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New Product Launches, New Product Developments, and Expansions Are Key Strategies Followed by the Major Players in Ultrasonic Testing Market
Ultrasonic testing is a non-destructive method in which beams of sound waves at high frequencies are introduced into materials for the detection of surface and subsurface discontinuities in the material. The UT inspection requires an optimized visualization of ultrasonic signals and special instrument characteristics to comply with materials, inspection standards, and testing techniques. Ultrasonic testing market is expected to reach USD 3.93 billion by 2022, at a CAGR of 8.3% between 2016 and 2022. The growth of this market is propelled by 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 services market, and government regulations.
New product launches, new product developments, and expansions are key strategies followed by the major players to gain a competitive edge in the market. General Electric (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), and TecScan Systems Inc. (Canada) are some of the leading players which have adopted these strategies.
General Electric (U.S.) was found to be a significant player in the ultrasonic testing (UT) market in 2015. The company focuses on product innovations and new product launches as its key business strategies, to ensure its growth in the global UT market. Additionally, to sustain its leading position and ensure future growth, the company adopted other strategies such as agreements and partnerships. With regard to these, the company recently signed various agreements to expand its network. GE has invested more than USD 10 million to launch a customer solutions center (CSC) to meet the increasing demand for industrial and infrastructure inspection technology solutions. GE’s recent foray into the Industrial IoT (IIoT) ecosystem should also benefit the company’s NDT division in offering innovative technologies to its customers. GEs Inspection Technologies is the leading developer of ultrasonic testing (UT) equipment, testing machines, transducers and software for industrial applications that require internal defect detection and sizing.
Olympus Corporation (Japan), a manufacturer of optics, reprography products, and NDT equipment, is also one of the leading players in the UT market. The company implements ultrasonic testing at high frequency, highly directional sound waves to measure material thickness, find hidden internal flaws, or analyse material properties in metals, plastics, composites, ceramics, rubber, and glass. To maintain its position in the market, the company focused on new product developments as its key growth strategy. It launched a digital ultrasonic flaw detector EPOCH 650, and IPLEX NX an industrial videoscope with enhanced capabilities of stereo measurement. In 2015, the company invested 4.7% on R&D. This helps the company develop innovative products & solutions. This is also a major reason for the company’s high frequency of product launches.
Ultrasonic Testing Market by Type (Time-of- Flight Diffraction, Phased Array, Immersion Testing, Guided-Wave), Equipment (Flaw Detectors, Tube Inspection, Transducers & Probes, Bond testers), Service, Vertical, and Geography - Global Forecast to 2022
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