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Ultrasonic Testing Market Size, Share & COVID-19 Impact Analysis, By Type

The global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027, exhibiting a CAGR of 9.43% during the forecast period. The burgeoning startup culture in the non-destructive testing (NDT) domain will play a central role in fueling this market, postulates Fortune Business Insights™in its report, titled “Ultrasonic Testing Market Size, Share & COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction, Phased Array, Immersion Testing, Guided-Wave Testing, Acoustography, and Others) By Equipment (Flaw Detectors, Thickness Gauges, Transducers & Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems, and Others), By Service (Inspection Services, Equipment Rental Services, Calibration Services, and Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others) and Regional Forecast, 2020-2027”. Testing and inspection are critical functions that operators and owners of capital have to perform to ensure the safety and reliability of equipment, machinery, and other assets. Startups have been steadily emerging over the past few years to fulfill these functions using NDT and ultrasonic testing (UT) technologies. For example, the Indian startup AAVRTTI has developed RUDI (Radar for Utility Detection and Imaging) to detect, identify, and map buried utilities. The company also offers other services, such as the localized detection of cable faults and underground pipe leakages. Inductosense, a startup domiciled in the UK, has been engaged in developing NDT solutions using ultrasonic testing. The company manufactures ultrasonic sensors to facilitate accurate monitoring of internal corrosion & erosion in pipelines and vessels. These advancements in asset testing technologies, heralded by fledgling startups, will create massive opportunities for this market.

 The report states that the value of the market was estimated to be USD 2,297.2 million in 2019 and also shares the following:

  • Holistic evaluation of the various market drivers and trends;
  • Granular understanding of the challenges facing the market;
  • Unmatched segmentation of the market; and
  • Microscopic study of the competitive milieu and regional prospects of the market.

Browse Complete Report Summary:

https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865

Regional Insights

North America to Register Sterling Growth; Asia Pacific to Progress Promisingly

In 2019, the North America market size stood at USD 893.7 million, and the region is expected to bolster its growth trajectory during the forecast period on account of the rising employment of UT methods in the inspection of railway infrastructures. In addition, growing adoption of advanced testing technologies in the region’s robust aerospace industry will further boost the regional market.

Asia Pacific is anticipated to showcase the fastest growth in the ultrasonic testing market share in the forthcoming years owing to the huge investments in ramping up public infrastructure in India and the rapid expansion of the manufacturing industry in China. In Europe, the regional market growth will be aided by the increasing demand for these ultrasonic type of testing solutions in the automotive industry in Germany.

 Competitive Landscape

Lucrative Collaborations to Characterize Market Competition

The competitive landscape of this market is experiencing a period of prolific dynamism due to the increasing number of lucrative partnerships between aviation industry giants and key players in the UT market. These collaborations are aimed at developing inventive testing solutions for aircraft components, which in turn will entrench the market position of the collaborating entities.