Global Ultrasonic NDT Equipment Market 2016-2020
About Ultrasonic NDT Equipment
Ultrasonic is one of the types of NDT equipment. NDT is a method of finding discontinuity in a test material without harming the material. Ultrasonic equipment uses high-frequency sound energy to conduct examinations and make measurements. The frequency used for ultrasonic testing is in the range of 500 KHz to 20 MHz. Ultrasonic testing equipment also examines the internal structure or thickness of the material and helps to detect discontinuity within the test material. It is widely used in the oil and gas, power generation, aerospace and defense, automobile, and fabrication industries. High accuracy, reliability, reproduction of output, material characterization, no potential health hazards, and no damage to the test material are some of the advantages of ultrasonic NDT equipment.
Technavio’s analysts forecast the global ultrasonic NDT equipment market to grow at a CAGR of 5.89% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global ultrasonic NDT equipment market for 2016-2020. To calculate the market size, the report covers the present scenario and the growth prospects of the global ultrasonic NDT equipment market for the period 2015-2020.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ultrasonic NDT Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global ultrasonic NDT equipment market: GE Inspection Technologies, Olympus, and Sonatest.
Other prominent vendors in the market are: Danatronics, Eddyfi, James Instruments, NDT Systems, PaR Systems, Qualitest International, and Trinity NDT.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is ultrasonic testing for case-hardened components and laser-welded tailored blanks. Case-hardened components testing is used widely in the automobile industry, including for camshafts, ball bearings, crankshafts, and roller bearings, which require tight tolerance limits. The ultrasonic testing can be either implemented in a process integrated NDT unit, or can be installed in post-process testing systems. This inexpensive NDT method has led to a reduction in the high cost of material, and also a reduction in production line downtime, which is involved in the testing processes.”
According to the report, one of the primary drivers in the market is expanding aerospace and defense sector. The aerospace and defense sector uses ultrasonic testing equipment for frequent testing of the welds in joined structural steel parts and materials. The global aerospace and defense sector is expected to witness moderate growth during the forecast period. Technavio expects the industry to grow by 3.12% in 2016. During the past few years, the global aerospace and defense industry witnessed a continuous decline in revenue growth, which registered 3.1% in 2013, 1.89% in 2014, and 0.61% in 2015.
Further, the report states that one major challenge in the market is necessity for price-sensitive and multiple technology solutions. Advances in technology have encouraged companies to invest in innovative products, thus increasing market competitiveness. Evolving consumer preferences have increased the need for investments in product development. A majority of ultrasonic NDT equipment vendors are dependent on raw materials from China to manufacture their products. The increase in raw material costs and import duties imposed by governments worldwide have increased the production cost of ultrasonic NDT equipment.
GE Inspection Technologies, Olympus, Sonatest, Danatronics, Eddyfi, James Instruments, NDT Systems, PaR Systems, Qualitest International, Trinity NDT.