Ultrasonic Non-destructive Testing (NDT) Equipment Market- Global Revenue Opportunity Analysis, Market Dynamics and Forecast

Manual flaw examination requires close scrutiny by the experienced technicians. Requirement to undergo extensive training in order to gain appropriate knowledge and experience regarding the usage is expected to present substantial challenge to the business growth. Moreover, lack of discontinuity detection in case non homogenous and irregular shapes, and discontinuity in the immediate layer below the surface is still a prominent limitation, which is expected to hamper the overall ultrasonic non-destructive testing equipment market over the forecast period.

Making the software and user interface (UI) intuitive and enhancing the training the workforce for such technologies may help the participants counter the drawback of skilled workforce, however, technical limitations are expected to continue to impact the overall growth.
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Among end-use industry segments, the oil and gas industry accounted for the largest market share and are is expected to continue its dominance over the next few years. They find various applications in different oil and gas exploration phases such as refining, transportation and in manufacturing of several related equipment parts that includes pressure vessels, boilers, reactors, heat exchangers, and storage tanks. Growing investments in pipeline transportation and upstream activities will propel the growth of ultrasonic non-destructive testing equipment market during the next few years.

Key vendors in the industry include Olympus, GE Inspection Technologies, Sonatest, Danatronics, James Instruments, Eddyfi, NDT Systems, Qualitest International, PaR Systems, and Trinity NDT.

 

Natural gas exploration is anticipated to be the most prominent factor contributing to the overall growth of the industry

Increasing usage of fossil fuels has led to an exponential surge in hydrocarbon acquisition costs and has also led to paradigm shift of the exploration activities. This has led to increased focus on the oil & gas production and exploration companies on identifying additional avenues of exploration. Moreover, according to Coherent Market Insights, utilization of natural gas is expected to register significant demand growth over the forecast period, which will in turn boost the growth of ultrasonic non-destructive testing equipment market growth, primarily for the examination of gas pipeline properties without causing any physical damage.

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