Dublin, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The "Ultrasonic NDT Equipment - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global interest in the Ultrasonic Non-Destructive Testing (NDT) Equipment sector is anticipated to surge, as industry analytics predict a robust growth trajectory leading to a market size of $26.2 billion by the year 2030. This progress represents a consistent Compound Annual Growth Rate (CAGR) of 5.3% from 2022 to 2030.
The Energy Landscape Embraces Advanced Testing
With a projected CAGR of 5.1%, the Oil & Gas segment is anticipated to make a significant impact on the market, reaching an estimated value of $8.9 billion at the culmination of the forecast period. This growth underscores the sector's commitment to ensuring safety and efficiency through state-of-the-art ultrasonic testing technologies.
Power Generation Market Energizes Innovation
Underpinning the industry's progress, the Power Generation segment is adjusted to a revised 5.5% CAGR over the next eight years. This sustained growth is indicative of an increasing reliance on predictive maintenance and quality assurance practices within the sector.
Geographic Market Insights:
- The U.S. stands as a dominant force in the industry with an estimated market size of $5.1 billion as of 2022.
- China continues as a formidable market, projected to grow at a 4.8% CAGR, resulting in an anticipated $4.6 billion market size by 2030.
- Other regions demonstrating notable growth include Japan and Canada, each expected to grow at annual rates of 4.4% and 4.3%, respectively, within the forecast period.
- Europe, led by Germany, is also positioning itself as a key player with an estimated growth rate of around 4% CAGR.
Industry Dynamics
In addition to market size estimations, the report encompasses an in-depth competitive analysis. The key players featured in the study account for a dynamic share of the global market, reflecting the diversified presence of incumbents across multiple geographies.
A selection of companies mentioned in this report includes
- Cygnus Instruments Inc.
- Danatronics Corporation
- Eddyfi Technologies
- James Instruments, Inc.
- NDT Systems, Inc.
- Sonotron NDT
- Trinity NDT
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $17.4 Billion |
| Forecasted Market Value (USD) by 2030 | $26.2 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/imtwqm
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