About this market The reliability of power generation equipment is essential as the failure of systems might adversely affect the Mole power network infrastructure and pose serious safety risks. Ultrasonic testing is used for inspecting power generation infrastructures such as boilers, turbines, compressors: pipelines, tanks, and storage vessels. Power demand has been growing globally, both as a result of the rising population as well as industrialization. The power generation industry’s landscape is evolving with the introduction of new generation sources from the supply side and the addition of new types of loads from the demand side. These changes have increased the need for periodic maintenance of power generation assets. Ultrasonic testing as opposed to other testing methods can detect finer defects thereby offering better inspection. Hence, with the rising need for power. both in the residential and industrial sectors, the demand for ultrasonic test equipment is also expected to grow. Technavio’s analysts have predicted that the ultrasonic testing equipment market will register a CAGR of over 6% by 2023.
Market Overview Growing demand for ultrasonic testing in pipelines Pipelines are one of the most important assets of the oil and gas midstream sector, connecting the upstream and downstream part. Their ability to transport high volumes makes them a popular choice for oil and gas transportation. However, pipeline design and maintenance are complex issues as pipelines operate under various operating environments and carry fluids such as crude oil, natural gas. refined products. and liquefied gases. They are highly prone to defects and corrosion as they carry different types of crude oils, which include corrosive fluids. Surface limitations and need for skilled workforce Ultrasonic testing is a technology that is gradually finding its use in different industrial applications. However, there are some limitations and drawbacks associated with the use of ultrasonic testing. One of the limitations of ultrasonic testing equipment is its non-suitability for all kinds of surfaces. Complex shapes or thin or irregular surfaces are not suitable for ultrasonic testing. Wood and paper products are not suitable for ultrasonic testing. For the detailed list of factors that will drive and challenge the growth of the ultrasonic testing equipment market during the 2019-2023, view our report.
Competitive Landscape The market appears to be moderately concentrated and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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