Global Ultrasonic Testing Equipment Market 2019-2023

Global Ultrasonic Testing Equipment Market 2019-2023

About this market

The reliability of power generation equipment is essential as the failure of systems might adversely affect the Mole power network infrastructure and pose serious safety risks. Ultrasonic testing is used for inspecting power generation infrastructures such as boilers, turbines, compressors: pipelines, tanks, and storage vessels. Power demand has been growing globally, both as a result of the rising population as well as industrialization. The power generation industry's landscape is evolving with the introduction of new generation sources from the supply side and the addition of new types of loads from the demand side. These changes have increased the need for periodic maintenance of power generation assets. Ultrasonic testing as opposed to other testing methods can detect finer defects thereby offering better inspection. Hence, with the rising need for power. both in the residential and industrial sectors, the demand for ultrasonic test equipment is also expected to grow. Technavio’s analysts have predicted that the ultrasonic testing equipment market will register a CAGR of over 6% by 2023.

Market Overview

Growing demand for ultrasonic testing in pipelines

Pipelines are one of the most important assets of the oil and gas midstream sector, connecting the upstream and downstream part. Their ability to transport high volumes makes them a popular choice for oil and gas transportation. However, pipeline design and maintenance are complex issues as pipelines operate under various operating environments and carry fluids such as crude oil, natural gas. refined products. and liquefied gases. They are highly prone to defects and corrosion as they carry different types of crude oils, which include corrosive fluids.

Surface limitations and need for skilled workforce

Ultrasonic testing is a technology that is gradually finding its use in different industrial applications. However, there are some limitations and drawbacks associated with the use of ultrasonic testing. One of the limitations of ultrasonic testing equipment is its non-suitability for all kinds of surfaces. Complex shapes or thin or irregular surfaces are not suitable for ultrasonic testing. Wood and paper products are not suitable for ultrasonic testing.

For the detailed list of factors that will drive and challenge the growth of the ultrasonic testing equipment market during the 2019-2023, view our report.

Competitive Landscape

The market appears to be moderately concentrated and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.


PRESS RELEASE

Technavio Announces the Publication of its Research Report – Global Ultrasonic Testing Equipment Market 2019-2023

Technavio recognizes the following companies as the key players in the global ultrasonic testing equipment market: Eddyfi, GENERAL ELECTRIC, OLYMPUS CORPORATION, Sonatest, SONOTEC Ultraschallsensorik Halle GmbH.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rise in use of phased array ultrasonic testing equipment.”

According to the report, one of the major drivers for this market is the growing use of ultrasonic testing in place of radiographic testing.

Further, the report states that one of the major factors hindering the growth of this market is the volatility in upstream oil and gas sector.

Companies Mentioned

Eddyfi

General Electric

OLYMPUS CORPORATION

Sonatest

SONOTEC Ultraschallsensorik Halle GmbH

  • Executive summary
  • Scope of the report
    • Preface
    • Currency conversion rates for US$
  • Market landscape
    • Market ecosystem
      • Table Global non-destructive testing equipment market
      • Table Segments of global non-destructive testing equipment market
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market definition
      • Table Market definition - Inclusions and exclusions checklist
    • Market sizing 2018
      • Table Market size 2018
    • Market size and forecast 2018-2023
      • Table Global market: Size and forecast 2018-2023 ($ millions)
      • Table Global market: Year-over-year growth 2019-2023 (%)
  • Five forces analysis
    • Table Five forces analysis 2018
    • Table Five forces analysis 2023
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces 2018
  • Market segmentation by end-user
    • Table End-user - Market share 2018-2023 (%)
    • Comparison by end-user
      • Table Comparison by end-user
    • Oil and gas - Market size and forecast 2018-2023
      • Table Oil and gas - Market size and forecast 2018-2023 ($ millions)
      • Table Oil and gas - Year-over-year growth 2019-2023 (%)
    • Power generation - Market size and forecast 2018-2023
      • Table Power generation - Market size and forecast 2018-2023 ($ millions)
      • Table Power generation - Year-over-year growth 2019-2023 (%)
    • Aerospace & defense - Market size and forecast 2018-2023
      • Table Aerospace & defense - Market size and forecast 2018-2023 ($ millions)
      • Table Aerospace & defense - Year-over-year growth 2019-2023 (%)
    • Automotive - Market size and forecast 2018-2023
      • Table Automotive - Market size and forecast 2018-2023 ($ millions)
      • Table Automotive - Year-over-year growth 2019-2023 (%)
    • Others - Market size and forecast 2018-2023
      • Table Others - Market size and forecast 2018-2023 ($ millions)
      • Table Others - Year-over-year growth 2019-2023 (%)
    • Market opportunity by end-user
      • Table Market opportunity by end-user
  • Customer landscape
    • Table Customer landscape
  • Geographic landscape
    • Geographic segmentation
      • Table Market share by geography 2018-2023 (%)
    • Geographic comparison
      • Table Geographic comparison
    • North America - Market size and forecast 2018-2023
      • Table North America - Market size and forecast 2018-2023 ($ millions)
      • Table North America - Year-over-year growth 2019-2023 (%)
    • APAC - Market size and forecast 2018-2023
      • Table APAC - Market size and forecast 2018-2023 ($ millions)
      • Table APAC - Year-over-year growth 2019-2023 (%)
    • Europe - Market size and forecast 2018-2023
      • Table Europe - Market size and forecast 2018-2023 ($ millions)
      • Table Europe - Year-over-year growth 2019-2023 (%)
    • Middle East and Africa - Market size and forecast 2018-2023
      • Table Middle East and Africa - Market size and forecast 2018-2023 ($ millions)\
      • Table Middle East and Africa - Year-over-year growth 2019-2023 (%)
    • South America - Market size and forecast 2018-2023
      • Table South America - Market size and forecast 2018-2023 ($ millions)
      • Table South America - Year-over-year growth 2019-2023 (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity
      • Table Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
      • Table Impact of drivers and challenges
  • Market trends
  • Vendor landscape
    • Overview
      • Table Vendor landscape
    • Landscape disruption
      • Table Landscape disruption
    • Competitive scenario
  • Vendor analysis
    • Vendors covered
      • Table Vendors covered
    • Vendor classification
      • Table Vendor classification
    • Market positioning of vendors
      • Table Market positioning of vendors
    • Eddyfi
      • Table Eddyfi - Vendor overview
      • Table Eddyfi - Organizational developments
      • Table Eddyfi - Key offerings
    • GENERAL ELECTRIC
      • Table GENERAL ELECTRIC - Vendor overview
      • Table GENERAL ELECTRIC - Product segments
      • Table GENERAL ELECTRIC - Organizational developments
      • Table GENERAL ELECTRIC - Geographic focus
      • Table GENERAL ELECTRIC - Segment focus
      • Table GENERAL ELECTRIC - Key offerings
    • OLYMPUS CORPORATION
      • Table OLYMPUS CORPORATION - Vendor overview
      • Table OLYMPUS CORPORATION - Business segments
      • Table OLYMPUS CORPORATION - Organizational developments
      • Table OLYMPUS CORPORATION - Geographic focus
      • Table OLYMPUS CORPORATION - Segment focus
      • Table OLYMPUS CORPORATION - Key offerings
    • Sonatest
      • Table Sonatest - Vendor overview
      • Table Sonatest - Organizational developments
      • Table Sonatest - Key offerings
    • SONOTEC Ultraschallsensorik Halle GmbH
      • Table SONOTEC Ultraschallsensorik Halle GmbH - Vendor overview
      • Table SONOTEC Ultraschallsensorik Halle GmbH - Organizational developments
      • Table SONOTEC Ultraschallsensorik Halle GmbH - Key offerings
  • Appendix
    • Research methodology
    • List of abbreviations
  • Explore Technavio

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