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Global Ultrasonic Testing Equipment Market (2023-2028) Competitive Analysis, Impact of Covid-19 with Ansoff Analysis

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  • 176 Pages
  • February 2024
  • Region: Global
  • Infogence Global Research
  • ID: 5585614
The Global Ultrasonic Testing Equipment Market is estimated to be USD 1.36 Bn in 2023 and is expected to reach USD 1.94 Bn by 2028 growing at a CAGR of 7.35%.

Market Dynamics

Market dynamics are forces that impact the prices and behaviors of the Global Ultrasonic Testing Equipment Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.

Market Segmentations

  • The Global Ultrasonic Testing Equipment Market is segmented based on Type, Equipment, Service, Vertical, and Geography.
  • By Type, the market is classified into Phased Array, Time-Of-Flight Diffraction, Immersion Testing, Guided Wave Testing, Acoustography, and Others.
  • By Equipment, the market is classified into Flaw Detectors, Thickness Gauges, Transducers And Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems, and Others.
  • By Service, the market is classified into Inspection Services, Equipment Rental Services, Calibration Services, and Training Services.
  • By Vertical, the market is classified into Manufacturing, Oil & Gas, Aerospace, Infrastructure, Automotive, Power Generation, and Others.
  • By Geography, the market is classified into Americas, Europe, Middle-East & Africa and Asia-Pacific.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Acuren Inspection Inc, Amerapex Corp, Ametek Inc, Applied Technical Services Inc, Ashtead Technology, Baker Hughes Company, etc.

Countries Studied

  • America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
  • Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
  • Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
  • Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

  • The report presents a detailed Ansoff matrix analysis for the Global Ultrasonic Testing Equipment Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
  • The publisher analyses the Global Ultrasonic Testing Equipment Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
  • Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

  • The report offers a comprehensive evaluation of the Global Ultrasonic Testing Equipment Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
  • The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
  • The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
  • The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
  • The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights:

  • A complete analysis of the market, including parent industry
  • Important market dynamics and trends
  • Market segmentation
  • Historical, current, and projected size of the market based on value and volume
  • Market shares and strategies of key players
  • Recommendations to companies for strengthening their foothold in the market

Table of Contents

1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Stakeholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Models
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations and Outlook
4 Market Dynamics
4.1 Drivers
4.1.1 Development of Portable Phased Array Ultrasonic Testing Equipment
4.1.2 Need for Reliable Non-Destructive Testing Technique for Fiberglass and Carbon Fiber Composites in Manufacturing
4.1.3 Growth in Ultrasonic Testing Market Services
4.1.4 Government Mandates Regarding Employee Safety and Stringent Quality Control Requirements
4.2 Restraints
4.2.1 Limitations of Manual Ultrasonic Testing in Detecting Early Stages of Damage
4.2.2 High Cost of Automated Ultrasonic Testing Equipment
4.3 Opportunities
4.3.1 Growing Infrastructure Development in Emerging Economies
4.3.2 Opportunities in Power Generation Sector
4.4 Challenges
4.4.1 Decreasing Oil and Gas Prices
4.4.2 Lack of Skilled Technicians
5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter's Five Forces Analysis
5.3 Impact of COVID-19
5.4 Ansoff Matrix Analysis
6 Global Ultrasonic Testing Equipment Market, By Type
6.1 Introduction
6.2 Phased Array
6.3 Time-Of-Flight Diffraction
6.4 Immersion Testing
6.5 Guided Wave Testing
6.6 Acoustography
6.7 Others
7 Global Ultrasonic Testing Equipment Market, By Equipment
7.1 Introduction
7.2 Flaw Detectors
7.3 Thickness Gauges
7.4 Transducers And Probes
7.5 Industrial Scanners
7.6 Tube Inspection Systems
7.7 Bond Testers
7.8 Imaging Systems
7.9 Others
8 Global Ultrasonic Testing Equipment Market, By Service
8.1 Introduction
8.2 Inspection Services
8.3 Equipment Rental Services
8.4 Calibration Services
8.5 Training Services
9 Global Ultrasonic Testing Equipment Market, By Vertical
9.1 Introduction
9.2 Manufacturing
9.3 Oil & Gas
9.4 Aerospace
9.5 Infrastructure
9.6 Automotive
9.7 Power Generation
9.8 Others
10 Americas' Global Ultrasonic Testing Equipment Market
10.1 Introduction
10.2 Argentina
10.3 Brazil
10.4 Canada
10.5 Chile
10.6 Colombia
10.7 Mexico
10.8 Peru
10.9 United States
10.10 Rest of Americas
11 Europe's Global Ultrasonic Testing Equipment Market
11.1 Introduction
11.2 Austria
11.3 Belgium
11.4 Denmark
11.5 Finland
11.6 France
11.7 Germany
11.8 Italy
11.9 Netherlands
11.10 Norway
11.11 Poland
11.12 Russia
11.13 Spain
11.14 Sweden
11.15 Switzerland
11.16 United Kingdom
11.17 Rest of Europe
12 Middle East and Africa's Global Ultrasonic Testing Equipment Market
12.1 Introduction
12.2 Egypt
12.3 Israel
12.4 Qatar
12.5 Saudi Arabia
12.6 South Africa
12.7 United Arab Emirates
12.8 Rest of MEA
13 APAC's Global Ultrasonic Testing Equipment Market
13.1 Introduction
13.2 Australia
13.3 Bangladesh
13.4 China
13.5 India
13.6 Indonesia
13.7 Japan
13.8 Malaysia
13.9 Philippines
13.10 Singapore
13.11 South Korea
13.12 Sri Lanka
13.13 Thailand
13.14 Taiwan
13.15 Rest of Asia-Pacific
14 Competitive Landscape
14.1 Competitive Quadrant
14.2 Market Share Analysis
14.3 Strategic Initiatives
14.3.1 M&A and Investments
14.3.2 Partnerships and Collaborations
14.3.3 Product Developments and Improvements
15 Company Profiles
15.1 Acuren Inspection Inc
15.2 Amerapex Corp
15.3 Ametek Inc
15.4 Applied Technical Services Inc
15.5 Ashtead Technology
15.6 Baker Hughes Company
15.7 Cygnus Instruments Ltd
15.9 Eddyfi Technologies
15.10 FPrimeC Solutions Inc
15.11 Intertek Group plc
15.12 Labquip NDT Ltd
15.13 Mistras Group Inc
15.14 NDT Global GmbH & Co. KG
15.15 NDT Systems Inc
15.16 Olympus Corp
15.17 PCE Instruments UK Ltd
15.18 Russell Fraser Sales Pty Ltd
15.19 Sonatest Ltd
15.20 SONOTEC GmbH
15.21 Sonotron NDT
15.22 T. D. Williamson Inc
15.23 TecScan Systems Inc
15.24 Zeal International
15.25 Zetec Inc
16 Appendix
16.1 Questionnaire

Companies Mentioned

  • Acuren Inspection Inc
  • Amerapex Corp
  • Ametek Inc
  • Applied Technical Services Inc
  • Ashtead Technology
  • Baker Hughes Company
  • Cygnus Instruments Ltd
  • Eddyfi Technologies
  • FPrimeC Solutions Inc
  • Intertek Group plc
  • Labquip NDT Ltd
  • Mistras Group Inc
  • NDT Global GmbH & Co. KG
  • NDT Systems Inc
  • Olympus Corp
  • PCE Instruments UK Ltd
  • Russell Fraser Sales Pty Ltd
  • Sonatest Ltd
  • Sonotron NDT
  • T. D. Williamson Inc
  • TecScan Systems Inc
  • Zeal International
  • Zetec Inc