Feb 15, 2019   SOURCE: BusinessWire

Ultrasonic Testing Equipment - Worldwide Market Size & Forecast (2019-2023): Growing Demand for Ultrasonic Testing in Pipelines to Drive Growth - ResearchAndMarkets.com

The "Global Ultrasonic Testing Equipment Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.

The ultrasonic testing equipment market will register a CAGR of over 6% by 2023.

The reliability of power generation equipment is essential as the failure of systems might adversely affect the Mole power network infrastructure and pose serious safety risks. Ultrasonic testing is used for inspecting power generation infrastructures such as boilers, turbines, compressors, pipelines, tanks, and storage vessels. Power demand has been growing globally, both as a result of the rising population as well as industrialization.

The power generation industry's landscape is evolving with the introduction of new generation sources from the supply side and the addition of new types of loads from the demand side. These changes have increased the need for periodic maintenance of power generation assets. Ultrasonic testing as opposed to other testing methods can detect finer defects, thereby offering better inspection. Hence, with the rising need for power, both in the residential and industrial sectors, the demand for ultrasonic test equipment is also expected to grow.

Growing demand for ultrasonic testing in pipelines

Pipelines are one of the most important assets of the oil and gas midstream sector, connecting the upstream and downstream part. Their ability to transport high volumes makes them a popular choice for oil and gas transportation. However, pipeline design and maintenance are complex issues as pipelines operate under various operating environments and carry fluids such as crude oil, natural gas, refined products, and liquefied gases. They are highly prone to defects and corrosion as they carry different types of crude oils, which include corrosive fluids.

Surface limitations and need for skilled workforce

Ultrasonic testing is a technology that is gradually finding its use in different industrial applications. However, there are some limitations and drawbacks associated with the use of ultrasonic testing. One of the limitations of ultrasonic testing equipment is its non-suitability for all kinds of surfaces. Complex shapes or thin or irregular surfaces are not suitable for ultrasonic testing. Wood and paper products are not suitable for ultrasonic testing.

Competitive Landscape

The market appears to be moderately concentrated and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

Key Players

  • Eddyfi
  • General Electric
  • Olympus Corporation
  • Sonatest
  • SONOTEC Ultraschallsensorik Halle GmbH

Topics Covered

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

PART 04: MARKET SIZING

  • Market definition
  • Market sizing 2018
  • Market size and forecast 2018-2023

PART 05: FIVE FORCES ANALYSIS

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry

PART 06: MARKET SEGMENTATION BY END-USER

  • Comparison by end-user
  • Oil and gas - Market size and forecast 2018-2023
  • Power generation - Market size and forecast 2018-2023
  • Aerospace & defense - Market size and forecast 2018-2023
  • Automotive - Market size and forecast 2018-2023
  • Others - Market size and forecast 2018-2023
  • Market opportunity by end-user

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

  • Geographic comparison
  • North America - Market size and forecast 2018-2023
  • APAC - Market size and forecast 2018-2023
  • Europe - Market size and forecast 2018-2023
  • Middle East and Africa - Market size and forecast 2018-2023
  • South America - Market size and forecast 2018-2023
  • Key leading countries
  • Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

PART 11: MARKET TRENDS

PART 12: VENDOR LANDSCAPE

  • Overview
  • Landscape disruption
  • Competitive scenario

PART 13: VENDOR ANALYSIS

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Eddyfi
  • General Electric
  • Olympus Corporation
  • Sonatest
  • SONOTEC Ultraschallsensorik Halle GmbH

For more information about this report visit https://www.researchandmarkets.com/research/v4m3ml/ultrasonic?w=4