LONDON--(BUSINESS WIRE)--The global ultrasonic testing equipment market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Pipelines that carry fluids such as crude oil, natural gas, refined products, and liquified gases are more prone to defects and corrosion. They require regular maintenance to identify and avoid any leaks or corrosion. Ultrasonic testing is widely used in pipeline inspection as it offers various advantages over other NDT methods. The growing stringency of regulations pertaining to the safety and integrity of oil and gas pipelines has increased the demand for ultrasonic testing in pipeline inspection, which is driving the growth of the market.
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As per Technavio, the rise in the use of phased array ultrasonic testing equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Ultrasonic Testing Equipment Market: Rise in the Use of Phased Array Ultrasonic Testing Equipment
Phased array ultrasonic testing equipment is backed with multiple transducers that emit computer-controlled ultrasonic waves at different angles to cover the maximum possible area to be inspected. This provides a more detailed and accurate representation of the inspected subject. Phased array ultrasonic testing equipment also offers flexibility in examining complex geometries and the data generated can be stored digitally. With growing digitization of end-user industries, the demand for phased array ultrasonic testing equipment will increase significantly during the forecast period.
“The advent of new types of materials and rise in wind power generation are other factors that will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Ultrasonic Testing Equipment Market: Segmentation Analysis
This market report segments the global ultrasonic testing equipment market by end-user (oil and gas, power generation, aerospace and defense, automotive, and others) and geography (the Middle East and Africa, APAC, Europe, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to increasing investments in conventional oil and gas basins in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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