The Worldwide Ultrasonic Testing Industry is Estimated to Reach $4.2 Billion by 2026 at a CAGR of 7.1% from 2021 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Ultrasonic Testing Market with COVID-19 Impact by Type (Time-of Flight Diffraction, Immersion Testing), Equipment (Flaw Detectors, Imaging System, and Bond Testers), Service, Vertical, and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global ultrasonic testing market size is estimated to grow from USD 3.0 Billion in 2021 to USD 4.2 Billion by 2026, at a CAGR of 7.1%.

Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are a few major factors driving the ultrasonic testing market growth. The high adoption of IoT devices and the rising need to assess the health of aging assets are the other factors that propel the development of the ultrasonic testing market.

Based on type, the market for the phased array type to witness a high CAGR during the forecast period.

The phased array testing type is expected to multiply during the forecast period from 2021 to 2026. This type is used to measure or identify the subsurface cracks & seams, flaws, crack depth, coating thickness, and permeability. Phased array type reduces the use of multiple elements to steer, focus, and scan beams with a single transducer assembly. It optimizes defect detection and minimizes inspection time. It is used widely in power generation, construction and manufacturing verticals and service environments that inspect safety or quality-related issues. The phased array type is used to check surface-breaking cracks on metals and inspect discontinuities in metal tubes.

Training services to grow at the highest CAGR during the forecast period.

Training services are likely to continue to gain the second-largest market share in the coming years since training NDT technicians to keep them updated with new technological trends and make them aware of the customers' changing demands is equally essential. The market for training services is expected to grow at the highest CAGR during the forecast period.

APAC to be the fastest-growing market for ultrasonic testing activities

The Asia Pacific is likely to be the fastest-growing region in the ultrasonic testing market due to the rapid infrastructural development and automation adoption in manufacturing industries in countries such as India and China. The Make in India campaign promotion by the government and the development in the Smart Cities project provide lucrative opportunities for the players in the ultrasonic testing market in India. The market in India is expected to grow at the highest CAGR during the forecast period.

Market Dynamics

Drivers

• Development of Portable Phased Array Ultrasonic Testing Equipment
• Need for Reliable Non-Destructive Testing Technique for Fiberglass and Carbon Fiber Composites in Manufacturing
• Growth in Ultrasonic Testing Market Services
• Government Mandates Regarding Employee Safety and Stringent Quality Control Requirements
• Maintenance Needs of Aging Infrastructure

Restraints

• Limitations of Manual Ultrasonic Testing in Detecting Early Stages of Damage
• High Cost of Automated Ultrasonic Testing Equipment

Opportunities

• Growing Infrastructure Development in Emerging Economies
• Opportunities in Power Generation Sector

Challenges

• Decreasing Oil and Gas Prices
• Lack of Skilled Technicians

Companies Mentioned

• Acuren Inspection Inc
• Amerapex Corporation
• Applied Technical Services Inc
• Ashtead Technology
• Baker Hughes (A Subsidiary of GE Company)
• Carestream
• Cygnus Instruments Ltd
• Dekra
• Eddyfi
• Element Materials Technology
• Fischer Technology Inc
• Fprimec Solutions Inc
• Intertek
• Ipromar Pte Limited
• Labquip NDT Limited
• Lynx Inspection
• Mistras Group
• Ndt Global GmbH Ltd & Co.Kg
• NDT Systems Inc
• Olympus Corporation
• Sonatest Ltd
• Sonotron Ndt
• Td Williamson Inc
• Tecscan Systems Inc
• Zetec Inc

For more information about this report visit https://www.researchandmarkets.com/r/uibwmc