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Albany, New York, May 09, 2019 (GLOBE NEWSWIRE) -- Technological developments and efforts to enhance existing testing techniques have laid the foundation for the growth of ultrasonic testing equipment market. The ultrasonic technique has been in the market for as long as a century and now it is undergoing changes through automation. Its contactless and non-invasive properties have made it a perfect candidate to be used in pharmaceutical, medical, manufacturing, and military sectors. With its rising applications, the market for ultrasonic testing equipment is prognosticated to cross revenue worth US$1.86 bn by 2027. A healthy growth rate of 7.8% justifies this valuation, according to market researchers.
Moreover, ultrasonic testing has better advantages over radiography examination methodologies. Fast throughput, reduced ownership cost, and better detection usability and capability even in different regions make it more applicable in various industries.
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Rising demand for weld technology for use in oil and gas pipelines
Ultrasonic testing equipment has found a wide application in the oil and gas industry. Rising use of fossil fuels and expenditure on hydrocarbon acquisition coupled with increased spending on associated research and development activities has increased accentuated the focus on oil and gas resources. This has resulted in fueling growth in the global ultrasonic testing equipment market. Moreover, power generation dependent on shale oil in Canada and the U.S. also benefits growth in the global ultrasonic testing equipment market.
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The global ultrasonic testing equipment market is projected to expand at a significant rate during the forecast period, due to increasing demand for use of the weld technology in oil and gas pipelines. 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. Demand for safe transportation of these explosive gases leads to high demand for ultrasonic testing of the weld technology for pipelines. For this testing, various ultrasonic testing equipment are used across the globe. Apart from the oil & gas industry, ultrasonic testing equipment are increasingly being used in various sectors, such as aerospace & defense, automotive, medical, and construction, in order to identify faults, if any, in the manufacture of components. This testing ensures structural integrity and quality of products. This can make the product or system more efficient in terms of performance and reliability. This is projected to augment the demand for ultrasonic testing equipment across the world in the next few years.
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Global Ultrasonic Testing Equipment Market: Competition Scenario
Key players operating in the global ultrasonic testing equipment market are focusing on the development of new products and their introduction in the market so as to gain a competitive edge and improve their brand positioning in the market. Currently, two players i.e. Olympus Corporation and Sonatest Ltd. generate the maximum revenue. Other players operating in the market are Baker Hughes, LLC (a GE company), TecScan System Inc., Ndt Systems Inc., Cygnus Instruments Inc., Amerapex Corporation, Zeal International, Ametek, Inc., and Eddyfi NDT Inc.
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Global Ultrasonic Testing Equipment Market has been segmented as follows:
Global Ultrasonic Testing Equipment Market, by Product
Global Ultrasonic Testing Equipment Market, by Component
Global Ultrasonic Testing Equipment Market, by Technique
Global Ultrasonic Testing Equipment Market, by End-use Industry
Global Ultrasonic Testing Equipment Market, by Region
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