Ultrasonic Testing Market

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 Code: SE 4519 Apr, 2021, by marketsandmarkets.com

[259 Pages Report] 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% from 2021 to 2026. Ultrasonic testing techniques are used primarily in engineering industries for evaluating different properties of structures, equipment, components, and materials without causing any damage.

Ultrasonic Testing Market

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Ultrasonic testing is an extremely valuable technique for timely evaluation and diagnosis of faults in products. It is an important quality control tool in the manufacturing process as it allows for early detection of surface and subsurface defects in finished and work-in-progress (WIP) goods. Ultrasonic testing is used for detecting faults and structural integrity in industrial assets and public infrastructures such as factory buildings, platforms, bridges, railway lines, piping systems, and industrial machinery. Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are key factors driving the ultrasonic testing market's growth. The high adoption of IoT devices and rising need to assess aging assets' health also propel the NDT and inspection market development.

COVID-19 impact on the ultrasonic testing market

The COVID-19 has severely impacted the growth of the ultrasonic testing market. Global sales of ultrasonic equipment and services for key verticals such as oil & gas and aerospace declined by 5–8% in the fiscal year 2020, depending upon the virus's progression in different parts of the world. The decline in the number of new oil and exploration projects, temporary shutdown of production facilities, and reduction in crude oil prices hampered the growth of the ultrasonic testing market. However, the short-term supply chain disruptions affected the market growth in key regions.

Market Dynamics

DRIVERS : Stringent government regulations regarding public safety and product quality

Increasing complexity of machinery, growing requirements of precise product usage specifications, ongoing stringent implementation of government regulations to ensure the workforce's safety, and rising stringent quality control requirements are the key factors that augment the growth of the market for ultrasonic testing equipment and services. Prior evidence of infrastructure failures such as leakages in nuclear refineries, pipeline explosions, and refinery blasts has prompted governments worldwide to impose stringent safety regulations, which have fueled the demand for ultrasonic testing of equipment and services.

RESTRAINTS : A dearth of skilled and qualified personnel to carry out ultrasonic testing activities

The demand for ultrasonic testing services is gaining more momentum than ultrasonic testing equipment. Additionally, it has become important for players to enhance their global presence, and at the same time, create a highly qualified workforce for providing effective ultrasonic testing and inspection services. Thus, a qualified workforce with the required ultrasonic testing and inspection skillset is a strategic concern for companies. Stringent government regulations and the high complexity of ultrasonic testing techniques lead to the increasing requirement of skilled testers and inspectors

OPPORTUNITIES : Large-scale infrastructural developments in APAC, Europe, and Latin America

Emerging economies such as India, China, Malaysia, and Brazil are experiencing rapid infrastructural developments such as constructing new bridges, dams, railways, power plants, and refineries. This drives the demand for ultrasonic testing services and equipment, which, in turn, is expected to accelerate the growth of the companies providing ultrasonic testing services and equipment.

CHALLENGES : Limited manufacturing activities and supply chain disruptions caused by COVID-19

The main issue being faced by the manufacturing industry is supply chain disruptions. Various rules and regulations imposed by governments of different countries of the world to contain the spread of the COVID-19 include restrictions on the export and import of products and raw materials. This has led to significant supply chain issues throughout the world, causing a shortage of raw materials in various industries. As various industries cannot resume their operations, the demand for ultrasonic testing equipment and solutions has also reduced. Hence, ultrasonic testing market is facing a drop in its size in the present situation.

The ultrasonic technique (UT) is likely to be the largest contributor in the NDT and inspection market during the forecast period

The market for the UT (ultrasonic testing) technique is projected to largest contributor in NDT Market. It is presently the most popular NDT technique due to its ability to identify defects and accurately determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can be used for critical applications in the oil & gas and aerospace industries, among many others.

“Inspection services to account for the largest market size by 2021.”

Ultrasonic testing and inspection services are likely to account for the largest share of the market in 2021. Ultrasonic testing techniques' primary purpose is to inspect objects, materials, machinery, and structures for defects so that they can be rectified in a timely and cost-effective manner. After inspection services, 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 Ultrasonic testing market in APAC to grow at the highest CAGR during the forecast period.”

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. Countries in Asia Pacific are involved in the manufacturing of defense aircraft, which is expected to increase ultrasonic testing equipment and services in the defense & aerospace industry. Many infrastructural development projects are under construction and scheduled to be constructed in the region during the forecast period. The demand for automobiles is estimated to grow substantially by 2026.

Ultrasonic Testing Market  by Region

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Key Market Players

In 2020, the ultrasonic testing market was dominated by Baker Hughes(US), Olympus Corporation (Japan), MISTRAS Group (US), Intertek (UK), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmbH (Germany), Acuren (US), and LynX Inspection (Canada). A few strategies adopted by these players to compete in the ultrasonic testing market include product launches and development, partnerships, and mergers and acquisition.

Scope of the Report:

Report Metrics

Details

Market size available for years

2017–2026

Base year

2020

Forecast period

2021–2026

Units

Value (USD Million/ Billion),

Segments covered

Types, Equipment, Services, verticals, and geography

Region covered

North America, Europe, APAC, and RoW

Companies covered

Baker Hughes (US), Olympus Corporation (Japan), MISTRAS Group (US),Intertek(UK), Amerapex Corporation(US), and Ashtead Technology (Scotland), Sonotron NDT(Israel), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Eddyfi (Canada), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmbH (Germany), Acuren (US), and LynX Inspection (Canada) among others.

This report categorizes the ultrasonic testing market based on the type, applications, equipment, and region.

By Type

  • Time-of-flight diffraction
  • Phased array
  • Immersion testing
  • Guided wave
  • Acoustography
  • Others

Equipment

  • Flaw detectors
  • Thickness gauges
  • Transducers and probes
  • Industrial scanners
  • Tube inspection systems
  • Bond testers
  • Imaging systems
  • Others

Services

  • Inspection Services
  • Training Services
  • Equipment Rental Services
  • Calibration services

Vertical

  • Manufacturing
  • Oil & Gas
  • Aerospace
  • Government Infrastructure
  • Automotive
  • Power Generation
  • Marine
  • Others

Geography

  • North America
    • Us
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Rest of Europe (includes Switzerland, Russia, the Netherlands, and Belgium)
  • APAC
    • China
    • Japan
    • India
    • Rest of APAC (Includes Australia, South Korea, Thailand, and countries in Southeast Asia)
  • RoW
    • South America
    • Middle East
    • Africa

Recent Developments

  • In December 2020, Walgate Technologies, a Baker Hughes business and an industry leader in inspection solutions, introduced Phoenix Powerlscan HE solution, its first high-energy computed tomography system.
  • In September 2019, MISTRAS Group acquired New Century Software (US), a leading provider of pipeline integrity management software and services to energy transportation companies.
  • In June 2019, Olympus Corporation launched the DSX1000 digital microscope, which significantly improves the inspection workflow of users and enables the analysis of a wide variety of samples with a single tool.
  • In May 2018, Olympus introduced the IPLEX G Lite ultra-portable industrial videoscope, which is useful for inspecting hard-to-reach areas of aircraft and piping. The device is highly efficient and easy to control.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 29)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 MARKET SEGMENTATION
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 35)
    2.1 RESEARCH DATA
           FIGURE 2 ULTRASONIC TESTING MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Key industry insights
                    2.1.2.3 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market size using bottom-up approach (demand side)
                               FIGURE 3 BOTTOM-UP APPROACH
                               FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH (SUPPLY SIDE)
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for arriving at market size by top-down analysis (supply side)
                               FIGURE 5 TOP-DOWN APPROACH
                               FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH (DEMAND SIDE)
    2.3 MARKET BREAKDOWN & DATA TRIANGULATION
           FIGURE 7 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 44)
    TABLE 1 ULTRASONIC TESTING MARKET, 2017-2026 (THOUSAND UNITS)
    FIGURE 8 ULTRASONIC TESTING MARKET SIZE, 2017–2026 (USD MILLION)
    TABLE 2 PRE- AND POST-COVID-19 IMPACT ANALYSIS FOR ULTRASONIC TESTING MARKET, 2017–2025 (USD MILLION)
    FIGURE 9 PHASED ARRAY TECHNIQUE IS EXPECTED TO DOMINATE ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
    FIGURE 10 ULTRASONIC TESTING MARKET, BY SERVICE (2021 VS. 2026)
    FIGURE 11 POWER GENERATION VERTICAL TO EXHIBIT HIGHEST GROWTH BETWEEN 2021 AND 2026
    FIGURE 12 NORTH AMERICA HELD LARGEST SHARE OF ULTRASONIC TESTING MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 49)
    4.1 LUCRATIVE OPPORTUNITIES IN ULTRASONIC TESTING MARKET
           FIGURE 13 POWER GENERATION SECTOR TO DRIVE ULTRASONIC TESTING MARKET FROM 2021 TO 2026
    4.2 ULTRASONIC TESTING MARKET, BY SERVICE
           FIGURE 14 INSPECTION SERVICES TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD
    4.3 ULTRASONIC TESTING MARKET, BY EQUIPMENT AND REGION
           FIGURE 15 FLAW DETECTORS AND NORTH AMERICA HELD LARGEST SHARE OF ULTRASONIC TESTING EQUIPMENT MARKET IN 2020
    4.4 ULTRASONIC TESTING MARKET, BY TYPE
           FIGURE 16 PHASED ARRAY METHOD TO GROW AT HIGHEST RATE IN ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
    4.5 ULTRASONIC TESTING MARKET, BY REGION
           FIGURE 17 ULTRASONIC TESTING MARKET IN APAC TO GROW AT HIGHEST RATE DURING FORECAST PERIOD
    4.6 MARKET GROWTH RATE OF MAJOR COUNTRIES, 2021–2026
           FIGURE 18 MEXICAN ULTRASONIC TESTING MARKET TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 52)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 19 ULTRASONIC TESTING MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Development of portable phased array ultrasonic testing equipment
                    5.2.1.2 Need for reliable non-destructive testing technique for fiberglass and carbon fiber composites in manufacturing
                    5.2.1.3 Growth in ultrasonic testing market services
                    5.2.1.4 Government mandates regarding employee safety and stringent quality control requirements
                    5.2.1.5 Maintenance needs of aging infrastructure
           5.2.2 RESTRAINTS
                    5.2.2.1 Limitations of manual ultrasonic testing in detecting early stages of damage
                    5.2.2.2 High cost of automated ultrasonic testing equipment
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing infrastructure development in emerging economies
                    5.2.3.2 Opportunities in power generation sector
           5.2.4 CHALLENGES
                    5.2.4.1 Decreasing oil and gas prices
                    5.2.4.2 Lack of skilled technicians
    5.3 AVERAGE SELLING PRICE ANALYSIS
           FIGURE 20 AVERAGE SELLING PRICE OF ULTRASONIC TESTING EQUIPMENT
           FIGURE 21 AVERAGE SELLING PRICE, BY NDT TECHNOLOGY
    5.4 LEADING ASSOCIATIONS, REGULATIONS, AND STANDARDS
           5.4.1 THE AMERICAN SOCIETY FOR NON-DESTRUCTIVE TESTING
           5.4.2 THE BRITISH INSTITUTE OF NON-DESTRUCTIVE TESTING
           5.4.3 ASTM INTERNATIONAL
    5.5 TARIFFS
           TABLE 3 MFN TARIFFS FOR PARTS AND ACCESSORIES OF APPLIANCES USED FOR TESTING MECHANICAL PROPERTIES EXPORTED BY US
           TABLE 4 MFN TARIFFS ON PARTS AND ACCESSORIES OF APPLIANCES USED FOR TESTING MECHANICAL PROPERTIES IMPORTED FROM CHINA
           5.5.1 NEGATIVE IMPACT OF TARIFFS ON ULTRASONIC TESTING MARKET
           5.5.2 POSITIVE IMPACT OF TARIFFS ON ULTRASONIC TESTING MARKET
    5.6 CASE STUDIES
           5.6.1 EVALUATION OF CRACKS IN PETROLEUM PIPELINE
           5.6.2 IMAGE DATA PROCESSING IN AUTOMATED ULTRASONIC TESTING
    5.7 PORTER’S FIVE FORCES ANALYSIS
           TABLE 5 ULTRASONIC TESTING MARKET: PORTER’S FIVE FORCES ANALYSIS (2020)
           5.7.1 THREAT OF NEW ENTRANTS
           5.7.2 THREAT OF SUBSTITUTES
           5.7.3 BARGAINING POWER OF SUPPLIERS
           5.7.4 BARGAINING POWER OF BUYERS
           5.7.5 INTENSITY OF COMPETITIVE RIVALRY

6 INDUSTRY TRENDS (Page No. - 68)
    6.1 INTRODUCTION
    6.2 VALUE CHAIN ANALYSIS
           FIGURE 22 VALUE CHAIN ANALYSIS: ULTRASONIC TESTING MARKET – MAJOR VALUE IS ADDED DURING MANUFACTURING AND ASSEMBLY PHASES
           6.2.1 CORE INDUSTRY SEGMENTS
                    6.2.1.1 Raw material providers
                    6.2.1.2 Component manufacturers
                    6.2.1.3 Assemblers
                    6.2.1.4 Sales and distribution and equipment services
                    6.2.1.5 End-use applications
    6.3 KEY INDUSTRY TRENDS IN ULTRASONIC TESTING MARKET
    6.4 PATENT ANALYSIS
           TABLE 6 IMPORTANT INNOVATIONS AND PATENTS REGISTRATION
    6.5 ECOSYSTEM/MARKET MAP
           FIGURE 23 ULTRASONIC TESTING MARKET ECOSYSTEM
           TABLE 7 ECOSYSTEM OF ULTRASONIC TESTING MARKET
    6.6 TRADE ANALYSIS
           6.6.1 IMPORT SCENARIO
                    FIGURE 24 IMPORT DATA OF APPLIANCES USED FOR TESTING MECHANICAL PROPERTIES FOR TOP 5 COUNTRIES, 2016–2020 (THOUSAND UNITS)
           6.6.2 EXPORTS SCENARIO
                    FIGURE 25 EXPORT DATA OF APPLIANCES USED FOR TESTING MECHANICAL PROPERTIES, 2016–2020 (THOUSAND UNITS)
    6.7 TECHNOLOGY ANALYSIS
           6.7.1 KEY TECHNOLOGIES
                    6.7.1.1 Electromagnetic acoustic transducer (EMAT) technique
                    6.7.1.2 Long-range ultrasonic technique (LRUT)
           6.7.2 COMPLEMENTARY TECHNOLOGIES
                    6.7.2.1 Dynamic thermography
                    6.7.2.2 Air-coupled ultrasound
           6.7.3 ADJACENT TECHNOLOGIES
                    6.7.3.1 Positive metal identification technique
                    6.7.3.2 Dynamic interferometry

7 ULTRASONIC TESTING MARKET, BY TYPE (Page No. - 78)
    7.1 INTRODUCTION
           FIGURE 26 ULTRASONIC TESTING MARKET, BY TYPE
           TABLE 8 ULTRASONIC TESTING MARKET, BY TYPE, 2017–2020 (USD MILLION)
           TABLE 9 ULTRASONIC TESTING MARKET, BY TYPE, 2021–2026 (USD MILLION)
           FIGURE 27 PHASED ARRAY IS EXPECTED TO DOMINATE ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
    7.2 PHASED ARRAY
           7.2.1 FASTER ADOPTION RATE DUE TO HIGHER ACCURACY AND MINIMAL TIME CONSUMPTION IN INSPECTION AND DEFECT DETECTION
    7.3 TIME-OF-FLIGHT DIFFRACTION
           7.3.1 HIGH PRECISION WITH MINIMAL FAILURE RISK IS DRIVING TOFD SEGMENT
    7.4 IMMERSION TESTING
           7.4.1 CAPABILITY OF DETECTING SMALL DEFECTS IS DRIVING ADOPTION OF IMMERSION TESTING IN INDUSTRIAL AND MANUFACTURING SECTORS
    7.5 GUIDED WAVE TESTING
           7.5.1 HIGH ADOPTION RATE DUE TO LONG RANGE INSPECTION AND MONITORING CAPABILITIES
    7.6 ACOUSTOGRAPHY
           7.6.1 ULTRASONIC AREA INSPECTION TECHNIQUE IS ADOPTED FOR SINGLE-SIDE INSPECTION FOR IMAGING PROCESS
    7.7 OTHERS

8 ULTRASONIC TESTING MARKET, BY EQUIPMENT (Page No. - 84)
    8.1 INTRODUCTION
           FIGURE 28 ULTRASONIC TESTING MARKET, BY EQUIPMENT
           TABLE 10 ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2017–2020 (USD MILLION)
           TABLE 11 ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2021–2026 (USD MILLION)
           TABLE 12 ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY REGION,  2017–2020 (USD MILLION)
           TABLE 13 ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY REGION, 2021–2026 (USD MILLION)
           FIGURE 29 FLAW DETECTORS TO DOMINATE ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
    8.2 FLAW DETECTORS
           8.2.1 UNIQUE IDENTIFICATION CAPABILITIES OF DISCONTINUITIES HAS INCREASED ADOPTION RATE OF FLAW DETECTORS IN DIVERSE VERTICALS
                    TABLE 14 ULTRASONIC TESTING MARKET FOR FLAW DETECTORS, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 15 ULTRASONIC TESTING MARKET FOR FLAW DETECTORS, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 16 ULTRASONIC TESTING MARKET FOR FLAW DETECTORS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 17 ULTRASONIC TESTING MARKET FOR FLAW DETECTORS, BY REGION, 2021–2026 (USD MILLION)
                    FIGURE 30 ULTRASONIC FLAW DETECTORS MARKET EXPECTED TO GROW AT HIGHEST CAGR IN APAC BETWEEN 2021 AND 2026
    8.3 THICKNESS GAUGES
           8.3.1 MEASUREMENT PRECISION DRIVES ADOPTION OF THICKNESS GAUGES IN OIL & GAS AND POWER GENERATION VERTICALS
                    TABLE 18 ULTRASONIC TESTING MARKET FOR THICKNESS GAUGES, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 19 ULTRASONIC TESTING MARKET FOR THICKNESS GAUGES, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 20 ULTRASONIC TESTING MARKET FOR THICKNESS GAUGES, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 21 ULTRASONIC TESTING MARKET FOR THICKNESS GAUGES, BY REGION, 2021–2026 (USD MILLION)
    8.4 TRANSDUCERS AND PROBES
           8.4.1 CRITICAL INSPECTION CAPABILITIES ARE DRIVING ADOPTION OF TRANSDUCERS AND PROBES
                    TABLE 22 ULTRASONIC TESTING MARKET FOR TRANSDUCERS AND PROBES, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 23 ULTRASONIC TESTING MARKET FOR TRANSDUCERS AND PROBES, BY VERTICAL, 2021–2026 (USD MILLION)
                    FIGURE 31 POWER GENERATION EXPECTED TO DOMINATE ULTRASONIC TRANSDUCERS AND PROBES MARKET DURING FORECAST PERIOD
                    TABLE 24 ULTRASONIC TESTING MARKET SIZE FOR TRANSDUCERS AND PROBES, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 25 ULTRASONIC TESTING MARKET SIZE FOR TRANSDUCERS AND PROBES, BY REGION, 2021–2026 (USD MILLION)
    8.5 INDUSTRIAL SCANNERS
           8.5.1 LOW COST AND IMPROVED QUALITY AND PRECISION IN SCANNING RESULTS HAS INCREASED ADOPTION OF INDUSTRIAL SCANNERS
                    TABLE 26 ULTRASONIC TESTING MARKET SIZE FOR INDUSTRIAL SCANNERS, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 27 ULTRASONIC TESTING MARKET SIZE FOR INDUSTRIAL SCANNERS, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 28 ULTRASONIC TESTING MARKET SIZE FOR INDUSTRIAL SCANNERS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 29 ULTRASONIC TESTING MARKET SIZE FOR INDUSTRIAL SCANNERS, BY REGION, 2021–2026 (USD MILLION)
    8.6 TUBE INSPECTION SYSTEMS
           8.6.1 LARGE-SCALE ADOPTION IN POWER GENERATION VERTICAL DUE TO HIGH-PRECISION DETECTION OF DAMAGES SUCH AS CORROSION AND CRACKS
                    TABLE 30 ULTRASONIC TESTING MARKET FOR TUBE INSPECTION SYSTEMS, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 31 ULTRASONIC TESTING MARKET FOR TUBE INSPECTION SYSTEMS, BY VERTICAL, 2021–2026 (USD MILLION)
                    FIGURE 32 NORTH AMERICA TO DOMINATE ULTRASONIC MARKET FOR TUBE INSPECTION SYSTEMS DURING FORECAST PERIOD
                    TABLE 32 ULTRASONIC TESTING MARKET FOR TUBE INSPECTION SYSTEMS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 33 ULTRASONIC TESTING MARKET FOR TUBE INSPECTION SYSTEMS, BY REGION, 2021–2026 (USD MILLION)
    8.7 BOND TESTERS
           8.7.1 BOND TESTERS ARE BEING HIGHLY ADOPTED IN OIL & GAS AND AEROSPACE VERTICALS
                    TABLE 34 ULTRASONIC TESTING MARKET FOR BOND TESTERS, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 35 ULTRASONIC TESTING MARKET FOR BOND TESTERS, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 36 ULTRASONIC TESTING MARKET FOR BOND TESTERS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 37 ULTRASONIC TESTING MARKET FOR BOND TESTERS, BY REGION, 2021–2026 (USD MILLION)
    8.8 IMAGING SYSTEMS
           8.8.1 INCREASING ADOPTION RATE DUE TO QUALITY CONTROL AND PRECISE FLAW DETECTION CAPABILITIES
                    TABLE 38 ULTRASONIC TESTING MARKET FOR IMAGING SYSTEMS, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 39 ULTRASONIC TESTING MARKET FOR IMAGING SYSTEMS, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 40 ULTRASONIC TESTING MARKET FOR IMAGING SYSTEMS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 41 ULTRASONIC TESTING MARKET FOR IMAGING SYSTEMS, BY REGION, 2021–2026 (USD MILLION)
    8.9 OTHERS
           TABLE 42 ULTRASONIC TESTING MARKET FOR OTHER EQUIPMENT, BY VERTICAL, 2017–2020 (USD MILLION)
           TABLE 43 ULTRASONIC TESTING MARKET FOR OTHER EQUIPMENT, BY VERTICAL, 2021–2026 (USD MILLION)
           TABLE 44 ULTRASONIC TESTING MARKET FOR OTHER EQUIPMENT, BY REGION, 2017–2020 (USD MILLION)
           TABLE 45 ULTRASONIC TESTING MARKET FOR OTHER EQUIPMENT, BY REGION, 2021–2026 (USD MILLION)

9 ULTRASONIC TESTING MARKET, BY SERVICE (Page No. - 109)
    9.1 INTRODUCTION
           FIGURE 33 ULTRASONIC TESTING MARKET, BY SERVICE
           TABLE 46 ULTRASONIC TESTING MARKET, BY SERVICE, 2017–2020 (USD MILLION)
           TABLE 47 ULTRASONIC TESTING MARKET, BY SERVICE, 2021–2026 (USD MILLION)
           FIGURE 34 INSPECTION SERVICES TO DOMINATE ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
    9.2 INSPECTION SERVICES
           9.2.1 HIGH ADOPTION RATE DUE TO BETTER ACCURACY AND EFFICIENCY, FASTER INSPECTION, AND LOW COST
                    TABLE 48 ULTRASONIC TESTING MARKET FOR INSPECTION SERVICES, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 49 ULTRASONIC TESTING MARKET FOR INSPECTION SERVICES, BY VERTICAL, 2021–2026 (USD MILLION)
                    FIGURE 35 POWER GENERATION IS EXPECTED TO DOMINATE ULTRASONIC TESTING MARKET FOR INSPECTION SERVICES DURING FORECAST PERIOD
                    TABLE 50 ULTRASONIC TESTING MARKET FOR INSPECTION SERVICES, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 51 ULTRASONIC TESTING MARKET FOR INSPECTION SERVICES, BY REGION, 2021–2026 (USD MILLION)
    9.3 EQUIPMENT RENTAL SERVICES
           9.3.1 LOW COST AND APPROPRIATE AVAILABILITY AS PER NEED ARE DRIVING DEMAND FOR EQUIPMENT RENTAL SERVICES
                    TABLE 52 ULTRASONIC TESTING MARKET FOR EQUIPMENT RENTAL SERVICES, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 53 ULTRASONIC TESTING MARKET FOR EQUIPMENT RENTAL SERVICES, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 54 ULTRASONIC TESTING MARKET FOR EQUIPMENT RENTAL SERVICES, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 55 ULTRASONIC TESTING MARKET FOR EQUIPMENT RENTAL SERVICES, BY REGION, 2021–2026 (USD MILLION)
    9.4 CALIBRATION SERVICES
           9.4.1 INCREASING ADOPTION DUE TO ACCURACY IN MEASUREMENT BY REDUCING UNCERTAINTIES IN TESTING EQUIPMENT
                    TABLE 56 ULTRASONIC TESTING MARKET FOR CALIBRATION SERVICES, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 57 ULTRASONIC TESTING MARKET FOR CALIBRATION SERVICES, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 58 ULTRASONIC TESTING MARKET FOR CALIBRATION SERVICES, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 59 ULTRASONIC TESTING MARKET FOR CALIBRATION SERVICES, BY REGION, 2021–2026 (USD MILLION)
    9.5 TRAINING SERVICES
           9.5.1 GROWING DEMAND FOR ULTRASONIC TESTING EQUIPMENT AND SERVICES IS DRIVING NEED FOR TRAINING SERVICES IN APAC AND NORTH AMERICAN REGIONS
                    TABLE 60 ULTRASONIC TESTING MARKET FOR TRAINING SERVICES, BY VERTICAL, 2017–2020 (USD MILLION)
                    TABLE 61 ULTRASONIC TESTING MARKET FOR TRAINING SERVICES, BY VERTICAL, 2021–2026 (USD MILLION)
                    TABLE 62 ULTRASONIC TESTING MARKET FOR TRAINING SERVICES, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 63 ULTRASONIC TESTING MARKET FOR TRAINING SERVICES, BY REGION, 2021–2026 (USD MILLION)
                    FIGURE 36 ULTRASONIC TESTING MARKET FOR TRAINING SERVICES EXPECTED TO GROW AT HIGHEST RATE IN APAC DURING FORECAST PERIOD

10 ULTRASONIC TESTING MARKET, BY VERTICAL (Page No. - 123)
     10.1 INTRODUCTION
               FIGURE 37 ULTRASONIC TESTING MARKET, BY VERTICAL
               TABLE 64 ULTRASONIC TESTING MARKET, BY VERTICAL, 2017–2020 (USD MILLION)
               TABLE 65 ULTRASONIC TESTING MARKET, BY VERTICAL, 2021–2026 (USD MILLION)
               FIGURE 38 POWER GENERATION EXPECTED TO GROW AT HIGHEST RATE AND DOMINATE ULTRASONIC TESTING MARKET BY 2026
               TABLE 66 ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL, 2017–2020 (USD MILLION)
               TABLE 67 ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL, 2021–2026 (USD MILLION)
               TABLE 68 ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL, 2017–2020 (USD MILLION)
               TABLE 69 ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL, 2021–2026 (USD MILLION)
     10.2 MANUFACTURING
             10.2.1 INCREASE IN ADOPTION RATE DUE TO NEED FOR MONITORING, INSPECTION, AND QUALITY CONTROL OF MATERIALS
                       TABLE 70 ULTRASONIC TESTING MARKET FOR MANUFACTURING VERTICAL, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 71 ULTRASONIC TESTING MARKET FOR MANUFACTURING VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 72 ULTRASONIC TESTING MARKET FOR MANUFACTURING VERTICAL, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 73 ULTRASONIC TESTING MARKET FOR MANUFACTURING VERTICAL, BY SERVICE, 2021–2026 (USD MILLION)
     10.3 OIL & GAS
             10.3.1 NEED FOR PRECISION, RELIABILITY, SAFETY, AND IMPROVED UTILIZATION OF MATERIALS LED TO HIGH ADOPTION RATE IN OIL & GAS VERTICAL
             10.3.2 REFINING
             10.3.3 SUBSEA PIPELINES
             10.3.4 STORAGE TANKS
                       TABLE 74 ULTRASONIC TESTING MARKET FOR OIL & GAS VERTICAL, BY EQUIPMENT, 2017–2026 (USD MILLION)
                       TABLE 75 ULTRASONIC TESTING MARKET FOR OIL & GAS VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       FIGURE 39 ULTRASONIC FLAW DETECTORS TO HOLD LARGEST SIZE IN OIL & GAS VERTICAL DURING FORECAST PERIOD
                       TABLE 76 ULTRASONIC TESTING MARKET FOR OIL & GAS VERTICAL, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 77 ULTRASONIC TESTING MARKET FOR OIL & GAS VERTICAL, BY SERVICE, 2021–2026 (USD MILLION)
     10.4 AEROSPACE
             10.4.1 NEED FOR HIGH PRECISION, INCREASED SAFETY, AND QUALITY ASSURANCE AUGMENT ADOPTION OF ULTRASONIC TESTING EQUIPMENT IN AEROSPACE VERTICAL
             10.4.2 AIRCRAFT ENGINE PART PRODUCTION TO BE KEY APPLICATION AREA OF ULTRASONIC TESTING
             10.4.3 AIRPLANE MAINTENANCE APPLICATIONS
                       TABLE 78 ULTRASONIC TESTING MARKET FOR AEROSPACE VERTICAL, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 79 ULTRASONIC TESTING MARKET FOR AEROSPACE VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 80 ULTRASONIC TESTING MARKET FOR AEROSPACE VERTICAL, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 81 ULTRASONIC TESTING MARKET FOR AEROSPACE VERTICAL, BY SERVICE, 2021–2026 (USD MILLION)
     10.5 GOVERNMENT INFRASTRUCTURE
             10.5.1 RISING DEMAND FOR INFRASTRUCTURE DEVELOPMENT HAS LED TO INCREASE IN ADOPTION OF ULTRASONIC TESTING EQUIPMENT AND SERVICES
             10.5.2 MILITARY & DEFENSE
             10.5.3 RAILWAYS INDUSTRY
             10.5.4 BRIDGES AND TUNNELS
                       TABLE 82 ULTRASONIC TESTING MARKET FOR GOVERNMENT INFRASTRUCTURE VERTICAL, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 83 ULTRASONIC TESTING MARKET FOR GOVERNMENT INFRASTRUCTURE VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 84 ULTRASONIC TESTING MARKET FOR GOVERNMENT INFRASTRUCTURE VERTICAL, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 85 ULTRASONIC TESTING MARKET FOR GOVERNMENT INFRASTRUCTURE VERTICAL, BY SERVICE, 2021–2026 (USD MILLION)
     10.6 AUTOMOTIVE
             10.6.1 ULTRASONIC TESTING EQUIPMENT DETECT FLAWS AND CORROSION IN LARGE AUTOMOTIVE COMPONENTS
                       TABLE 86 ULTRASONIC TESTING MARKET FOR AUTOMOTIVE VERTICAL, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 87 ULTRASONIC TESTING MARKET FOR AUTOMOTIVE VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 88 ULTRASONIC TESTING MARKET FOR AUTOMOTIVE VERTICAL, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 89 ULTRASONIC TESTING MARKET FOR AUTOMOTIVE VERTICAL, BY SERVICE, 2021–2026 (USD MILLION)
     10.7 POWER GENERATION
             10.7.1 RISING DEMAND FOR ENERGY HAS LED TO INCREASED USE OF ULTRASONIC TESTING EQUIPMENT AND SERVICES IN POWER PLANTS
             10.7.2 NUCLEAR POWER DRIVES GROWTH OF ULTRASONIC TESTING IN POWER GENERATION
             10.7.3 RENEWABLE ENERGY
             10.7.4 FOSSIL FUEL ENERGY
                       TABLE 90 ULTRASONIC TESTING MARKET FOR POWER GENERATION VERTICAL, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 91 ULTRASONIC TESTING MARKET FOR POWER GENERATION VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 92 ULTRASONIC TESTING MARKET FOR POWER GENERATION VERTICAL, BY SERVICE 2017–2020 (USD MILLION)
                       TABLE 93 ULTRASONIC TESTING MARKET FOR POWER GENERATION VERTICAL,  BY SERVICE 2021–2026 (USD MILLION)
                       FIGURE 40 INSPECTION SERVICES TO HOLD LARGEST SIZE IN ULTRASONIC TESTING MARKET FOR POWER GENERATION VERTICAL DURING FORECAST PERIOD
     10.8 MARINE
             10.8.1 ULTRASONIC INSPECTION SERVICES ARE USED IN MARINE SECTOR TO ENSURE INTEGRITY OF SHIPS AND THEIR COMPONENTS
                       TABLE 94 ULTRASONIC TESTING MARKET FOR MARINE VERTICAL, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 95 ULTRASONIC TESTING MARKET FOR MARINE VERTICAL, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 96 ULTRASONIC TESTING MARKET SIZE FOR MARINE VERTICAL, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 97 ULTRASONIC TESTING MARKET SIZE FOR MARINE VERTICAL, BY SERVICE, 2021–2026 (USD MILLION)
     10.9 OTHERS
             10.9.1 HEALTHCARE
             10.9.2 PLASTICS AND POLYMERS
                       TABLE 98 ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 99 ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 100 ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 101 ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY SERVICE, 2021–2026 (USD MILLION)

11 GEOGRAPHIC ANALYSIS (Page No. - 152)
     11.1 INTRODUCTION
               FIGURE 41 ULTRASONIC TESTING MARKET, BY COUNTRY
               TABLE 102 ULTRASONIC TESTING MARKET, BY REGION, 2017–2020 (USD MILLION)
               TABLE 103 ULTRASONIC TESTING MARKET, BY REGION, 2021–2026 (USD MILLION)
               TABLE 104 ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY REGION, 2017–2020 (USD MILLION)
               TABLE 105 ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY REGION,  2021–2026 (USD MILLION)
               TABLE 106 ULTRASONIC TESTING MARKET FOR SERVICES, BY REGION, 2017–2020 (USD MILLION)
               TABLE 107 ULTRASONIC TESTING MARKET FOR SERVICES, BY REGION, 2021–2026 (USD MILLION)
     11.2 NORTH AMERICA
             11.2.1 DEMAND FROM GOVERNMENT INFRASTRUCTURE AND MANUFACTURING VERTICALS DRIVES ULTRASONIC TESTING EQUIPMENT AND SERVICES MARKET
                       FIGURE 42 SNAPSHOT OF ULTRASONIC TESTING MARKET IN NORTH AMERICA
                       TABLE 108 ULTRASONIC TESTING MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
                       TABLE 109 ULTRASONIC TESTING MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
                       TABLE 110 ULTRASONIC TESTING MARKET IN NORTH AMERICA, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 111 ULTRASONIC TESTING MARKET IN NORTH AMERICA, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 112 ULTRASONIC TESTING MARKET IN NORTH AMERICA, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 113 ULTRASONIC TESTING MARKET IN NORTH AMERICA, BY SERVICE, 2021–2026 (USD MILLION)
                       FIGURE 43 INSPECTION SERVICES TO DOMINATE NORTH AMERICAN ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
             11.2.2 US
                       11.2.2.1 US to hold largest share of ultrasonic testing market in North America by 2026
             11.2.3 CANADA
                       11.2.3.1 Growing demand for advanced materials testing to drive ultrasonic testing market in Canada
             11.2.4 MEXICO
                       11.2.4.1 Mexican ultrasonic testing market to grow at highest CAGR in North America during forecast period
     11.3 EUROPE
             11.3.1 RAPID INFRASTRUCTURAL DEVELOPMENT TO DRIVE ULTRASONIC EQUIPMENT AND SERVICES MARKET IN EUROPE
                       FIGURE 44 SNAPSHOT OF ULTRASONIC TESTING MARKET IN EUROPE
                       TABLE 114 ULTRASONIC TESTING MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
                       TABLE 115 ULTRASONIC TESTING MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
                       TABLE 116 ULTRASONIC TESTING MARKET IN EUROPE, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 117 ULTRASONIC TESTING MARKET IN EUROPE, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       FIGURE 45 TUBE INSPECTION SYSTEMS TO GROW AT HIGHEST RATE IN EUROPEAN ULTRASONIC TESTING MARKET DURING FORECAST PERIOD
                       TABLE 118 ULTRASONIC TESTING MARKET IN EUROPE, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 119 ULTRASONIC TESTING MARKET IN EUROPE, BY SERVICE, 2021–2026 (USD MILLION)
             11.3.2 UK
                       11.3.2.1 Growing aerospace and power generation sector to drive ultrasonic testing market
             11.3.3 GERMANY
                       11.3.3.1 Growing applications in aerospace & defense vertical to drive of ultrasonic testing market in Germany
             11.3.4 FRANCE
                       11.3.4.1 Growing automobile vertical to drive ultrasonic testing market in France
             11.3.5 ITALY
                       11.3.5.1 Increasing oil refining capabilities of Italy to drive ultrasonic testing market
             11.3.6 REST OF EUROPE
     11.4 ASIA PACIFIC
             11.4.1 CHINA TO DOMINATE ULTRASONIC TESTING MARKET IN APAC DUE TO INCREASED DEMAND FROM MANUFACTURING AND OIL & GAS VERTICALS
                       FIGURE 46 SNAPSHOT OF ULTRASONIC TESTING MARKET IN APAC
                       TABLE 120 ULTRASONIC TESTING MARKET IN APAC, BY COUNTRY, 2017–2020 (USD MILLION)
                       TABLE 121 ULTRASONIC TESTING MARKET IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
                       TABLE 122 ULTRASONIC TESTING MARKET IN APAC, BY EQUIPMENT, 2017–2020 (USD MILLION)
                       TABLE 123 ULTRASONIC TESTING MARKET IN APAC, BY EQUIPMENT, 2021–2026 (USD MILLION)
                       TABLE 124 ULTRASONIC TESTING MARKET IN APAC, BY SERVICE, 2017–2020 (USD MILLION)
                       TABLE 125 ULTRASONIC TESTING MARKET IN APAC, BY SERVICE, 2021–2026 (USD MILLION)
             11.4.2 CHINA
                       11.4.2.1 China accounts for largest share of ultrasonic testing market in APAC
             11.4.3 JAPAN
                       11.4.3.1 Growth in nuclear power generation vertical in Japan to drive ultrasonic testing market
             11.4.4 INDIA
                       11.4.4.1 Growth in domestic manufacturing industry to encourage demand for ultrasonic testing equipment and inspection services
             11.4.5 REST OF APAC
     11.5 REST OF THE WORLD
               FIGURE 47 ROW: ULTRASONIC TESTING MARKET, 2021 VS. 2026
               TABLE 126 ULTRASONIC TESTING MARKET IN ROW, BY REGION, 2017–2020 (USD MILLION)
               TABLE 127 ULTRASONIC TESTING MARKET IN ROW, BY REGION, 2021–2026 (USD MILLION)
               TABLE 128 ULTRASONIC TESTING MARKET IN ROW, BY EQUIPMENT, 2017–2020 (USD MILLION)
               TABLE 129 ULTRASONIC TESTING MARKET IN ROW, BY EQUIPMENT, 2021–2026 (USD MILLION)
               TABLE 130 ULTRASONIC TESTING MARKET IN ROW, BY SERVICE, 2017–2020 (USD MILLION)
               TABLE 131 ULTRASONIC TESTING MARKET IN ROW, BY SERVICE, 2021–2026 (USD MILLION)
             11.5.1 SOUTH AMERICA
                       11.5.1.1 Oil & gas and power generation industries to drive demand for ultrasonic testing equipment and services in South America
             11.5.2 MIDDLE EAST
                       11.5.2.1 Growing investments in infrastructure and oil & gas sectors to drive ultrasonic testing market in Middle East
             11.5.3 AFRICA
                       11.5.3.1 Growth in marine vertical to drive African ultrasonic testing market

12 COMPETITIVE LANDSCAPE (Page No. - 178)
     12.1 OVERVIEW
     12.2 MARKET EVALUATION FRAMEWORK
               TABLE 132 OVERVIEW OF STRATEGIES DEPLOYED BY PLAYERS IN ULTRASONIC TESTING MARKET
             12.2.1 PRODUCT PORTFOLIO
             12.2.2 REGIONAL FOCUS
             12.2.3 MANUFACTURING FOOTPRINT
             12.2.4 ORGANIC/INORGANIC PLAY
     12.3 MARKET SHARE ANALYSIS, 2020
               TABLE 133 ULTRASONIC TESTING MARKET: MARKET SHARE ANALYSIS, 2020
     12.4 REVENUE ANALYSIS OF TOP 4 PLAYERS IN ULTRASONIC TESTING MARKET
               FIGURE 48 FIVE-YEAR REVENUE ANALYSIS OF TOP FOUR PLAYERS IN ULTRASONIC TESTING MARKET
     12.5 COMPANY EVALUATION QUADRANT
             12.5.1 STAR
             12.5.2 EMERGING LEADER
             12.5.3 PERVASIVE
             12.5.4 PARTICIPANT
                       FIGURE 49 ULTRASONIC TESTING MARKET: COMPANY EVALUATION QUADRANT, 2020
     12.6 STARTUP/SME EVALUATION MATRIX
               TABLE 134 LIST OF STARTUPS IN ULTRASONIC TESTING MARKET
             12.6.1 PROGRESSIVE COMPANIES
             12.6.2 RESPONSIVE COMPANIES
             12.6.3 DYNAMIC COMPANIES
             12.6.4 STARTING BLOCKS
                       FIGURE 50 ULTRASONIC TESTING MARKET: STARTUP/SME EVALUATION MATRIX, 2020
     12.7 COMPANY FOOTPRINT
               TABLE 135 COMPANY FOOTPRINT
               TABLE 136 EQUIPMENT TYPE FOOTPRINT OF COMPANIES
               TABLE 137 VERTICAL FOOTPRINT OF COMPANIES
               TABLE 138 REGIONAL FOOTPRINT OF COMPANIES
     12.8 COMPETITIVE SITUATION & TRENDS
               FIGURE 51 STRATEGIES ADOPTED BY KEY PLAYERS FROM JANUARY 2018 TO NOVEMBER 2020
             12.8.1 PRODUCT LAUNCHES & DEVELOPMENTS
                       TABLE 139 ULTRASONIC TESTING MARKET: PRODUCT LAUNCHES, JANUARY 2017– DECEMBER 2020
             12.8.2 DEALS
                       TABLE 140 ULTRASONIC TESTING MARKET: DEALS, JANUARY 2017–NOVEMBER 2020
             12.8.3 OTHERS
                       TABLE 141 ULTRASONIC TESTING MARKET: OTHERS, JANUARY 2017–DECEMBER 2020

13 COMPANY PROFILES (Page No. - 194)
(Business Overview, Products Offered, Recent Developments, COVID-19-related Development, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
     13.1 KEY PLAYERS
             13.1.1 MISTRAS GROUP
                       TABLE 142 MISTRAS GROUP: BUSINESS OVERVIEW
                       FIGURE 52 MISTRAS GROUP: COMPANY SNAPSHOT
             13.1.2 OLYMPUS CORPORATION
                       TABLE 143 OLYMPUS CORPORATION: BUSINESS OVERVIEW
                       FIGURE 53 OLYMPUS CORPORATION: COMPANY SNAPSHOT
             13.1.3 BAKER HUGHES (A SUBSIDIARY OF GE COMPANY)
                       TABLE 144 BAKER HUGHES: BUSINESS OVERVIEW
                       FIGURE 54 BAKER HUGHES: COMPANY SNAPSHOT
             13.1.4 INTERTEK
                       TABLE 145 INTERTEK: BUSINESS OVERVIEW
             13.1.5 SONATEST LTD
                       TABLE 146 SONATEST LTD: BUSINESS OVERVIEW
             13.1.6 AMERAPEX CORPORATION
                       TABLE 147 AMERAPEX CORPORATION: BUSINESS OVERVIEW
             13.1.7 SONOTRON NDT
                       TABLE 148 SONOTRON NDT: BUSINESS OVERVIEW
             13.1.8 TECSCAN SYSTEMS INC
                       TABLE 149 TECSCAN SYSTEMS INC: BUSINESS OVERVIEW
             13.1.9 ASHTEAD TECHNOLOGY
                       TABLE 150 ASHTEAD TECHNOLOGY: BUSINESS OVERVIEW
             13.1.10 NDT SYSTEMS INC
                       TABLE 151 TABLE: NDT SYSTEMS INC: BUSINESS OVERVIEW
             13.1.11 EDDYFI
                        TABLE 152 EDDYFI: BUSINESS OVERVIEW
             13.1.12 APPLIED TECHNICAL SERVICES INC
                        TABLE 153 APPLIED TECHNICAL SERVICES INC: BUSINESS OVERVIEW
     13.2 OTHER KEY PLAYERS
             13.2.1 NDT GLOBAL GMBH LTD & CO.KG
             13.2.2 TD WILLIAMSON INC
             13.2.3 LABQUIP NDT LIMITED
             13.2.4 IPROMAR PTE LIMITED
             13.2.5 FPRIMEC SOLUTIONS INC
             13.2.6 CYGNUS INSTRUMENTS LTD
             13.2.7 ACUREN INSPECTION INC
             13.2.8 DEKRA
             13.2.9 ELEMENT MATERIALS TECHNOLOGY
             13.2.10 FISCHER TECHNOLOGY INC
             13.2.11 LYNX INSPECTION
             13.2.12 CARESTREAM
             13.2.13 ZETEC INC

*Details on Business Overview, Products Offered, Recent Developments, COVID-19-related Development, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 253)
     14.1 INSIGHTS OF INDUSTRY EXPERTS
     14.2 DISCUSSION GUIDE
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     14.4 AVAILABLE CUSTOMIZATIONS
     14.5 RELATED REPORTS
     14.6 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the ultrasonic testing market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to evaluate segment and subsegment market size.

Secondary Research

In the secondary research process, various secondary sources have been referred to identify and collect information important for this study. Secondary sources include corporate filings (such as annual reports, press releases, investor presentations, and financial statements); trade, business, and professional associations such as the America Society for Nondestructive Testing (ASNT) and British Institute of Non-Destructive Testing (BINDT); white papers, location-based marketing-related journals, certified publications, and articles from recognized authors; directories; and databases. Secondary research has been used to obtain key information about the industry’s supply chain, the market’s monetary chain, the total pool of key players; market segmentation according to industry trends to the bottommost level, geographic markets, and key developments from both market and technology oriented perspectives. The secondary data has been collected and analyzed to arrive at the overall market size, further validated through primary research.

Primary Research

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include CEOs, vice presidents, marketing directors, technology and innovation directors, subject matter experts (SMEs), consultants & related key executives from major companies and organizations operating in the display market. Several primary interviews have been conducted with experts from both demand and supply sides across four major regions: North America, Europe, APAC, and RoW (Middle East, South America, and Africa). Approximately 25% of the primary interviews have been conducted with the demand side and 75% with the supply side. This primary data has been collected through questionnaires, e-mails, and telephonic interviews. Following is the breakdown of primary respondents.

Ultrasonic Testing Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been used, along with several data triangulation methods to perform market estimation and forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed on the complete market engineering process to list key information/insights. The research methodology used to estimate the market size includes the following:

  • Key players in major applications and markets have been identified through extensive secondary research.
  • In terms of value, the industry’s supply chain and market size have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size from the market size estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both demand-and supply-side. Along with this, the market has been validated using both top-down and bottom-up approaches.

Ultrasonic Testing Market Top-down Approach

Ultrasonic Testing Market  Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Report Objectives

  • To describe and forecast the ultrasonic testing market by type (in terms of value and volume) and by equipment, service, vertical, and geography (in terms of value)
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges pertaining to the ultrasonic testing market
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments in the ultrasonic testing market
  • To strategically profile key players and comprehensively analyze their market ranking in terms of revenue and core competencies
  • To provide a detailed overview of the ultrasonic testing value chain
  • To analyze strategic developments such as joint ventures, agreements, mergers and acquisitions, product launches and developments, partnerships, and collaborations in the ultrasonic testing market

Available customizations:

With the given market data, MarketsandMarkets offers customizations based on the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix that gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
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