World News: 14:29 GMT Wednesday 15th May 2019. [Acumen Research and Consulting via Globe Newswire via SPi World News]
LOS ANGELES, May 15, 2019 (GLOBE NEWSWIRE) -- The Global is estimated to grow at CAGR above 7.5 % over the forecast time frame 2019-2026 and reach the market value around USD 1.8 billion by 2026.
According to the report, the demand for ultrasonic testing equipment for use in oil / gas industry inspections during the forecast period should continue to influence the world market. Similarly, the increased adoption of ultrasonic test technology for detecting defects, cracks, voids and discontinuities on the product or material also influences other industries, such as electricity generation, aerospace & defence, automotive, production, construction and medical. With this increased use of ultrasonic testing, the ultrasonic testing equipment market can be increased directly. North America, with demand at CAGR over 7 percent between 2019 and 2026, is expected to be a leader on the world market for ultrasonic test equipment. More investments are expected to drive the market during the prevision period in the petrol and gas industry for safe transportation of pipelines and strict public regulations on safety and quality control.
Strom generating equipment reliability is essential because system failure can negatively influence the Mole network infrastructure and pose serious safety risks. For inspecting energy production infrastructures, like boilers, compressors, turbines, pipelines, storage vessels and tanks, ultrasonic inspection is applied. Globally, both due to the growing population and industrialization, demand for power has been growing. With the introduction of new generation supply sources and the addition of new types of freight from the demand side, the landscape of the power generation industry evolves. The need to periodically maintain electricity assets has increased through these changes. Ultrasound testing can therefore detect finer defects, offering better inspection in comparison with other test methods. This is why power is growing. The stipulate for ultrasonic test equipment is also likely to increase, both in the industrial and residential sectors.
Due to increased demand for the use of welding technology in oil and gas pipelines, the global market for ultrasonic test equipment is expected to expand significantly during this forecast period. Oil and gas are transported mainly through four mediums worldwide, namely, rail, trucks, boats and pipelines. 100 %, due to the difficulty and cost to transform natural gas in liquid form, is transported by pipelines. Furthermore, the United States is shipping pipelines to 70% of crude oil or petroleum products. Requirements for the safe transport of these explosive gasses lead to high ultrasonic welding technology testing demands for pipelines. Different ultrasound testing devices are used throughout the world for this test. In addition to the oil and gas industries, in order to identify component manufacturing faults, ultrasonic testing equipment in different sectors is increasingly used, such as aerospace and defense, auto, medical and construction. This test ensures structural integrity and product quality. This can improve the efficiency and reliability of the product or system. The demand for ultrasonic testing equipment worldwide is expected to increase in the next few years.
Key players in the global market of ultrasonic test equipment focus on the development and market entry of new products to achieve a competitive edge and improve their brand positioning on the market of two players i.e. at present. The maximum income is generated by Olympus Corporation and Sonatest Ltd. Baker Hughes (Ge) company, Amerapex Corporation, Ndt Systems Inc., LLC, TecScan System Inc., Ametek, Inc., Zeal International, and Eddyfi NDT Inc. are additionally operating on the markets.
With several companies on the market, the market appears to have been moderately concentrated. This report will help customers identify new growth opportunities and design unique growth strategies by providing an extensive market analysis and information on products offered by businesses.
Globe Newswire: 14:29 GMT Wednesday 15th May 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.