Pune, India -- (SBWIRE) -- 09/14/2018 -- Ultrasonic NDT Equipment Market
"The global ultrasonic NDT equipment market is a very dynamic market and is expected to witness stable growth over the forecast period. The growth of the ultrasonic NDT equipment market is influenced by the expansion in the aerospace & defense sector, growth in the wind energy sector and emergence of new avenues for natural gas market. Furthermore, growth in the electrical vehicle sales, use of array equipment in radiography and the need for customization of ultrasonic NDT equipment are the factors expected to boost the growth of the market over the forecast period. However, lack of skilled manpower, rise in pipeline sabotage threats are the factors hindering the growth of ultrasonic NDT equipment market."
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The global Ultrasonic NDT Equipment market is expected to reach USD 2.47 billion by the end of 2023 with 9.87% CAGR during forecast period 2017-2023.
Scope of the Report:
Major Players in Ultrasonic NDT Equipment market are: GE Inspection Technologies (U.S.), Olympus Corporation (Japan), Sonatest (U.K.), Danatronic (U.S.), Eddyfi (Canada), James Instruments (U.S.), NDT Systems (U.S.), PaR systems (U.S.), Qualitest International (Canada) and Trinity NDT (India) among others.
Major Regions play vital role in Ultrasonic NDT Equipment market are: Asia-Pacific, North America, Europe, South America, Middle East & Africa.
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Regional and Country Analysis of Ultrasonic NDT Equipment Market Estimation and Forecast
North America was the largest market for ultrasonic NDT equipment market due to increasing focus by automotive manufacturers to increase its production processes in U.S. Among other countries in North-America, U.S. is dominating the ultrasonic NDT equipment and Canada is expected to grow over the forecast period whereas Europe is growing at a stable rate over the forecast period with a CAGR of 8.77% from 2017 to 2023. The region is attributed to the increasing safety regulations, rapid prototyping and industrialization among others. Also, the expansion in the aerospace and defense sector is expected to boost the market. Whereas, factors such as lack of skilled workforce and the equipment being expensive for testing are stopping the market to grow in the European region.
Global Ultrasonic NDT Equipment Market Analysis & Forecast, from 2016 to 2023:
To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Ultrasonic NDT Equipment market.
To provide insights about factors affecting the market growth.
To analyze the Ultrasonic NDT Equipment market based on porter's five force analysis etc.
To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World.
To provide country level analysis of the market with respect to the current market size and future prospective.
To provide country level analysis of the market for segment on the basis of output, technology and end user.
To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Ultrasonic NDT Equipment market.
The Global Ultrasonic NDT Equipment Market has been valued at USD 1,297.7 million in the year 2016 which is estimated to grow at USD 2,472.50 million by the end of year 2023.
The Global Ultrasonic NDT Equipment Market is expected to grow with 9.87% of compound annual growth rate from 2017 to 2023.
o North America is dominating the market and has been valued at USD 475.63 million in the year 2016.
o North America Ultrasonic NDT Equipment Market is expected to grow at USD 917.71 million by 2023 with 10.06% of CAGR.
o Europe Ultrasonic NDT Equipment Market holds 32.19% of total market which has been valued at USD 417.79 million in the year 2016 and is estimated to reach at USD 741.91 million by the end of forecast period with 8.77% of CAGR.
o Asia Pacific has emerged as fastest growing market with 12.26% of CAGR and has been valued at USD 285.66 million in the year 2016 and is estimated to reach at USD 633.03 million by the end of forecast period.
By End Users:
o Power Generation segment holds largest market share 26.49% in the year 2016 of Ultrasonic NDT Equipment Market and has been valued at USD 343.7 million. This market is expected to grow at USD 666.9 million by the end of year 2023 with 10.17% of CAGR from 2017 to 2023.
o Oil & Gas Industry segment holds second largest market share of 23.28% in the year 2016 and has been valued at USD 302.1 million in the year 2016 which is estimated to reach at USD 555.7 million by the end of year 2023 with 9.30% of CAGR from 2017 to 2023.
o Aerospace & Defense Sector has emerged as the fastest growing market with 12.12% of CAGR from 2017-2023 and has been valued at USD 278.7 million in the year 2016 which is estimated to reach at USD 612.2 million by the end of forecast period.
The key market drivers of Ultrasonic NDT equipment are expanding Aerospace and Defense sector, high development and growth in the energy market and Emergence of new avenues for natural gas market whereas the major challenges of the market have been identified as Necessity for price-sensitive and multiple technology solutions, Lack of skilled manpower, Approval of different standards to use new technology and Rise in pipeline sabotage threats.
The key trends of this market have been identified as Ultrasonic testing for case-hardened components and laser-welded tailored blanks, Growth in electrical vehicle sales and Use of phased array equipment in lieu of radiography among others.
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In the end, Ultrasonic NDT Equipment Industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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