The report recognizes the following companies as the key players in the Global Ultrasonic Testing Equipment Market: GE Inspection Technologies GmbH, Olympus Inc. and Sonatest Ltd.
Other Prominent Vendors in the market are: Institut Dr. Foerster, Mistras Group, Modsonic, Sonotron, Technology Design and Zetec
The report said: “One of the major trends in the market is the use of phased array UT equipment in lieu of radiography testing methods. There are various safety and health issues associated with the use of radiography testing, which are overcome by replacing it with UT equipment.”
According to the report, one of the major drivers in the market is the high demand from the oil and gas industry. The rise in oil and gas prices in the last few years has resulted in an increase in profit for oil companies. However, high profit translates into new refinery projects and transportation systems.
Further, the report states that the main challenge faced by the market is the lack of skilled manpower to operate the equipment, which limits the adoption of new technology in its manufacture. Many training institutes are not updated with the new technology and the latest equipment. Unavailability of skilled manpower decreases the quality of the undertaken inspection.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.