Ultrasonic NDT testing equipment market 2019-2024
23/09/2019
The ultrasonic NDT testing equipment market is expected to register a compound annual growth rate (CAGR) of 11% over the forecast period (2019-2024), according to a new report from Research and Markets. Developing countries continue to consume vast amounts of natural gas, while the demand is increasing in developed countries. This increased demand is causing the expansion of pipelines and refineries, due to which there is a surge in the ultrasonic NDT testing market.In the oil & gas industry alone there is a vast network of pipeline along with other infrastructure that requires continuous monitoring. Companies are using this testing equipment for scheduled assessment and monitoring of the materials.
The ultrasonics-based NDT testing equipment can provide real-time data owing to the improved communication technology and evolution in data collection and analytics software. Also, these devices can stream the live analysis and store the data on the cloud.
The demand for ultrasonic NDT testing equipment is further fuelled by the system’s unique ability to provide analysis for real-time decision-making.
The ultrasonic NDT testing equipment market typically comprises system integrators, security monitoring service providers that use these types of equipment to measure the hardness, flaws and sometimes stress on the object. The study incorporates these in the scope in the market. These instruments provide mission-critical information to avoid failure due to fatigue or construction flaws in a structure.
In addition, railways are emerging as a significant consumer of ultrasonic NDT testing equipment. Countries that are major players in Europe and Asia are heavily investing in expanding and upgrading their railway networks. Due to this, the demand for high-speed trains has increased, but the increased speeds have resulted in requirements for increased upkeep of the railway infrastructure.
With the increased speeds, railways are facing greater risk, due to which railway companies are looking for new solutions to monitor fatigue caused by wear and tear. Ultrasonic NDT equipment has been adopted to study the tracks and wheels for fatigue.
Moreover, with the expansion of the network, companies are looking for more cost-effective real-time detection and analysis techniques. Ultrasonic NDT equipment is set to become a key component of railway testing and maintenance procedures, according to the report.
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