Ultrasonic Testing Market Trends

Growth Drivers

• Rising Number of Industries across the World with Rapid Urbanization – The increasing number of industries globally owing to strong demand from consumers is propelling the market growth. The market size expansion holds a significant share owing to the demand for monitoring, diagnosis, and detection of conditions of industrial assets.
• Rise in the Construction Sector with Huge Infrastructure Development – The development of military, aerospace, and marine industries is anticipated to hike the construction sector which in turn propels the market growth. Moreover, an increase in residential, commercial, and public buildings is set to drive the market demand. The construction sector accounts for over 4% of the U.S. GDP as of 2022 and more than 1,400,000 new houses are constructed in the year 2023 with a rise of 12% from the base of 2022.
• Government Policies to Enhance the Safety of the Public and Product Quality – The demand for safety checks in industries such as aircraft, roads, and highways to prevent unexpected accidents is positively impacting the market demand in the coming years.

Challenges

• Increased Price of Ultrasonic Equipment – The rising cost of machinery, equipment, and instruments of the ultrasonic method owing to the presence of many sensors, highly expensive parts, and components is estimated to hamper the market expansion. The increasing automation technology in ultrasonic testing to monitor defects is hindering the market size. The development of new methods such as nanorobots that are built to inspect the faults in miniature pipelines of oil and gas sectors is limiting the market expansion.
• Decrease in the Oil and Exploration Activities
• Absence of Skilled and Experienced Professionals to Run Ultrasonic Testing Activities