Energy, Automobile, EV, Renewable News | US Ultrasonic Testing Equipment Market Report 2022: A $424 Million Market by 2027

US Ultrasonic Testing Equipment Market Report 2022: A $424 Million Market by 2027

July 22, 2022

DUBLIN–(BUSINESS WIRE)–The “US Ultrasonic Testing Equipment Market (2022-2027) by Type, Equipment, Service, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.

The US Ultrasonic Testing Equipment Market is estimated to be USD 274.21 Mn in 2022 and is projected to reach USD 424.62 Mn by 2027, growing at a CAGR of 9.14%.

Market dynamics are forces that impact the prices and behaviors of the US 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.

Company Profiles

Some of the companies covered in this report are Acuren Inspection Inc, Amerapex Corp, Ametek Inc, Applied Technical Services Inc, etc.

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.

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 US 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 analyst analyses the US 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 analyst has devised suitable strategies for market growth.

Market Dynamics

Drivers

Development of Portable Phased Array Ultrasonic Testing Equipment
Need for Reliable Non-Destructive Testing Technique for Fiberglass and Carbon Fiber Composites in Manufacturing
Growth in Ultrasonic Testing Market Services
Government Mandates Regarding Employee Safety and Stringent Quality Control Requirements

Restraints

Limitations of Manual Ultrasonic Testing in Detecting Early Stages of Damage
High Cost of Automated Ultrasonic Testing Equipment

Opportunities

Growing Infrastructure Development in Emerging Economies
Opportunities in Power Generation Sector

Challenges

Decreasing Oil and Gas Prices
Lack of Skilled Technicians

Market Segmentations

The US Ultrasonic Testing Equipment Market is segmented based on Type, Equipment, Service, and Vertical.

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.

Company Profiles