Market Trends of Ultrasonic Non-Destructive Testing (NDT) Equipment Industry
This section covers the major market trends shaping the Ultrasonic Non-Destructive Testing Equipment Market according to our research experts:
Availability of Portable and Connected Devices for Real-time Data is Expected to Drive the Market's Growth
- Mobility is a key requirement for various companies to monitor critical assets continuously. The portability offered by ultrasonic NDT equipment allows NDT technicians to handle several on-site tasks. For instance, technicians can perform preparation, acquisition, analysis, and reporting of NDT on the site. The testing equipment is required to be transported to and from varying stretches of pipelines, rail, and other job sites regularly. The portable ultrasonic NDT equipment enables the technicians to perform all such activities without the need to go back to the desk, saving time and fastening the process.
- Furthermore, the rise of cordless ultrasonic testing equipment and the penetration of advanced technologies, like the Internet of Things, is driving the studied market, owing to the flexibility offered. IoT solutions are being increasingly adopted across industries for optimizing operations, productivity, and safeguarding the environment. Industries such as manufacturing, oil and gas, food and beverage, and utilities face intense competition. Thus, they are increasingly investing in new technologies that leverage the capabilities of IoT, cloud, and Big Data analytics to enhance their ability to innovate and maximize return on their assets.
- With the advent of Industry 4.0, trends like Industrial IoT (IIoT), smart manufacturing, smart factories, predictive manufacturing, industrial robots, and sensors have made IoT the central backbone of these industries, enabling remote monitoring, continuously scanning capabilities from the equipment on the factory floor, real-time analysis, and supporting new capabilities, such as predictive and continuous maintenance.
- Industry 4.0 has been aiding the industries' transition from legacy systems to smart components and machines, facilitating digital factories and, later, to an ecosystem of connected plants and enterprises. Such transformational trends are expected to act as a major driver for adopting portable and connected devices in the NDT industry. The features such as portability and connectivity provide unmatched capabilities for locating discontinuities and other flaws at remote locations without making carrying the device a restraining factor.
- With the smart factory concept coming into force, companies focus on predictive and continuous maintenance and manufacturing, which is anticipated to reduce and optimize operations and maintenance costs and enhance production capacities. Moreover, according to Wollenhaupt, low maintenance strategies can reduce a company's production capacity by as much as 20%. To identify the problems and prevent them at an early stage, ultrasonic testing is one of the most effective maintenance tools.
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North America is Expected to Hold a Major Market Share
- The United States is expected to command a prominent share of the market demand owing to the increasing use of testing technology for predictive maintenance, growing adoption in the oil and gas sector, and growing safety regulations in the various industries in the region especially driven by the demand from the country. The increasing use of ultrasonic non-destructive testing equipment to determine a material's thickness or any cracks in a pipeline is expected to drive its growth. Therefore, the growing investment in the construction of pipelines in the oil and refinery sector is expected to drive the studied market in the country.
- For instance, Pipeline construction projects, such as Pecos trail Pipeline Project, Penn East Pipeline Project, and Atlantic Coast Pipeline, are some of the projects that are destined to be completed in the next few years. These projects are expected to create considerable demand for Ultrasonic non-destructive testing equipment in the country over the next few years.
- Ultrasonic Pulse Velocity (UPV) is an effective non-destructive testing method for quality control of concrete materials and detecting damages in structural components, and the growing construction sector in the United States over the past few years is augmenting the sales of equipment. After the presidential election, a particular emphasis on building new infrastructure and repairing existing capital assets that are raising safety concerns is expected to take place. Additionally, public-private partnerships (PPPs) are expected to increase to carry out large-scale infrastructure projects. According to the United States Census Bureau, the value of new commercial buildings has recovered to pre-recession levels, with USD 79.9 billion expected in 2020. In 2022, the value of construction starts in the United States is expected to reach USD 135 billion. Private offices, warehouses, and shopping/retail facilities are expected to be popular in the coming years. The increasing growth in the construction sector may boost the market for NDT testing equipment in the United States.
- Moreover, Canada is experiencing a resurging economy, with continuous growth over the last few years. With the strengthening of the American economy and the resurfacing of the European economy post-recession, the Canadian manufacturing sector is expected to perform better in the coming years.
- Canada is one of the significant vehicle producers globally, and this sector is the biggest contributor to the country's manufacturing industry. Over a period of time, vehicle weight has been reduced to increase fuel efficiency. Maintaining structural integrity and safety with less or alternative composite materials has created the need for more and improved ultrasonic non-destructive testing equipment in the region.
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