Ultrasonic Testing Market size was over USD 3.1 Billion in 2023 and is projected to reach USD 7.23 Billion by the end of 2036, growing at around 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ultrasonic testing is assessed at USD 3.4 Billion. There has been an increased usage of ultrasonic testing in the engineering industries to evaluate the properties of equipment, structures, components, and materials to prevent damage issues. Hence, the evaluation and analysis of the products in the end-user sector to reduce defects are driving market expansion.
Ultrasonic testing has various advantages, including the capacity to identify interior effects and the absence of radiation. This type of ultrasonic testing can also be utilized for evaluation or flaw discovery, high-speed rotating engine parts, material thickness, and dimensional measurement. The demand for quality control tools in the manufacturing industry to detect substance faults at an early stage to produce a finished product with better output is surging the demand for ultrasonic testing.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
7% |
|
Base Year Market Size (2023) |
USD 3.1 Billion |
|
Forecast Year Market Size (2036) |
USD 7.23 Billion |
|
Regional Scope |
|
Type (Time-Of-Flight Diffraction, Phased Array, Immersion Testing, Guided-Wave Testing, Acoustography)
The time-of-flight diffraction (TOFD) segment is projected to hold over 30% share of the global ultrasonic testing market in the coming years. The growing need for a non-destructive method of evaluation for the faults in industries using sound waves is predicted to fuel the market segment growth. The increasingly aged instruments and the rise in strict inspection rules to prevent leakages in the pipelines to minimize explosions in the chemical & nuclear refineries are poised to augment the market segment growth. Further, the growing number of oil and gas industries with rising demand from the automobile industry and power generation sector is also estimated to promote growth chances to the time-of-flight diffraction segment in the coming years.
Vertical (Manufacturing, Oil & Gas, Aerospace, Automotive, Public Infrastructure, Power Generation)
The manufacturing segment in the ultrasonic testing market is projected to register a noteworthy growth rate of 29% during the forecast period. The increasing application of ultrasonic testing methods to identify faults in machinery, equipment, and end-product of the production unit rises the market segment demand. The growing need to evaluate the old machinery and infrastructure of the manufacturing units and the increasing demand for goods and products with rising populations across the globe will drive the market segment growth. The increasing demand for hardware tools, devices, clothes, food, and many other daily products such as shoes, electronics, cars, and buses enhance the need for the manufacturing sector and in turn, rising the opportunity for the segment growth.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
Application |
|
|
Equipment |
|
|
Vertical |
|
North American Market Forecast
The North America ultrasonic testing market is set is account for around 30% of the revenue share by 2036. The increasing welding works in the region with the development of infrastructure is fueling the market size. The hike in the market growth is accounted for by the expansion of the aviation sector with growing tourists and migration of people for jobs, education, and other business purposes. The aviation of U.S. each day operates more than 20,000 flights with over 2 million passengers across 80 countries and over 60,000 tons of cargo across about 200 countries.
APAC Market Statistics
Asia Pacific ultrasonic testing market is estimated to register a noteworthy market size with market revenue of about 26% through 2036. The rising railway infrastructure development with the expansion of the railway sector is estimated to hike the growth of the market. The increase in the need for tracking the faults, and uneven structures to prevent the destruction of rail accidents in the region is driving the market growth. The growing use of ultrasonic testing for industrial assets and public infrastructures is expected to rise the market demand.
Fischer Technology Inc.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?