The global ultrasonic testing market size is projected to reach USD 4.2 billion by 2026, at a compound annual growth rate (CAGR) of 7.1% during the forecast period. 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 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 growth. The high adoption of IoT devices and rising need to assess aging assets' health also propel the NDT and inspection market development.
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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.
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 share is facing a drop in its size in the present situation.
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