Ultrasonic Testing Market Size, Share and Global Forecasts

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.

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.

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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.

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.