to register the highest incremental growth.
Looking for more information on this market?Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190128005463/en/
