Ultrasonic Testing Market Trends

Growth Drivers

Rising Number of Industries across the World with Rapid Urbanization – The increasing number of industries globally owing to strong demand from consumers is propelling the market growth. The market size expansion holds a significant share owing to the demand for monitoring, diagnosis, and detection of conditions of industrial assets.
Rise in the Construction Sector with Huge Infrastructure Development – The development of military, aerospace, and marine industries is anticipated to hike the construction sector which in turn propels the market growth. Moreover, an increase in residential, commercial, and public buildings is set to drive the market demand. The construction sector accounts for over 4% of the U.S. GDP as of 2022 and more than 1,400,000 new houses are constructed in the year 2023 with a rise of 12% from the base of 2022.
Government Policies to Enhance the Safety of the Public and Product Quality – The demand for safety checks in industries such as aircraft, roads, and highways to prevent unexpected accidents is positively impacting the market demand in the coming years.

Challenges

Increased Price of Ultrasonic Equipment – The rising cost of machinery, equipment, and instruments of the ultrasonic method owing to the presence of many sensors, highly expensive parts, and components is estimated to hamper the market expansion. The increasing automation technology in ultrasonic testing to monitor defects is hindering the market size. The development of new methods such as nanorobots that are built to inspect the faults in miniature pipelines of oil and gas sectors is limiting the market expansion.
Decrease in the Oil and Exploration Activities
Absence of Skilled and Experienced Professionals to Run Ultrasonic Testing Activities

Ultrasonic Testing Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~ 10.1%
Base Year Market Size (2022)	~ USD 4.19 Billion
Forecast Year Market Size (2035)	~ USD 13.29 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Rise in the construction sector with huge infrastructure development, and the rising number of industries across the world with rapid urbanization are the major factors driving the market growth.

The market size of ultrasonic testing is anticipated to attain a CAGR of ~10.1% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are Baker Hughes, Olympus Corporation, MISTRAS Group, Eddyfi/NDT, T.D. Williamson Inc., Bosello High Technology Srl., Fischer Technology Inc., Cygnus Instruments Ltd., NDT Global GmbH, LynX Inspection, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application, equipment, vertical, and by region.

The manufacturing segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Absence of skilled and experienced professionals to run ultrasonic testing activities is estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Ultrasonic Testing Market Trends