The
global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027, exhibiting a CAGR of 9.43% during the forecast period. The
burgeoning startup culture in the non-destructive testing (NDT) domain will
play a central role in fueling this market, postulates Fortune Business Insights™ in its report, titled “Ultrasonic Testing Market Size, Share &
COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction, Phased Array,
Immersion Testing, Guided-Wave Testing, Acoustography, and Others) By Equipment
(Flaw Detectors, Thickness Gauges, Transducers & Probes, Industrial
Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems, and Others),
By Service (Inspection Services, Equipment Rental Services, Calibration
Services, and Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace,
Public Infrastructure, Automotive, Power Generation, and Others) and Regional
Forecast, 2020-2027”. Testing
and inspection are critical functions that operators and owners of capital have
to perform to ensure the safety and reliability of equipment, machinery, and
other assets. Startups have been steadily emerging over the past few years to
fulfill these functions using NDT and ultrasonic testing (UT) technologies. For
example, the Indian startup AAVRTTI has developed RUDI (Radar for
Utility Detection and Imaging) to detect, identify, and map buried
utilities. The company also offers other services, such as the localized
detection of cable faults and underground pipe leakages. Inductosense, a
startup domiciled in the UK, has been engaged in developing NDT solutions using
ultrasonic testing. The company manufactures ultrasonic sensors to facilitate accurate
monitoring of internal corrosion & erosion in pipelines and vessels. These
advancements in asset testing technologies, heralded by fledgling startups, will
create massive opportunities for this market.

Restraining
Factor

Revenue
Shortfalls amid the COVID-19 Crisis to Quell Market Growth

With
the coronavirus-induced global economic and health crisis unfolding with
increasing intensity, the aviation industry is set to experience unprecedented
revenue shortfalls. According to the International Civil Aviation Organization
(ICAO), in the first half of 2021, airlines are likely to face potential gross
passenger operating revenues between USD 163 billion and USD 194 billion.This
is in addition to the USD 391 billion worth of losses faced by airliners in
2020. The ultrasonic testing market growth is also expected to suffer setbacks
as a result of these financial stresses as the pandemic has severely disrupted
investment plans of aircraft manufacturers and aviation technology providers.
Furthermore, travel restrictions and the cancelation of flights have delayed
the adoption of advanced UT technologies. For example, a recent report by the
Organization for Economic Cooperation and Development (OECD) points out that a
combination of supply shocks and negative demand has created widespread
uncertainty in the aviation industry, thus delaying the deployment of
next-generation technologies, such as ultrasonic testing, by airline companies.
As a result of these developments, this market will display a negative CAGR of -14.9% in 2019 and reach a value of USD 1,954.4 million in 2020.

Information source: https://www.fortunebusinessinsights.com/ultrasonic-testing-market-104865