The global ultrasonic testing market size is expected to grow from USD 3.0 billion in 2021 to USD 4.2 billion by 2026; it is expected to grow at a CAGR of 7.1% during forecast period. Stringent government regulations regarding public safety & product quality and continuous advances in infrastructure, manufacturing, automation, and robotics are the key factors driving the ultrasonic testing markets growth. The high adoption of IoT devices and the rising need to assess the health of aging assets are the other factors propelling the growth of the ultrasonic testing market.
Major players in the ultrasonic testing market include Baker Hughes (US), Olympus Corporation(Japan), MISTRAS Group (US), Intertek (UK), Amerapex Corporation (US), Sonatest (UK), Sonotron NDT (Israel), Tecscan System Inc (Canada), (Italy), Eddyfi (Canada), Ashtead Technology (Scotland) and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada). These players have adopted various growth strategies, such as product launches, expansions, acquisition, collaborations, agreements, and partnerships to achieve growth in the ultrasonic testing from 2017 to 2020, which helped them to strengthen their product portfolio and broaden their customer base.
Baker Hughes (US) was the leading player in the ultrasonic testing market in 2020. The company focuses on product innovation and launches as its key business strategies to ensure its growth in the global ultrasonic testing market. The company also focuses on research and development (R&D). For instance, Baker Hughes launched Phoenix Powerlscan HE solution in December 2020. The solution is a high-energy computed tomography system that can scan and measure internal features of critical and high-density components and assemblies, and enables inspection of large dense parts at higher speed in a wide range of application areas. Also, the company focuses on other strategies, such as agreements and partnerships. Recently, the company signed various agreements to expand its network.
Olympus Corporation (Japan) was ranked second in the ultrasonic testing market in 2020. The company has a comprehensive range of products in the field of ultrasonic testing equipment and services. For instance, the company offers a wide range of product portfolio that includes ultrasonic flaw detectors and thickness gauges, videoscopes, borescopes, microscopes, in-line and advanced UT systems, and a large selection of industrial scanners, probes, software programs, and instrument accessories. To retain its position in the market, the company is focused on product launches and developments. For example, the company launched the IPLEX GAir long videoscope solution that enables high-quality, wide view images, and makes complex and long-distance inspections easy.
Intertek (UK) has been ranked third in the ultrasonic testing market. Intertek has been active in offering testing and certification services for more than a century and aims to ensure the quality and safety of products, processes, and systems The company has a comprehensive service portfolio to serve various verticals such as oil & gas, aerospace, power generation, automotive, rail, general engineering, fabrication, and infrastructure. The company’s performance is above average in terms of its technologically innovative products, highly innovative designs, and availability of various techniques that comprise acoustic emission, ultrasonic testing and visual inspection for ultrasonic testing applications.
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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
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