May 17, 2022   SOURCE: BusinessWire

Outlook on the Ultrasonic Testing Equipment Global Market to 2027 - Opportunities in Power Generation Sector - ResearchAndMarkets.com

The "Global Ultrasonic Testing Equipment Market (2022-2027) by Type, Equipment, Service, Vertical, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Ultrasonic Testing Equipment Market is estimated to be USD 1.27 Bn in 2022 and is projected to reach USD 1.81 Bn by 2027, growing at a CAGR of 7.34%.

Market dynamics are forces that impact the prices and behaviors of the Global Ultrasonic Testing Equipment Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Ultrasonic Testing Equipment Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses the Global Ultrasonic Testing Equipment Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, The analyst has devised suitable strategies for market growth.

Why buy this report?

  • The report offers a comprehensive evaluation of the Global Ultrasonic Testing Equipment Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
  • The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
  • The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
  • The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
  • The report also contains the competitive analysis using Positioning Quadrants, the analyst's Proprietary competitive positioning tool.

Market Dynamics

Drivers

  • Development of Portable Phased Array Ultrasonic Testing Equipment
  • Need for Reliable Non-Destructive Testing Technique for Fiberglass and Carbon Fiber Composites in Manufacturing
  • Growth in Ultrasonic Testing Market Services
  • Government Mandates Regarding Employee Safety and Stringent Quality Control Requirements

Restraints

  • Limitations of Manual Ultrasonic Testing in Detecting Early Stages of Damage
  • High Cost of Automated Ultrasonic Testing Equipment

Opportunities

  • Growing Infrastructure Development in Emerging Economies
  • Opportunities in Power Generation Sector

Challenges

  • Decreasing Oil and Gas Prices
  • Lack of Skilled Technicians

Market Segmentations

The Global Ultrasonic Testing Equipment Market is segmented based on Type, Equipment, Service, Vertical, and Geography.

  • By Type, the market is classified into Phased Array, Time-Of-Flight Diffraction, Immersion Testing, Guided Wave Testing, Acoustography, and Others.
  • By Equipment, the market is classified into Flaw Detectors, Thickness Gauges, Transducers And Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems, and Others.
  • By Service, the market is classified into Inspection Services, Equipment Rental Services, Calibration Services, and Training Services.
  • By Vertical, the market is classified into Manufacturing, Oil & Gas, Aerospace, Infrastructure, Automotive, Power Generation, and Others.
  • By Geography, the market is classified into Americas, Europe, Middle-East & Africa and Asia-Pacific.

Companies Mentioned

  • Acuren Inspection Inc
  • Amerapex Corp
  • Ametek Inc
  • Applied Technical Services Inc
  • Ashtead Technology
  • Baker Hughes Company
  • Cygnus Instruments Ltd
  • DEKRA SE
  • Eddyfi Technologies
  • FPrimeC Solutions Inc
  • Intertek Group plc
  • Labquip NDT Ltd
  • Mistras Group Inc
  • NDT Global GmbH & Co. KG
  • NDT Systems Inc
  • Olympus Corp
  • PCE Instruments UK Ltd
  • Russell Fraser Sales Pty Ltd
  • Sonatest Ltd
  • SONOTEC GmbH
  • Sonotron NDT
  • T. D. Williamson Inc
  • TecScan Systems Inc
  • Zeal International
  • Zetec Inc

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