Ultrasonic Testing Market Size, Share and Trends

Report Code SE 4519
Published in Nov, 2024, By MarketsandMarkets™
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Ultrasonic Testing Market by Phased Array, Time-of-flight Diffraction, Immersion Testing, Guided Wave Testing, Acoustography, Flaw Detectors, Thickness Gauges, Transducers & Probes, Inspection Services and Calibration Services - Global Forecast to 2029

 

Overview

The ultrasonic testing market is projected to grow from USD 2.92 billion in 2024 to USD 4.60 billion by 2029 at a CAGR of 9.5%. A major factor driving market growth is the use of ultrasonic testing equipment and services in the healthcare industry. Healthcare facilities apply ultrasonic testing technologies for non-invasive diagnostics, which helps identify flaws without damaging equipment. Although ultrasonic testing was initially used in industrial settings for flaw detection and quality assurance, it has become indispensable in the healthcare industry for numerous reasons. Ultrasonic testing assesses the integrity of hospital infrastructure, including critical machinery, HVAC systems, pipeline systems, sterilization, cleaning equipment, and safety components. Additionally, as healthcare standards become stringent, regulatory bodies increasingly emphasize equipment reliability, driving healthcare providers to adopt ultrasonic inspection protocols.

Ultrasonic Testing Market

Attractive Opportunities in the Ultrasonic Testing Market

NORTH AMERICA

Asia Pacific is experiencing significant growth in industrial sectors, including manufacturing, automotive, aerospace, and oil and gas. The expansion of these industries is fueling the demand for ultrasonic testing as a critical non-destructive testing (NDT) method to ensure structural integrity and safety in production and infrastructure projects.

Increasing investment in the oil & gas and power generation industries is significantly driving the ultrasonic testing market.

The ultrasonic testing market is projected to reach USD 4.60 billion at a CAGR of 9.5% during the forecast period.

Governments in Asia Pacific are increasingly enforcing safety and quality standards across various industries. This regulatory push is encouraging companies to adopt advanced inspection technologies like ultrasonic testing to comply with local and international standards, particularly in high-stakes sectors like transportation and energy.

Technological innovations, such as portable and automated ultrasonic testing equipment, have made testing more efficient and accessible. These advancements reduce inspection time and costs, making ultrasonic testing attractive to small and large businesses in the region.

Impact of AI/Gen AI on Ultrasonic Testing Market

Artificial intelligence has notably impacted the ultrasonic testing market in recent years. AI/Gen AI strengthens the ability of ultrasonic testing systems to perform predictive maintenance, data analysis, automation, and machine learning. Advanced AI enables ultrasonic testing systems to interpret signals to identify real-time defects accurately. Gen AI/AI strengthens ultrasonic testing services by automating the process of detecting errors and inspecting and monitoring flaws and defects without human intervention, making the testing process cost-effective in terms of labor. It accelerates the testing procedure, specifically in the aerospace and manufacturing industries where precision is a significant concern and speedy results are vital.

Additionally, AI facilitates effective predictive maintenance by analyzing real-time and historical ultrasonic testing data and studying patterns that may lead to equipment failures. This approach prevents costly downtime, extends the life of assets, and optimizes maintenance schedules. Using AI in ultrasonic testing significantly increases the efficiency and accuracy of testing procedures by reducing the cost of non-destructive testing.

Ultrasonic Testing Market

Global Ultrasonic Testing Market Dynamics

DRIVER: - Growing offshore oil and gas exploration

Due to the increasing need for safety, efficiency, and conformance to regulatory compliance in the oil & gas industry, a rise in the popularity and adoption of ultrasonic testing is being witnessed in oil and gas exploration activities where the margin for error is low due to pressure oscillation, the corrosive nature of the environment, and mechanical forces that lead to immense wear and tear of highly developed pipeline and equipment networks. As exploration activities reach challenging grounds, the complexity of operations increases, resulting in a greater need for complex, non-destructive testing methods to ensure the structural integrity of critical infrastructure, including pipelines, drilling rigs, and storage facilities. Routine ultrasonic examination helps detect and trace areas of probable problem in oil and gas exploration equipment, thus preventing potential failure. Additionally, as regulatory bodies require ultrasonic testing to be included within a safety plan to maintain an industrial standard and protect personnel involved in exploration activities and the environment, the growth of the ultrasonic testing market is projected to boost during the forecast period.

RESTRAINTS: Challenges around manual ultrasonic testing in the early stages of damage detection

Manual ultrasonic testing is one of the most concise methods for assessing metal damage through ultrasonic wall measurements on external surfaces. However, one of the major drawbacks of manual testing is that it requires the extraction of protective and insulation coatings. Besides, this approach depends heavily on the technician’s assessment skills. Additionally, it involves using the ToFD technique to determine and measure the thickness of the targeted material, which also has inherent disadvantages. Manual ultrasonic testing compels the establishment of a grid layout for effective measurement. It provides a limited point-by-point evaluation of the condition of materials, which is less effective in identifying early signs of flaws, deterioration, and localized damage. Manual testing systems restrict the identification of severe and uniform corrosion or erosion loss that might have already occurred rather than detecting new problems in their primary stages. All these limitations hinder the effectiveness of manual ultrasonic testing as a proactive maintenance tool, restraining the overall growth of the ultrasonic testing market.

 

OPPORTUNITY: - Growing emphasis on predictive maintenance

Predictive maintenance involves a study of data-driven insights to predict when equipment and materials are expected to fail. This process helps organizations perform maintenance activities to prevent unexpected breakdowns. Due to the emergence of predictive maintenance and optimum strategies in the manufacturing, oil & gas, aerospace, and transportation industries, the demand for ultrasonic testing is expected to increase significantly. Ultrasonic testing is critical in providing real-time data and predictive maintenance on equipment conditions. It enables constant observation and monitoring of the health of the equipment. It detects flaws and potential issues in equipment and materials before they become expensive or cause operational disruptions. It ensures that a flaw or defect is checked, the material thickness is calculated, and the structure is assessed without damaging anything.

The integration of ultrasonic testing systems into predictive maintenance programs allows organizations to assess their assets and enhance safety standards. Moreover, the use of machine learning and artificial intelligence with ultrasonic testing systems enhances the predictive maintenance capabilities of an organization, as these technologies provide advanced data analysis and pattern recognition methods, which lead to accurate predictions about equipment failures and identification of defects.

CHALLENGE: - Limited availability of skilled technicians

Ultrasonic testing requires specialized technicians to operate equipment accurately and effectively, interpret results, and ensure compliance with safety regulations and standards. As the expansion of the oil & gas, aerospace, and healthcare sectors boost the use of NDT methods, there is a high demand for ultrasonic testing technicians who have undergone rigorous training. UT technicians require knowledge of acoustic principles. They must possess hands-on experience with very complex instruments and be able to analyze data to detect flaws or irregularities.

Many industries are finding it hard to hire qualified technicians, resulting in testing delays, decreased productivity, and dangerous conditions. The challenge is further deteriorated by the need for enhanced ultrasonic testing technology, including automated and phased array systems, which require skilled personnel. It further deteriorates with the need for experienced technicians in high-risk or remote locations requiring adequate safety and compliance. This lack of expertise can be countered by heavily investing in training and developing certifications. It can also be countered by offering incentives to ensure effective recruitment and retention of technically competent UT professionals.

Global Ultrasonic Testing Market Ecosystem Analysis

Baker Hughes Company (US), SGS Société Générale de Surveillance SA. (Switzerland), Intertek Group plc (US), DEKRA (Germany), and MISTRAS Group (US) are prominent players in the ultrasonic testing market. The top five players accounted for a share of 37-47% in the ultrasonic testing market in 2023. The market ecosystem includes equipment manufacturers, service providers, and verticals/customers as participants.

Top Companies in Ultrasonic Testing Market
 

By vertical, the power generation segment is projected to account for the largest share of the ultrasonic testing market during the forecast period

The growth of the power generation segment is majorly attributed to the stringent regulatory standards laid down by governments and industries to ensure the safety and reliability of equipment and structures. Regulatory bodies, such as the American Society of Mechanical Engineers, the International Atomic Energy Agency, the US-Nuclear Regulatory Commission, and many others, have established standards for regular inspections and NDT methods to identify defects and irregularities that can lead to machine failures. For example, the US-based Nuclear Regulatory Commission (NRC) has updated the guidelines aimed at non-invasive testing for reactor pressure vessels, steam generators, and primary piping systems in nuclear plants to minimize the leakage of radioactive elements. Likewise, in 2022, the International Atomic Energy Agency (IAEA) updated the guidelines for ultrasonic testing as part of its safety toolkit for aging nuclear reactors worldwide to address risks around the degradation of components, which may result in operations failure. Similarly, the ASME Boiler and Pressure Vessel Code has been revised to include ultrasonic testing for key items, such as boilers and turbines in fossil fuel and combined-cycle power plants, especially after highly publicized boiler tube failures in the last decade highlighted a need for proactive testing. All these examples underline the pressing need for regulators to lay down guidelines to ensure safety standards in the power generation sector, driving the demand for enhanced ultrasonic testing systems.

By type, the phased array segment is projected to account for the largest share of the ultrasonic testing market during the forecast period

Phased array ultrasonic testing (PAUT) is an advanced ultrasonic inspection technique that can be applied in diverse environments where conventional ultrasonic flaw detectors are used. The technique gives the user control over beam angle and focal distance, thereby enabling the imaging of test components in detail and smoothening inspection. The phased array technique uses multi-element probes, which can be activated individually to increase the flexibility and speed of testing. PAUT is commonly used in the healthcare, petrochemicals, power generation, aerospace, and automation industries. It is used in industrial applications, such as weld inspection, thickness measurement, corrosion assessment, and flaw detection. Some of the primary uses of PAUT are weld inspections and crack detection, which identify defects and reduce inspection time.

Some of the major advantages of the PAUT method are as follows:

  • Ability to scan through several defects for various types of components
  • High-speed scanning with cost-efficiency
  • Angle settings for refraction via array probes
  • High-resolution imaging

In August 2023, Waygate Technologies, a company for NDT industrial and energy inspection solutions under Baker Hughes, launched the Krautkrämer RotoArray compact. This roller probe is designed for manual phased array (PA) ultrasonic inspection of large-scale composite materials. It is an upgraded version of the existing product line for Krautkrämer RotoArray, which is already used in aircraft, space exploration, and wind turbines.

North America Accounted for the Largest Share of the Ultrasonic Testing Market in 2023

The growth in the transportation, power generation, oil & gas, aerospace, automotive, marine, and defense sectors in North America is driving the demand for ultrasonic testing services in the region, as there is a rising need for enhanced safety in the infrastructural maintenance, construction, and manufacturing activities of these sectors.

The use of ultrasonic testing in the region’s infrastructure industry is rising due to increased railway and construction projects in recent years. Opportunities are also growing in the region’s aerospace, defense, and government infrastructure verticals. All these sectors need ultrasonic testing solutions to ensure compliance and integrity of their heavy machinery, structures, and equipment. Additionally, due to the growing need for quality control and safety validation in the automotive sector, there’s an increasing demand for ultrasonic testing services to maintain the safety standards of electric vehicles.

Due to the advantages offered by ultrasonic testing solutions, many North American industry associations, such as the American Society for Mechanical Engineers and ASTM International, are promoting their use across organizations to emphasize the need for safety, efficiency, and compliance.

LARGEST MARKET SHARE IN 2023
NORTH AMERICA FASTER-GROWING MARKET IN REGION
Ultrasonic Testing Market Size and Share

Recent Developments of Ultrasonic Testing Market

  • In October 2024, Element Materials Technology, a global provider of testing, inspection, and certification (TIC) services for highly regulated industries, expanded its aerospace, space, defense, and energy capabilities by acquiring ISS Inspection Services. ISS is a provider of non-destructive testing (NDT), inspection, and special process services that support these growing industries.
  • In June 2024, EVIDENT released a new 39DL PLUS ultrasonic thickness gauge, increasing the efficiency and connectivity of the non-destructive testing industry. Its features include fast scanning speeds and integrated wireless capabilities in a robust hand-sized design. Designed to improve its predecessor’s established performance and versatility, this gauge enforces a digital inspection workflow into a new, user-friendly process for inspectors who work at the precision and corrosion thickness level.
  • In April 2024, Baker Hughes Company introduced the Waygate Technologies ultrasonic precision thickness gauge, Krautkrämer CL Go+. This inspection tool, an ultrasonic testing component, is used in the automotive and aerospace industries. Its objective is to effectively measure, cast, and stamp aluminum, steel, copper, and bronze metal components. It applies to machined workpieces, tubes, chemically milled components, metal plates, plastics, composites, and glass. It can be upgraded to 3-in-1 equipment, including a corrosion thickness gauge, flaw detector, or both.
  • In August 2023, Waygate Technologies, a Baker Hughes subsidiary specializing in non-destructive testing (NDT) solutions for industrial and energy inspection, introduced the Krautkrämer RotoArray comPAct. This portable roller probe is designed for a manual phased array (PA) ultrasonic inspection of large-scale composite materials. It complements the existing Krautkrämer RotoArray product line used in the aviation, space exploration, and wind energy sectors. The Krautkrämer RotoArray compact features new compact technology patented by Baker Hughes. It allows for lighter, simpler, and more cost-effective ultrasound (UT) phased array applications.
  • In May 2023, Eddyfi launched Panther 2, a solution for industrial inspections with phased array ultrasonic testing (PAUT) and total focusing method (TFM). Panther 2 is used in manufacturing, laboratory, and field environments.

Key Market Players

List of Top Ultrasonic Testing Market Companies

Major players in the Ultrasonic Testing Market include

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Scope of the Report

Report Attribute Details
Market size available for years 2020-2029
Base year considered 2023
Forecast period 2024-2029
Forecast units Value (USD Million/Billion), Volume (Million Units)
Segments Covered By Type, Equipment, Service Type, Vertical, and Region
Regions covered North America, Europe, Asia Pacific, and RoW

 

Key Questions Addressed by the Report

What are the estimated and projected sizes of the global ultrasonic testing market in 2024 and 2029, respectively? What is the projected CAGR of the market during the forecast period?
The ultrasonic testing market is projected to grow from USD 2.92 billion in 2024 to USD 4.60 billion at a CAGR of 9.5%.
Who are the winners in the global ultrasonic testing market?
Baker Hughes Company (US), SGS SOCIETE GENERALE DE SURVEILLANCE SA. (Switzerland), Intertek Group plc (UK), DEKRA (Germany), and MISTRAS Group (US) are the winners in the global ultrasonic testing market.
Which region will likely capture the largest ultrasonic testing market share between 2024 and 2029?
North America is projected to account for the largest share of the ultrasonic testing market from 2024 to 2029.
Which factors are driving the ultrasonic testing market and are expected to create opportunities for market players in the future?
Stringent government regulations and industry standards are the major factors driving the ultrasonic testing market’s growth. Additionally, the growing emphasis on predictive maintenance is expected to act as an opportunity for market players during the forecast period.
What major strategies players in the ultrasonic testing market have adopted in recent years?
Key players have adopted product launches and acquisitions to strengthen their position in the ultrasonic testing market.

 

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
24
RESEARCH METHODOLOGY
28
EXECUTIVE SUMMARY
42
PREMIUM INSIGHTS
48
ULTRASONIC TESTING MARKET OVERVIEW
51
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    - Stringent government regulations and industry standards
    - Increasing adoption of ultrasonic testing in healthcare
    - Growing adoption of portable phased array ultrasonic testing equipment
    - Growing offshore oil and gas exploration
    - Rising investments in infrastructure development
    RESTRAINTS
    - Manual ultrasonic testing limitations in early stages of damage detection
    - Complex nature of ultrasonic testing technology
    OPPORTUNITIES
    - Growing emphasis on predictive maintenance
    - Rising number of renewable energy projects
    CHALLENGES
    - Limited availability of skilled technicians
    - High maintenance cost and downtime of equipment
  • 5.3 PORTER'S FIVE FORCES ANALYSIS
    INTENSITY OF COMPETITIVE RIVALRY
    THREAT OF NEW ENTRANTS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF BUYERS
    BARGAINING POWER OF SUPPLIERS
  • 5.4 VALUE CHAIN ANALYSIS
    RAW MATERIAL PROVIDERS
    COMPONENT SUPPLIERS
    EQUIPMENT DESIGNERS AND MANUFACTURERS
    SALES EXECUTIVES AND DISTRIBUTORS
    SERVICE PROVIDERS
    VERTICALS
  • 5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • 5.6 ECOSYSTEM ANALYSIS
  • 5.7 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - Full matrix capture (FMC) and total focusing method (TFM)
    - Electromagnetic acoustic transducer (EMAT)
    COMPLEMENTARY TECHNOLOGIES
    - Guided wave ultrasonic testing (GWUT)
    ADJACENT TECHNOLOGIES
    - Dynamic interferometer
  • 5.8 INVESTMENT AND FUNDING SCENARIO
  • 5.9 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY EQUIPMENT
    AVERAGE SELLING PRICE TREND, BY REGION
  • 5.10 CASE STUDY ANALYSIS
    GUIDED ULTRASONICS LTD. ADDRESSES CORROSION UNDER PIPE SUPPORT IN OIL & GAS INDUSTRY
    ULTRASONIC INSPECTION OF FLARE STACK USING ROPE ACCESS ENGINEERING BY SUTRO GROUP
    OPTIMIZING HEAT EXCHANGER WELD INSPECTIONS WITH COBRA PHASED ARRAY ULTRASONIC TESTING (PAUT) SOLUTION BY EVIDENT
  • 5.11 PATENT ANALYSIS
  • 5.12 TRADE ANALYSIS
    IMPORT SCENARIO (HS CODE 9031)
    EXPORT SCENARIO (HS CODE 9031)
  • 5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
  • 5.14 TARIFF AND REGULATORY LANDSCAPE
    TARIFF ANALYSIS
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • 5.15 KEY CONFERENCES AND EVENTS, 2024–2025
  • 5.16 IMPACT OF GENERATIVE AI/AI ON MARKET
    INTRODUCTION
ULTRASONIC TESTING MARKET, BY EQUIPMENT
86
  • 6.1 INTRODUCTION
  • 6.2 FLAW DETECTORS
    ABILITY OF FLAW DETECTORS TO IDENTIFY DISCONTINUITIES TO DRIVE THEIR ADOPTION
  • 6.3 THICKNESS GAUGES
    HIGH PRECISION OF ULTRASONIC THICKNESS GAUGES TO DRIVE THEIR USE IN OIL & GAS INDUSTRY
  • 6.4 TRANSDUCERS & PROBES
    ROBUST INSPECTION CAPABILITIES OF TRANSDUCERS AND PROBES TO PROPEL THEIR ADOPTION
  • 6.5 INDUSTRIAL SCANNERS
    FOCUS ON ENHANCED QUALITY AND PRECISION IN TESTING RESULTS TO BOOST ADOPTION OF INDUSTRIAL SCANNERS
  • 6.6 TUBE INSPECTION SYSTEMS
    NEED FOR HIGH-PRECISION DETECTION OF CORROSION AND CRACKS TO FUEL ADOPTION OF TUBE INSPECTION SYSTEMS IN POWER SECTOR
  • 6.7 BOND TESTERS
    EFFECTIVENESS OF BOND TESTERS IN VERIFYING INTEGRITY OF ADHESIVELY BONDED JOINTS TO FUEL THEIR ADOPTION IN OIL & GAS AND AEROSPACE INDUSTRIES
  • 6.8 IMAGING SYSTEMS
    IMAGING SYSTEMS ENABLE IDENTIFICATION OF INTERNAL FLAWS WITHOUT CAUSING DAMAGE
  • 6.9 OTHERS
ULTRASONIC TESTING MARKET, BY SERVICE
109
  • 7.1 INTRODUCTION
  • 7.2 INSPECTION SERVICES
    NEED FOR IMPROVED ACCURACY, EFFICIENCY, QUICK INSPECTION TIMES, AND REDUCED COSTS TO DRIVE MARKET
  • 7.3 EQUIPMENT RENTAL SERVICES
    DEMAND FOR COST-EFFECTIVE WAY TO ACCESS SPECIALIZED TESTING TOOLS TO DRIVE MARKET
  • 7.4 CALIBRATION SERVICES
    EMPHASIS ON ENHANCED MEASUREMENT ACCURACY AND REDUCED TESTING EQUIPMENT UNCERTAINTIES TO DRIVE SEGMENTAL GROWTH
  • 7.5 TRAINING SERVICES
    WIDE COVERAGE OF ULTRASONIC TESTING ACROSS INDUSTRIES TO FUEL DEMAND
ULTRASONIC TESTING MARKET, BY TYPE
125
  • 8.1 INTRODUCTION
  • 8.2 PHASED ARRAY
    NEED FOR ENHANCED ACCURACY AND QUICK AND EFFICIENT INSPECTION TO DRIVE MARKET
  • 8.3 TIME-OF-FLIGHT DIFFRACTION
    OFFERS ACCURATE DETECTION OF CRACKS AND FUSION DEFICIENCIES
  • 8.4 IMMERSION TESTING
    OFFERS ENHANCED DETECTION OF INTERNAL AND SURFACE FLAWS
  • 8.5 GUIDED WAVE TESTING
    LONG-RANGE INSPECTION AND MONITORING CAPABILITIES OF GUIDED WAVE TESTING TO DRIVE MARKET
  • 8.6 ACOUSTOGRAPHY
    SUITABILITY OF ACOUSTOGRAPHY FOR SINGLE-SIDE INSPECTION WITHOUT REQUIRING IMMERSION TANK TO DRIVE MARKET
  • 8.7 OTHER TYPES
ULTRASONIC TESTING MARKET, BY VERTICAL
130
  • 9.1 INTRODUCTION
  • 9.2 MANUFACTURING
    NEED FOR RIGOROUS QUALITY STANDARDS TO ENSURE PRODUCT RELIABILITY AND SAFETY TO BOOST MARKET
  • 9.3 OIL & GAS
    STRINGENT REGULATIONS TO PREVENT LEAKS AND SPILLS TO BOOST ADOPTION OF ULTRASONIC TESTING SERVICES
  • 9.4 AEROSPACE
    EXTENSIVE USE OF COMPOSITE MATERIALS TO FUEL NEED FOR ULTRASONIC TESTING SERVICES
  • 9.5 GOVERNMENT & INFRASTRUCTURE
    EMPHASIS ON MAINTAINING INFRASTRUCTURAL INTEGRITY TO PROPEL DEMAND FOR ULTRASONIC TESTING SERVICES
  • 9.6 AUTOMOTIVE
    RISING DEMAND FOR SAFETY AND QUALITY ASSURANCE TO BOOST GROWTH
  • 9.7 POWER GENERATION
    STRINGENT SAFETY AND REGULATORY REQUIREMENTS TO ENCOURAGE USE OF ULTRASONIC TESTING SERVICES
  • 9.8 MARINE
    AGING GLOBAL FLEET AND INCREASED MAINTENANCE NEEDS TO DRIVE MARKET
  • 9.9 OTHER VERTICALS
    MARKET, BY REGION
ULTRASONIC TESTING MARKET, BY REGION
158
  • 10.1 INTRODUCTION
  • 10.2 NORTH AMERICA
    NORTH AMERICA: MACROECONOMIC OUTLOOK
    US
    - Increasing adoption of ultrasonic testing services in automotive and aerospace industries to boost growth
    CANADA
    - Significant growth in aging infrastructure needing inspection and maintenance to boost market
    MEXICO
    - Need for adherence to domestic and international safety standards to propel market
  • 10.3 EUROPE
    EUROPE: MACROECONOMIC OUTLOOK
    GERMANY
    - Growing automotive and aerospace industries to fuel demand for ultrasonic testing services
    UK
    - Significant growth in aging infrastructure to drive demand for ultrasonic testing services
    FRANCE
    - Growing emphasis on safety and durability of infrastructure to boost market
    ITALY
    - Booming aerospace & defense sector to propel need for advanced ultrasonic testing services
    REST OF EUROPE
  • 10.4 ASIA PACIFIC
    ASIA PACIFIC: MACROECONOMIC OUTLOOK
    CHINA
    - China’s energy sector uses ultrasonic testing services to maintain safety and operational standards
    JAPAN
    - Need for frequent inspection of bridges, tunnels, and dams for safety and longevity to boost growth
    INDIA
    - Increasing safety regulations and quality control measures across industries to boost demand
    REST OF ASIA PACIFIC
  • 10.5 REST OF THE WORLD (ROW)
    ROW: MACROECONOMIC OUTLOOK
    SOUTH AMERICA
    - Brazil
    - Rest of South America
    MIDDLE EAST & AFRICA
    - GCC
    - Rest of Middle East & Africa
COMPETITIVE LANDSCAPE
192
  • 11.1 OVERVIEW
  • 11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, MAY 2021–OCTOBER 2024
  • 11.3 REVENUE ANALYSIS, 2021–2023
  • 11.4 MARKET SHARE ANALYSIS, 2023
  • 11.5 COMPANY VALUATION AND FINANCIAL METRICS
  • 11.6 PRODUCT/BRAND COMPARISON
  • 11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT: KEY PLAYERS, 2023
    - Company footprint
    - Company footprint: Key players, 2023
    - Region footprint
    - Type footprint
    - Equipment footprint
    - Service footprint
    - Vertical footprint
  • 11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
    - List of startups/SMEs
    - Competitive benchmarking of startups/SMEs
  • 11.9 COMPETITIVE SCENARIO
    PRODUCT LAUNCHES
    DEALS
COMPANY PROFILES
214
  • 12.1 KEY EQUIPMENT MANUFACTURERS
    BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES)
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    EVIDENT
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    EDDYFI
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    SONATEST
    - Business overview
    - Products/Solutions/Services offered
    NDT SYSTEMS INC
    - Business overview
    - Products/Solutions/Services offered
  • 12.2 KEY SERVICE PROVIDERS
    SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.
    - Business overview
    - Products/Solutions/Services offered
    - MnM view
    INTERTEK GROUP PLC
    - Business overview
    - Products/Solutions/Services offered
    - MnM view
    MISTRAS GROUP
    - Business overview
    - Products/Solutions/Services offered
    - MnM view
    DEKRA
    - Business overview
    - Products/Solutions/Services offered
    - MnM view
    APPLUS+
    - Business overview
    - Products/Solutions/Services offered
    TÜV RHEINLAND
    - Business overview
    - Products/Solutions/Services offered
    ELEMENT MATERIALS TECHNOLOGY
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
  • 12.3 OTHER PLAYERS
    ACOUSTIC CONTROL SYSTEMS
    AMERAPEX CORPORATION
    ASHTEAD TECHNOLOGY
    ACUREN
    MODSONIC INSTRUMENTS MFG. CO. (P) LTD.
    SONOTEC GMBH
    APPLIED TECHNICAL SERVICES
    NEXXIS
    VERTECH GROUP
    GUIDED ULTRASONICS LTD.
    IRISNDT
    NANJING BKN AUTOMATION SYSTEM CO., LTD.
    OKONDT GROUP
APPENDIX
261
  • 13.1 INSIGHTS FROM INDUSTRY EXPERTS
  • 13.2 DISCUSSION GUIDE
  • 13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 13.4 CUSTOMIZATION OPTIONS
  • 13.5 RELATED REPORTS
  • 13.6 AUTHOR DETAILS
LIST OF TABLES
 
  • TABLE 1 IMPACT OF PORTER'S FIVE FORCES ON ULTRASONIC TESTING MARKET
  • TABLE 2 MARKET: ROLE OF COMPANIES IN ECOSYSTEM
  • TABLE 3 AVERAGE SELLING PRICE TREND OF ULTRASONIC TESTING EQUIPMENT BY KEY PLAYERS, 2019–2023 (USD)
  • TABLE 4 AVERAGE SELLING PRICE TREND OF FLAW DETECTORS, BY REGION, 2020–2023 (USD)
  • TABLE 5 LIST OF MAJOR PATENTS, 2023–2024
  • TABLE 6 IMPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)
  • TABLE 7 EXPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)
  • TABLE 8 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VERTICALS (%)
  • TABLE 9 KEY BUYING CRITERIA FOR TOP 3 VERTICALS
  • TABLE 10 MFN TARIFF FOR HS CODE 9031-COMPLIANT PRODUCTS EXPORTED BY US, 2023
  • TABLE 11 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 12 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 13 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 14 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 15 KEY CONFERENCES AND EVENTS, 2024–2025
  • TABLE 16 ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 17 MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 18 MARKET, BY EQUIPMENT, 2020–2023 (THOUSAND UNITS)
  • TABLE 19 MARKET, BY EQUIPMENT, 2024–2029 (THOUSAND UNITS)
  • TABLE 20 EQUIPMENT: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 21 EQUIPMENT: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 22 EQUIPMENT: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 23 EQUIPMENT: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 24 EQUIPMENT: MARKET FOR MANUFACTURING, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 25 EQUIPMENT: MARKET FOR MANUFACTURING, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 26 EQUIPMENT: MARKET FOR OIL & GAS, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 27 EQUIPMENT: MARKET FOR OIL & GAS, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 28 EQUIPMENT: MARKET FOR AEROSPACE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 29 EQUIPMENT: MARKET FOR AEROSPACE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 30 EQUIPMENT: MARKET FOR GOVERNMENT & INFRASTRUCTURE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 31 EQUIPMENT: MARKET FOR GOVERNMENT & INFRASTRUCTURE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 32 EQUIPMENT: MARKET FOR AUTOMOTIVE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 33 EQUIPMENT: MARKET FOR AUTOMOTIVE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 34 EQUIPMENT: MARKET FOR POWER GENERATION, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 35 EQUIPMENT: MARKET FOR POWER GENERATION, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 36 EQUIPMENT: MARKET FOR MARINE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 37 EQUIPMENT: MARKET FOR MARINE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 38 EQUIPMENT: MARKET FOR OTHER VERTICALS, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 39 EQUIPMENT: MARKET FOR OTHER VERTICALS, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 40 FLAW DETECTORS: ULTRASONIC TESTING MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 41 FLAW DETECTORS: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 42 THICKNESS GAUGES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 43 THICKNESS GAUGES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 44 TRANSDUCERS & PROBES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 45 TRANSDUCERS & PROBES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 46 INDUSTRIAL SCANNERS: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 47 INDUSTRIAL SCANNERS: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 48 TUBE INSPECTION SYSTEMS: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 49 TUBE INSPECTION SYSTEMS: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 50 BOND TESTERS: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 51 BOND TESTERS: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 52 IMAGING SYSTEMS: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 53 IMAGING SYSTEMS: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 54 OTHERS: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 55 OTHERS: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 56 MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 57 ULTRASONIC TESTING MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 58 SERVICES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 59 SERVICES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 60 SERVICES: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 61 SERVICES: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 62 SERVICES: MARKET FOR MANUFACTURING, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 63 SERVICES: MARKET FOR MANUFACTURING, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 64 SERVICES: MARKET FOR OIL & GAS, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 65 SERVICES: MARKET FOR OIL & GAS, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 66 SERVICES: MARKET FOR AEROSPACE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 67 SERVICES: MARKET FOR AEROSPACE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 68 SERVICES: ULTRASONIC TESTING MARKET FOR GOVERNMENT & INFRASTRUCTURE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 69 SERVICES: MARKET FOR GOVERNMENT & INFRASTRUCTURE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 70 SERVICES: MARKET FOR AUTOMOTIVE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 71 SERVICES: MARKET FOR AUTOMOTIVE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 72 SERVICES: MARKET FOR POWER GENERATION, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 73 SERVICES: MARKET FOR POWER GENERATION, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 74 SERVICES: MARKET FOR MARINE, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 75 SERVICES: MARKET FOR MARINE, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 76 SERVICES: MARKET FOR OTHER VERTICALS, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 77 SERVICES: MARKET FOR OTHER VERTICALS, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 78 INSPECTION SERVICES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 79 INSPECTION SERVICES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 80 EQUIPMENT RENTAL SERVICES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 81 EQUIPMENT RENTAL SERVICES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 82 CALIBRATION SERVICES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 83 CALIBRATION SERVICES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 84 TRAINING SERVICES: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 85 TRAINING SERVICES: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 86 MARKET, BY TYPE, 2020–2023 (USD MILLION)
  • TABLE 87 MARKET, BY TYPE, 2024–2029 (USD MILLION)
  • TABLE 88 MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 89 ULTRASONIC TESTING MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 90 MANUFACTURING: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 91 MANUFACTURING: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 92 MANUFACTURING: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 93 MANUFACTURING: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 94 MANUFACTURING: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 95 MANUFACTURING: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 96 OIL & GAS: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 97 OIL & GAS: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 98 OIL & GAS: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 99 OIL & GAS: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 100 OIL & GAS: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 101 OIL & GAS: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 102 AEROSPACE: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 103 AEROSPACE: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 104 AEROSPACE: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 105 AEROSPACE: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 106 AEROSPACE: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 107 AEROSPACE: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 108 GOVERNMENT & INFRASTRUCTURE: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 109 GOVERNMENT & INFRASTRUCTURE: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 110 GOVERNMENT & INFRASTRUCTURE: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 111 GOVERNMENT & INFRASTRUCTURE: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 112 GOVERNMENT & INFRASTRUCTURE: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 113 GOVERNMENT & INFRASTRUCTURE: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 114 AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 115 AUTOMOTIVE: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 116 AUTOMOTIVE: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 117 AUTOMOTIVE: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 118 AUTOMOTIVE: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 119 AUTOMOTIVE: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 120 POWER GENERATION: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 121 POWER GENERATION: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 122 POWER GENERATION: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 123 POWER GENERATION: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 124 POWER GENERATION: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 125 POWER GENERATION: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 126 MARINE: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 127 MARINE: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 128 MARINE: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 129 MARINE: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 130 MARINE: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 131 MARINE: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 132 OTHER VERTICALS: MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)
  • TABLE 133 OTHER VERTICALS: MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)
  • TABLE 134 OTHER VERTICALS: MARKET, BY SERVICE, 2020–2023 (USD MILLION)
  • TABLE 135 OTHER VERTICALS: MARKET, BY SERVICE, 2024–2029 (USD MILLION)
  • TABLE 136 OTHER VERTICALS: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 137 OTHER VERTICALS: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 138 MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 139 ULTRASONIC TESTING MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 140 NORTH AMERICA: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 141 NORTH AMERICA: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 142 NORTH AMERICA: MARKET FOR EQUIPMENT, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 143 NORTH AMERICA: MARKET FOR EQUIPMENT, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 144 NORTH AMERICA: MARKET FOR SERVICES, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 145 NORTH AMERICA: MARKET FOR SERVICES, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 146 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 147 NORTH AMERICA: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 148 EUROPE: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 149 EUROPE: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 150 EUROPE: MARKET FOR EQUIPMENT, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 151 EUROPE: MARKET FOR EQUIPMENT, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 152 EUROPE: MARKET FOR SERVICES, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 153 EUROPE: MARKET FOR SERVICES, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 154 EUROPE: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 155 EUROPE: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 156 ASIA PACIFIC: ULTRASONIC TESTING MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 157 ASIA PACIFIC: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 158 ASIA PACIFIC: MARKET FOR EQUIPMENT, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 159 ASIA PACIFIC: MARKET FOR EQUIPMENT, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 160 ASIA PACIFIC: MARKET FOR SERVICES, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 161 ASIA PACIFIC: MARKET FOR SERVICES, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 162 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 163 ASIA PACIFIC: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 164 ROW: MARKET, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 165 ROW: MARKET, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 166 ROW: MARKET FOR EQUIPMENT, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 167 ROW: MARKET FOR EQUIPMENT, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 168 ROW: MARKET FOR SERVICES, BY VERTICAL, 2020–2023 (USD MILLION)
  • TABLE 169 ROW: MARKET FOR SERVICES, BY VERTICAL, 2024–2029 (USD MILLION)
  • TABLE 170 ROW: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 171 ROW: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 172 SOUTH AMERICA: ULTRASONIC TESTING MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 173 SOUTH AMERICA: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 174 MIDDLE EAST & AFRICA: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 175 MIDDLE EAST & AFRICA: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 176 MARKET: KEY PLAYER STRATEGIES/RIGHT TO WIN, MAY 2021– OCTOBER 2024
  • TABLE 177 MARKET: DEGREE OF COMPETITION
  • TABLE 178 MARKET: COMPANY FOOTPRINT
  • TABLE 179 MARKET: REGION FOOTPRINT
  • TABLE 180 MARKET: TYPE FOOTPRINT
  • TABLE 181 MARKET: EQUIPMENT FOOTPRINT
  • TABLE 182 MARKET: SERVICE FOOTPRINT
  • TABLE 183 MARKET: VERTICAL FOOTPRINT
  • TABLE 184 MARKET: LIST OF KEY STARTUPS/SMES
  • TABLE 185 MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES
  • TABLE 186 MARKET: PRODUCT LAUNCHES, MAY 2021–OCTOBER 2024
  • TABLE 187 ULTRASONIC TESTING MARKET: DEALS, FEBRUARY 2023–SEPTEMBER 2024
  • TABLE 188 BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): COMPANY OVERVIEW
  • TABLE 189 BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 190 BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): PRODUCT LAUNCHES
  • TABLE 191 EVIDENT: COMPANY OVERVIEW
  • TABLE 192 EVIDENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 193 EVIDENT: PRODUCT LAUNCHES
  • TABLE 194 EDDYFI: COMPANY OVERVIEW
  • TABLE 195 EDDYFI: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 196 EDDYFI: PRODUCT LAUNCHES
  • TABLE 197 EDDYFI: DEALS
  • TABLE 198 SONATEST: COMPANY OVERVIEW
  • TABLE 199 SONATEST: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 200 NDT SYSTEMS INC: COMPANY OVERVIEW
  • TABLE 201 NDT SYSTEMS INC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 202 SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.: COMPANY OVERVIEW
  • TABLE 203 SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 204 INTERTEK GROUP PLC: COMPANY OVERVIEW
  • TABLE 205 INTERTEK GROUP PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 206 MISTRAS GROUP: COMPANY OVERVIEW
  • TABLE 207 MISTRAS GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 208 DEKRA: COMPANY OVERVIEW
  • TABLE 209 DEKRA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 210 APPLUS+: COMPANY OVERVIEW
  • TABLE 211 APPLUS+: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 212 TÜV RHEINLAND: COMPANY OVERVIEW
  • TABLE 213 TÜV RHEINLAND: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 214 ELEMENT MATERIALS TECHNOLOGY: COMPANY OVERVIEW
  • TABLE 215 ELEMENT MATERIALS TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 216 ELEMENT MATERIALS TECHNOLOGY: DEALS
  • TABLE 217 ACOUSTIC CONTROL SYSTEMS: COMPANY OVERVIEW
  • TABLE 218 AMERAPEX CORPORATION: COMPANY OVERVIEW
  • TABLE 219 ASHTEAD TECHNOLOGY: COMPANY OVERVIEW
  • TABLE 220 ACUREN: COMPANY OVERVIEW
  • TABLE 221 MODSONIC INSTRUMENTS MFG. CO. (P) LTD.: COMPANY OVERVIEW
  • TABLE 222 SONOTEC GMBH: COMPANY OVERVIEW
  • TABLE 223 APPLIED TECHNICAL SERVICES: COMPANY OVERVIEW
  • TABLE 224 NEXXIS: COMPANY OVERVIEW
  • TABLE 225 VERTECH GROUP: COMPANY OVERVIEW
  • TABLE 226 GUIDED ULTRASONICS LTD.: COMPANY OVERVIEW
  • TABLE 227 IRISNDT: COMPANY OVERVIEW
  • TABLE 228 NANJING BKN AUTOMATION SYSTEM CO., LTD.: COMPANY OVERVIEW
  • TABLE 229 OKONDT GROUP: COMPANY OVERVIEW
LIST OF FIGURES
 
  • FIGURE 1 MARKET SEGMENTATION
  • FIGURE 2 ULTRASONIC TESTING MARKET: RESEARCH DESIGN
  • FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY KEY PLAYERS IN MARKET
  • FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 2 (SUPPLY SIDE): ILLUSTRATION OF REVENUE ESTIMATION OF KEY PLAYERS IN MARKET
  • FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 3 (DEMAND SIDE): MARKET BASED ON REGION
  • FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
  • FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
  • FIGURE 8 DATA TRIANGULATION
  • FIGURE 9 MARKET, 2020–2029 (USD MILLION)
  • FIGURE 10 PHASED ARRAY SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD
  • FIGURE 11 FLAW DETECTORS SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
  • FIGURE 12 INSPECTION SERVICES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
  • FIGURE 13 POWER GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD
  • FIGURE 14 ASIA PACIFIC TO RECORD HIGHEST GROWTH DURING FORECAST PERIOD
  • FIGURE 15 RAPID INDUSTRIALIZATION AND URBANIZATION TO DRIVE ULTRASONIC TESTING MARKET
  • FIGURE 16 INSPECTION SERVICES SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE BY 2029
  • FIGURE 17 POWER GENERATION SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
  • FIGURE 18 NORTH AMERICA TO LEAD MARKET DURING FORECAST PERIOD
  • FIGURE 19 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN MARKET
  • FIGURE 20 IMPACT ANALYSIS: DRIVERS
  • FIGURE 21 IMPACT ANALYSIS: RESTRAINTS
  • FIGURE 22 IMPACT ANALYSIS: OPPORTUNITIES
  • FIGURE 23 IMPACT ANALYSIS: CHALLENGES
  • FIGURE 24 MARKET: PORTER'S FIVE FORCES ANALYSIS
  • FIGURE 25 MARKET: VALUE CHAIN ANALYSIS
  • FIGURE 26 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • FIGURE 27 MARKET ECOSYSTEM
  • FIGURE 28 INVESTMENT AND FUNDING SCENARIO, 2020–2024
  • FIGURE 29 AVERAGE SELLING PRICE TREND OF ULTRASONIC TESTING EQUIPMENT BY KEY PLAYERS
  • FIGURE 30 AVERAGE SELLING PRICE TREND OF FLAW DETECTORS, BY REGION, 2020–2023
  • FIGURE 31 PATENTS APPLIED AND GRANTED, 2014–2023
  • FIGURE 32 IMPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023
  • FIGURE 33 EXPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)
  • FIGURE 34 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VERTICALS
  • FIGURE 35 KEY BUYING CRITERIA FOR TOP 3 VERTICALS
  • FIGURE 36 IMPACT OF GENERATIVE AI/AI ON MARKET
  • FIGURE 37 TUBE INSPECTION SYSTEMS SEGMENT TO GROW AT HIGHEST RATE DURING FORECAST PERIOD
  • FIGURE 38 INSPECTION SERVICES SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE DURING FORECAST PERIOD
  • FIGURE 39 PHASED ARRAY SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD
  • FIGURE 40 POWER GENERATION SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE DURING FORECAST PERIOD
  • FIGURE 41 ULTRASONIC TESTING MARKET, BY REGION
  • FIGURE 42 INDIA TO EXHIBIT HIGHEST GROWTH DURING FORECAST PERIOD
  • FIGURE 43 ASIA PACIFIC TO RECORD HIGHEST GROWTH DURING FORECAST PERIOD
  • FIGURE 44 NORTH AMERICA: MARKET SNAPSHOT
  • FIGURE 45 EUROPE: MARKET SNAPSHOT
  • FIGURE 46 ASIA PACIFIC: MARKET SNAPSHOT
  • FIGURE 47 MARKET: REVENUE ANALYSIS OF KEY PLAYERS, 2021–2023 (USD MILLION)
  • FIGURE 48 MARKET SHARE ANALYSIS, 2023
  • FIGURE 49 MARKET: COMPANY VALUATION, 2024 (USD BILLION)
  • FIGURE 50 MARKET: FINANCIAL METRICS, 2024 (USD BILLION)
  • FIGURE 51 MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023
  • FIGURE 52 MARKET: COMPANY FOOTPRINT
  • FIGURE 53 ULTRASONIC TESTING MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023
  • FIGURE 54 BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): COMPANY SNAPSHOT
  • FIGURE 55 SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.: COMPANY SNAPSHOT
  • FIGURE 56 INTERTEK GROUP PLC: COMPANY SNAPSHOT
  • FIGURE 57 MISTRAS GROUP: COMPANY SNAPSHOT
  • FIGURE 58 APPLUS+: COMPANY SNAPSHOT
  • FIGURE 59 TÜV RHEINLAND: COMPANY SNAPSHOT

 

The study involved significant activities in estimating the current market size for the ultrasonic testing market. Exhaustive secondary research was done to collect information on the ultrasonic testing industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the Ultrasonic testing market.

Secondary Research

The market for the companies offering ultrasonic testing solutions is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases. In the secondary research process, various secondary sources were referred to determine and collect information related to the scope of the study. Secondary sources included annual reports, press releases, investor presentations of ultrasonic testing equipment manufacturers, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry's value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.

Primary Research

In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOS), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the ultrasonic testing market.

After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also conducted to identify the segmentation types, industry trends, competitive landscape of ultrasonic testing solutions offered by various market players, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.

In the complete market engineering process, the top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report.

Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.

 

Ultrasonic Testing Market Size, and Share

Note: “Others” includes sales, marketing, and product managers

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The market engineering process extensively employed the top-down and bottom-up approaches. Various data triangulation methods were utilized to forecast and estimate the market segments and subsegments covered in the report. Multiple qualitative and quantitative analyses were conducted during the market engineering to extract key insights throughout the report.

Secondary research helped identify key players in the ultrasonic testing market. Their revenues were determined through a combination of primary and secondary research, analyzed both geographically and by market segment, using financial statements and annual reports. Insights were further enriched through interviews with CEOs, VPs, directors, and marketing executives.

Market shares were estimated using this combined research approach. The data was then consolidated, supplemented with detailed inputs and analysis from MarketsandMarkets, and presented in the report.

Ultrasonic Testing Market : Top-Down and Bottom-Up Approach

Ultrasonic Testing Market Top Down and Bottom Up Approach

Data Triangulation

The market was split into several segments and subsegments after arriving at the overall market size using the market size estimation processes explained above. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

Ultrasonic testing is a type of volumetric nondestructive testing technique that helps to identify internal flaws in the material that may not be detected using any surface inspection techniques. This process uses an ultrasonic transducer to transmit high-frequency sound waves into the material, and reflected ultrasound from defects is displayed graphically.

Ultrasonic testing provides valuable information regarding the size, diameter, composition, and direction of any defects observed and is also used to measure the thickness of material such as pipe wall thickness. Ultrasonic testing is available in a frequency range from 0.1 up to 15 MHz; in this method, ultrasonic testing is performed through various instruments such as ultrasonic probes or gauges. UT is mainly applied to measure thicknesses, but it can easily check the wood, concrete, and many more with higher efficiency.

Key Stakeholders

  • Associations, organizations, and alliances related to NDT
  • Government bodies such as regulating authorities and policymakers
  • Original equipment manufacturers (OEMs)
  • Providers of ultrasonic testing services
  • Research organizations and consulting companies
  • Suppliers of related accessories for ultrasonic testing equipment
  • Distributors and suppliers of ultrasonic testing equipment
  • Venture capitalists and private equity firms

Report Objectives

  • To define, describe, and forecast the size of the ultrasonic testing market by type, equipment, service type, vertical, and region in terms of value
  • To describe and forecast the size of the ultrasonic testing market by equipment, in terms of volume
  • To forecast the market for various segments with respect to main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value
  • To provide macroeconomic outlooks with respect to main regions namely North America, Europe, Asia Pacific, and Rest of the World (RoW)
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the market’s growth
  • To provide a detailed overview of the ultrasonic testing market value chain, industry trends, technology trends, use cases, regulatory landscape, and Porter’s five forces
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
  • To provide ecosystem analysis, trends/disruptions impacting customer business, technology analysis, pricing analysis, key stakeholders & buying criteria, case study analysis, trade analysis, patent analysis, key conferences & events, Gen AI/ AI impact, and regulations related to the ultrasonic testing market
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments and detailing the competitive landscape for market players.
  • To strategically profile key players and comprehensively analyze their market rankings, core competencies, company valuation and financial metrics, and product/brand comparison, along with detailing the competitive landscape for the market leaders
  • To analyze the competitive developments, such as product launches and acquisitions carried out by market players
  • To map the competitive intelligence based on company profiles, key player strategies, and game-changing developments, such as product developments and acquisitions
  • To benchmark players within the market using the proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

  • Country-wise information for Asia Pacific
  • Detailed analysis and profiling of additional market players (up to five)

Previous Versions of this Report

Ultrasonic Testing Market with COVID-19 Impact by Type (Time-of Flight Diffraction, Immersion Testing) , Equipment (Flaw Detectors, Imaging System, and Bond Testers), Service, Vertical, and Geography - Global Forecast to 2026

Report Code SE 4519
Published in Apr, 2021, By MarketsandMarkets™

Ultrasonic Testing Market with COVID-19 Impact by Type (Time-of Flight Diffraction, Immersion Testing) , Equipment (Flaw Detectors, Imaging System, and Bond Testers), Service, Vertical, and Geography - Global Forecast to 2026

Report Code SE 4519
Published in Aug, 2016, By MarketsandMarkets™
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Growth opportunities and latent adjacency in Ultrasonic Testing Market

malcolmconnolly

Aug, 2019

Size and proportion of the Ultrasonic inspection market that is UT Gauging (i.e. spot thickness reading ) only. Does your study cover it?.

Julio

Dec, 2017

I have an interest in knowing about the developments in the ultrasonic testing market. Also would like to understand how ultrasonic sensors are associated with the future trends in IoT or IIoT, as industrial applications is the major segment which we serve. .

ASHWANI

Feb, 2017

What is the scope and verticals which you have considered. Also would like to understand the major applications that are catered to this market. .

Jinyeong

Sep, 2017

I am interested in knowing the market share for the verticals that you have provided in the scope. Also would like to understand the trends in ultrasonic testing market. .

Mark

May, 2018

I am interested specific in the laser Ultrasonic inspection machines market for composite and generally in the ultrasonic NDI for metal and composite. Does the scope include theses?.

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