Global Ultrasonic Testing Equipment Market - Snapshot
Ultrasonic testing is a nondestructive test method that uses high-frequency sound energy to conduct examinations and make measurements. It is based on the capture and quantification of either reflected waves (pulse-echo) or transmitted waves (through transmission). Each of these two types of waves are used in specific testing applications. However, generally, pulse-echo systems are more useful, as they require one-sided access to the object being inspected. Rising adoption of ultrasonic testing techniques for the examination of pipelines is expected to drive the global ultrasonic testing equipment market during the forecast period. The global market is anticipated to reach value of US$ 1,868.3 Mn by 2027 from US$ 955.9 Mn in 2017, expanding at a CAGR of 7.8% during the forecast period.
Growing adoption of ultrasonic testing techniques in the oil & gas industry can result in increased demand for ultrasonic testing equipment. At the global level, oil and gases are primarily transported by four mediums: rail, trucks, boats, and pipelines. Among these, 100% of natural gas is transported by pipelines, owing to difficulty in and the cost of transforming natural gas into liquid form. Also, 70% of crude oil and petroleum products are shipped by pipelines in the U.S. This increased use of pipelines for oil and gas transportation and high investments by governments in these pipelines augment the demand for nondestructive testing of pipelines in the oil & gas industry. For example, in 2016, a new pipeline called Trans Anatolian Pipeline (TANAP) was launched. This pipeline would be transporting Azeri gas to, and across, Turkey to the European border, with an initial capacity of 16 bcma, which can be increased to 32 bcma. Furthermore, the EUGAL pipeline project is being developed to transport gas from the interconnection point i.e. Lubmin-II across Germany to the border with the Czech Republic. Around EUR 2.27 Bn have been invested in the EUGAL project. This project is planned to be implemented by the end of 2019, while its related infrastructure is planned to be completed between the end of 2019 and 2022.
Non-destructive testing equipment are used to improve accurate sizing and reduce the risk of missing defects in girth welds; to help ensure the quality of pipelines; and to come up with the assurance that a pipeline is free from critical defects before deployment in the field. For example, in 2016, a massive explosion of a gas pipeline occurred due to leakage of 336,000 gallons of gasoline through it in Shelby County, Alabama (the U.S.). In order to avoid such critical situations, non-destructive testing has been made mandatory by certain standard organizations. Thus, ultrasonic nondestructive testing equipment are employed to detect defects such as leakage, cracking to porosity, incomplete penetration, and lack of sidewall fusion. The pipeline girth weld strength at critical parts within the weld can be compromised. This factor leads to increase in the demand for ultrasonic testing equipment globally. Moreover, stringent government regulations about safety and quality control also propel the demand for ultrasonic testing equipment worldwide.
Major players operating in the global ultrasonic testing equipment market are Olympus Corporation, Baker Hughes, LLC (a GE company), Sonatest Ltd., TecScan System Inc., Ndt Systems Inc., Cygnus Instruments Inc., Amerapex Corporation, Zeal International, Ametek, Inc., and Eddyfi NDT Inc.
Global Ultrasonic Testing Equipment Market: Overview
This comprehensive report by Transparency Market Research analyzes and forecasts the ultrasonic testing equipment market at the global and regional levels. The report provides analysis of the market for the period from 2017 to 2027, wherein 2019–2027 is the forecast period and 2018 is the base year. Data for 2017 has been included as historical information. An in-depth and unbiased market assessment has been made to provide readers with comprehensive and accurate analysis. The report highlights all major trends in the global ultrasonic testing equipment market. It also focuses on market drivers, restraining factors, and opportunities for the global market. The study provides a complete perspective about the market in terms of value (in US$ Mn) across various geographies including North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
The report includes detailed value chain analysis, which is focused on providing an extensive view of the global ultrasonic testing equipment market. Porter’s five forces analysis has also been provided in the report to help understand the competition scenario of the market. The study incorporates attractiveness analysis of the global ultrasonic testing equipment market, wherein market segments have been benchmarked based on their market size, growth rate, and attractiveness. In order to offer complete analysis of the competition scenario in the global ultrasonic testing equipment market, every geographical region mentioned in the report is provided with attractiveness analysis.
The market overview chapter in the report explains market trends and dynamics that include drivers, restraining factors, and the current and future opportunities for the global ultrasonic testing equipment market. Market outlook analysis has also been provided in the report. Additionally, the report provides analysis of different business strategies being adopted by leading players operating in the ultrasonic testing equipment market. The market introduction chapter helps in getting an idea of different trends in the ultrasonic testing equipment market.
Global Ultrasonic Testing Equipment Market: Scope of Report
The study provides a decisive view on the global ultrasonic testing equipment market by segmenting the market in terms of product, component, technique, end-use industry, and region. The report also provides detailed segmentation of the market in every region and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.
The report further highlights the competition scenario of the global ultrasonic testing equipment market, by ranking all major players according to their geographical presence and key recent developments. The insights into the global ultrasonic testing equipment market is a result of TMR’s extensive primary interviews, secondary research, and in-house expert panel reviews. Market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors on the market.
In terms of country, the North America market has been segmented into Canada, the U.S., and Rest of North America. The Europe market has been divided into Italy, France, Germany, the U.K., and Rest of Europe. The ultrasonic testing equipment market in Asia Pacific has been segmented into China, Japan, India, and Rest of Asia Pacific. Middle East & Africa comprises GCC, South Africa, and Rest of Middle East & Africa. Similarly, South America includes Brazil and Rest of South America. The report provides all strategic information required to help understand the global ultrasonic testing equipment market.
Global Ultrasonic Testing Equipment Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources include annual reports, company websites, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, and statistical databases.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the ultrasonic testing equipment market across geographies. Primary interviews are usually conducted on an ongoing basis with market experts and participants in order to obtain the latest market insights and validate the existing data and analysis. Primary interviews offer new information on important factors such as market trends, market size, and competition landscape. These factors help validate and strengthen secondary research findings. Moreover, the analyzed data collected from secondary and primary research is again discussed and examined by TMR’s expert panel.
Global Ultrasonic Testing Equipment Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global ultrasonic testing equipment market. These players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Major players profiled in the report on the global ultrasonic testing equipment market are Olympus Corporation, Baker Hughes, LLC (a GE company), Sonatest Ltd., TecScan System Inc., Ndt Systems Inc., Cygnus Instruments Inc., Amerapex Corporation, Zeal International, Ametek, Inc., and Eddyfi NDT Inc. These companies are focusing on expanding their business through product innovation and strategic acquisitions and partnerships.
The global ultrasonic testing equipment market has been segmented as follows:
Global Ultrasonic Testing Equipment Market, by Product
- Flaw Detectors
- Thickness Gauges
- Ultrasonic Scanners
Global Ultrasonic Testing Equipment Market, by Component
Global Ultrasonic Testing Equipment Market, by Technique
Global Ultrasonic Testing Equipment Market, by End-use Industry
- Oil & Gas
- Aerospace & Defense
- Power Generation
Global Ultrasonic Testing Equipment Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America