Ultrasonic NDT Equipment Market to Post 9.87% CAGR to 2023, Forecasts MRFR in Its Topical Study Available at MarketPublishers.com29 Jan 2018 • by Natalie Aster
LONDON – The market for ultrasonic NDT equipment is a highly dynamic space and is poised for steady growth in the offing. The global market is anticipated to grow from around USD 1.3 billion as of 2016 to amount to USD 2.47 billion by 2023-end, posting a 9.87% CAGR.
The sector’s growth is being influenced by the expanding aerospace & defense sector, rise of the wind power industry, and emergence of novel avenues for the natural gas marketplace. Further, factors that are likely to propel the market’s growth include a hike in EV sales, usage of array equipment in radiography, and the requirement of customisation of ultrasonic NDT equipment. Meantime, dearth of qualified manpower, and an upsurge in threats of sabotage in the pipeline system are amid the factors hindering the growth and expansion of the ultrasonic NDT equipment marketplace.
North America takes the lead in the overall market, expected to post a 10.06% of CAGR to be valued at USD 917.71 million in 2023. The surging focus by automotive makers to increase their production processes in the USA is the major factor fuelling the sector’s growth.
Eddyfi, GE Inspection Technologies, Danatronic, NDT Systems, James Instruments, Sonatest, PaR systems, Olympus Corporation, Qualitest International, and Trinity NDT, amongst others, are the outstanding players in the market.
Topical research study “Global Ultrasonic NDT Equipment Market & Forecast 2016 To 2023” drawn up by MRFR examines the market on a global level. It offers a profound analysis of the market structure, and analyses and forecasts the different segments and sub-segments of the marketplace. The report gives comprehensive insights into factors impacting the market growth, examines key trends in the marketplace. It includes Porter’s five forces analysis. The research provides historical and forecast revenues of the market segments and sub-segments pertaining to 4 key geographies and leading countries. It analyses the actual market size and future prospects of the key country markets; includes a country-level assessment of the market based on technology, output, and end-user sector. The report offers granular profiles of the top industry players, canvassing their core competencies, and exploring the overall competitive landscape. It also includes competitive developments in the world ultrasonic NDT equipment market.
For a complete collection of the publisher’s market research reports follow MRFR online page at MarketPublishers.com.