Ultrasonic Testing Market Report, Global Industry Analysis, Market Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2023 - 2030

  • Published Date: Jan, 2024
  • Report ID: CR0208013
  • Format: Electronic (PDF)
  • Number of Pages: 200
  • Author(s): Joshi, Madhavi

Report Overview

The Ultrasonic Testing Market size was estimated at USD 3.2 billion in 2023 and is projected to reach USD 4.75 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2024-2030).

Ultrasonic Testing Market

(Market Size)
$3.2 billion
$4.75 billion
2023
2030
Source: Citius Research
Study Period 2018 - 2030
Base Year For Estimation 2023
Forecast Data Period 2024 - 2030
CAGR (2024-2030) 6.00%
2023 Market Size USD 3.2 billion
2030 Market Size USD 4.75 billion
Key Players Olympus, Baker Hughes, Mistras Group, Sonatest, Eddyfi

Market Summary

The ultrasonic testing market is a critical segment within the non-destructive testing industry, primarily serving the manufacturing and construction sectors. This technology utilizes high-frequency sound waves to detect flaws, measure material thickness, and characterize properties without causing damage to the components being inspected. It is widely adopted due to its accuracy, reliability, and ability to provide immediate results, making it indispensable for quality assurance and safety compliance. Industries such as aerospace, automotive, oil and gas, and infrastructure heavily rely on ultrasonic testing to ensure the structural integrity of materials and fabricated parts. The method is favored for its versatility, capable of inspecting a variety of materials including metals, composites, plastics, and ceramics. As global infrastructure projects expand and manufacturing processes become more advanced, the demand for ultrasonic testing continues to grow. Companies are increasingly investing in this technology to minimize failures, reduce maintenance costs, and enhance operational efficiency. The market is characterized by continuous technological advancements, leading to the development of more sophisticated and user-friendly equipment. Key players are focusing on innovation to meet the evolving needs of end-users, driving further adoption across diverse applications.

Key Highlights

The ultrasonic testing market is distinguished by several key highlights that underscore its importance and growth trajectory. One of the primary advantages is its non-destructive nature, allowing for thorough inspection without compromising the integrity of the test subject. This is particularly crucial in industries where safety and reliability are paramount, such as in the construction of bridges, buildings, and pressure vessels. The technology offers high precision in detecting internal and surface defects, including cracks, voids, and inclusions, which might not be visible to the naked eye. Additionally, ultrasonic testing equipment has become more portable and automated, enabling inspections in hard-to-reach areas and reducing the time required for assessments. The integration of digital technologies and software solutions has further enhanced data analysis and reporting capabilities, providing more detailed and actionable insights. Another significant highlight is the increasing adoption of phased array ultrasonic testing and time-of-flight diffraction techniques, which offer superior imaging and defect characterization. These advancements are driving efficiency and accuracy, making ultrasonic testing a preferred choice for quality control and preventive maintenance programs worldwide.

Drivers, Opportunities & Restraints

The ultrasonic testing market is propelled by several drivers, including stringent government regulations and safety standards across the manufacturing and construction industries. These regulations mandate regular inspections to ensure structural integrity and operational safety, thereby boosting the demand for reliable non-destructive testing methods like ultrasonic testing. The growing emphasis on preventive maintenance and asset management further drives market growth, as companies seek to avoid costly downtime and extend the lifespan of critical infrastructure. Opportunities abound in the development of advanced ultrasonic testing technologies, such as automated and robotic systems, which can perform inspections in hazardous or inaccessible environments. The expansion of the renewable energy sector, particularly wind and solar power, presents new avenues for market expansion, as these industries require rigorous testing of components like turbine blades and solar panels. However, the market faces restraints including the high cost of advanced ultrasonic testing equipment and the need for skilled technicians to operate and interpret results. Additionally, the availability of alternative non-destructive testing methods, such as radiographic and magnetic particle testing, may pose competitive challenges. Despite these restraints, ongoing technological innovations and increasing awareness about the benefits of ultrasonic testing are expected to sustain market growth.

Concentration Insights

The ultrasonic testing market exhibits a concentrated landscape with a few major players dominating the industry. Companies such as Olympus Corporation, Mistras Group, and GE Measurement & Control are at the forefront, leveraging their extensive product portfolios and global reach to maintain competitive advantages. These industry leaders invest significantly in research and development to introduce cutting-edge technologies and enhance their market presence. The concentration is also evident in strategic partnerships, mergers, and acquisitions, which allow companies to expand their capabilities and geographic footprint. For instance, collaborations with academic institutions and research organizations facilitate innovation and the development of advanced testing solutions. Regional players and small to medium-sized enterprises also contribute to the market by offering specialized services and customized solutions, particularly in niche applications. The competitive dynamics are characterized by continuous innovation, with a focus on improving accuracy, efficiency, and user-friendliness of ultrasonic testing equipment. This concentrated nature ensures that the market remains dynamic and responsive to evolving industry needs, driving overall growth and technological advancement.

Type Insights

Ultrasonic testing encompasses various types, each tailored to specific applications and inspection requirements. Conventional ultrasonic testing is the most widely used method, employing single-element transducers to send and receive sound waves, ideal for detecting flaws and measuring thickness in a range of materials. Phased array ultrasonic testing represents a more advanced technique, utilizing multiple elements to steer and focus sound beams electronically, providing detailed imaging and enhanced defect characterization. This method is particularly valuable for complex geometries and critical components in aerospace and energy sectors. Time-of-flight diffraction is another prominent type, excels in accurately sizing and locating defects by analyzing the diffraction of sound waves from flaw edges. Guided wave ultrasonic testing is used for long-range screening of pipes and plates, enabling rapid assessment of large areas with minimal access requirements. Additionally, immersion ultrasonic testing involves submerging the test object in water to improve coupling and accuracy, commonly used in laboratory settings. Each type offers distinct advantages, and the choice depends on factors such as material properties, defect types, and inspection objectives, contributing to the versatility and widespread adoption of ultrasonic testing technologies.

Application Insights

Ultrasonic testing finds extensive applications across the manufacturing and construction industries, driven by the need for quality assurance and safety compliance. In manufacturing, it is crucial for inspecting raw materials, welds, castings, and forgings to detect internal flaws that could compromise product integrity. The automotive industry relies on ultrasonic testing for evaluating engine components, chassis, and safety-critical parts to ensure reliability and performance. In aerospace, the technology is indispensable for examining aircraft structures, turbine blades, and composite materials, where even minor defects can have catastrophic consequences. The construction sector utilizes ultrasonic testing for assessing the integrity of concrete structures, bridges, and pipelines, helping to identify cracks, voids, and corrosion. The oil and gas industry employs this method for inspecting pipelines, storage tanks, and pressure vessels to prevent leaks and failures. Additionally, ultrasonic testing is used in the power generation sector for monitoring boilers, heat exchangers, and nuclear components. The versatility of ultrasonic testing allows it to adapt to various materials and environments, making it a cornerstone of non-destructive evaluation practices worldwide.

Regional Insights

The ultrasonic testing market demonstrates varied growth patterns across different regions, influenced by industrial development, regulatory frameworks, and infrastructure investments. North America holds a significant share, driven by stringent safety regulations in sectors such as aerospace, oil and gas, and power generation. The presence of major market players and advanced manufacturing capabilities further bolstered regional dominance. Europe follows closely, with strong emphasis on quality control and preventive maintenance in automotive and construction industries, supported by robust regulatory standards. The Asia-Pacific region is experiencing rapid growth, fueled by expanding industrialization, urbanization, and increasing investments in infrastructure projects. Countries like China, India, and Japan are key contributors, with growing adoption of non-destructive testing technologies in manufacturing and construction. Latin America and the Middle East & Africa are emerging markets, where development in oil and gas and construction sectors is driving demand for ultrasonic testing. Each region presents unique opportunities and challenges, with local regulations and economic conditions shaping market dynamics. Overall, global market growth is underpinned by the universal need for safety and quality assurance across industries.

Company Insights

The ultrasonic testing market features several prominent companies that lead through innovation, extensive product offerings, and global reach. Olympus Corporation is a key player, renowned for its advanced ultrasonic flaw detectors, phased array systems, and transducers that cater to diverse industrial applications. Mistras Group provides comprehensive asset protection solutions, integrating ultrasonic testing with other non-destructive testing methods to offer end-to-end services. GE Measurement & Control, now part of Baker Hughes, specializes in high-precision ultrasonic equipment for critical industries like aerospace and energy. Sonatest Ltd. is recognized for its portable and rugged ultrasonic testing devices, ideal for field inspections in challenging environments. Eddyfi Technologies focuses on advanced non-destructive testing solutions, including phased array and time-of-flight diffraction systems, enhancing inspection accuracy and efficiency. These companies invest heavily in research and development to introduce innovative technologies, such as digitalization and automation, which improve testing capabilities and user experience. Strategic collaborations, acquisitions, and expansions are common practices to strengthen market position and address evolving customer needs. The competitive landscape is dynamic, with continuous efforts to enhance product performance, reliability, and accessibility.

Recent Developments

Recent developments in the ultrasonic testing market highlight ongoing innovation and strategic initiatives aimed at enhancing technology capabilities and market reach. Advancements in phased array ultrasonic testing have led to the introduction of systems with higher channel counts and improved imaging resolution, allowing for more detailed defect characterization. Companies are increasingly integrating artificial intelligence and machine learning algorithms into ultrasonic testing equipment to automate data analysis and improve defect detection accuracy. The development of portable and wireless devices has gained traction, enabling inspections in remote and hazardous locations with greater convenience. There is a growing emphasis on the adoption of robotic ultrasonic testing systems for automated inspections in industries such as aerospace and energy, reducing human error and increasing efficiency. Strategic partnerships between equipment manufacturers and service providers have expanded, offering comprehensive solutions that combine advanced technology with expert analysis. Additionally, efforts to enhance software interfaces and data management tools are improving the usability and integration of ultrasonic testing into broader asset management systems. These developments reflect the market's commitment to addressing complex inspection challenges and meeting the evolving demands of end-users across various industries.

Report Segmentation

The ultrasonic testing market report is segmented based on type, application, and region to provide a comprehensive analysis of industry dynamics. By type, the market is categorized into conventional ultrasonic testing, phased array ultrasonic testing, time-of-flight diffraction, guided wave ultrasonic testing, and immersion ultrasonic testing. Each segment is analyzed in terms of technology adoption, advantages, and suitability for specific inspection tasks. Application-wise segmentation covers manufacturing, construction, aerospace, automotive, oil and gas, power generation, and others, highlighting the unique requirements and growth drivers in each sector. Regional segmentation includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, examining regional trends, regulatory influences, and market opportunities. This detailed segmentation enables stakeholders to identify growth areas, understand competitive landscapes, and make informed decisions regarding investments and strategies. The report also provides insights into market trends, challenges, and future outlook, offering a holistic view of the ultrasonic testing landscape. This structured approach ensures that readers gain a thorough understanding of market dynamics and factors influencing growth across different segments and geographies.

FAQs

What is ultrasonic testing used for? Ultrasonic testing is used for detecting internal and surface flaws, measuring material thickness, and characterizing properties in various materials without causing damage. It is widely applied in industries such as manufacturing, construction, aerospace, and oil and gas for quality control and safety assurance.

How does ultrasonic testing work? Ultrasonic testing works by sending high-frequency sound waves into a material and analyzing the reflected waves. Changes in the wave patterns indicate the presence of defects, such as cracks or voids, allowing inspectors to assess the material's integrity.

What are the advantages of ultrasonic testing? The advantages include high accuracy, ability to detect small flaws, immediate results, and non-destructive nature. It is versatile, applicable to various materials, and can be used in both field and laboratory settings.

What industries use ultrasonic testing? Industries such as manufacturing, construction, aerospace, automotive, oil and gas, power generation, and renewable energy use ultrasonic testing for inspecting components, structures, and systems to ensure reliability and compliance with safety standards.

What is phased array ultrasonic testing? Phased array ultrasonic testing is an advanced technique that uses multiple elements to electronically steer and focus sound beams. It provides detailed imaging and better defect characterization, especially useful for complex geometries and critical inspections.

Is ultrasonic testing safe? Yes, ultrasonic testing is safe as it uses sound waves instead of radiation, posing no health risks to operators or the environment when performed according to standard procedures.

Citius Research has developed a research report titled “Ultrasonic Testing Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Ultrasonic Testing Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Ultrasonic Testing Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Ultrasonic Testing Market Segmentation

Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Ultrasonic Testing Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Ultrasonic Testing Market
• Research Methodology
• Executive Summary
• Market Dynamics of Ultrasonic Testing Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Ultrasonic Testing Market
• Cost and Gross Margin Analysis of Ultrasonic Testing Market
• Ultrasonic Testing Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Ultrasonic Testing Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Ultrasonic Testing Market Key Stakeholders

Below are the key stakeholders for the Ultrasonic Testing Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Ultrasonic Testing Market Report Scope

Report AttributeDetails
Base year2023
Historical data2018 – 2023
Forecast2024 - 2030
CAGR2024 - 2030
Quantitative UnitsValue (USD Million)
Report coverageRevenue Forecast, Competitive Landscape, Growth Factors, Trends and Strategies. Customized report options available on request
Segments coveredProduct type, technology, application, geography
Regions coveredNorth America, Latin America, Europe, MENA, Asia Pacific, Sub-Saharan Africa and Australasia
Countries coveredUS, UK, China, Japan, Germany, India, France, Brazil, Italy, Canada, Russia, South Korea, Australia, Spain, Mexico and others
Customization scopeAvailable on request
PricingVarious purchase options available as per your research needs. Discounts available on request

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Ultrasonic Testing Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Ultrasonic Testing Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Ultrasonic Testing Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

Report Customization

Citius Research provides free customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.

Customize This Report

Frequently Asked Questions

The Global Ultrasonic Testing Market size was valued at $XX billion in 2023 and is anticipated to reach $XX billion by 2030 growing at a CAGR of XX%
The global Ultrasonic Testing Market is expected to grow at a CAGR of XX% from 2023 to 2030.
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Table of Contents

Chapter 1. Introduction
  1.1. Market Scope
  1.2. Key Segmentations
  1.3. Research Objective
Chapter 2. Research Methodology & Assumptions
Chapter 3. Executive Summary
Chapter 4. Market Background
  4.1. Dynamics
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunity
    4.1.4. Challenges
  4.2. Key Trends in the Impacting the Market
    4.2.1. Demand & Supply
  4.3. Industry SWOT Analysis
  4.4. Porter’s Five Forces Analysis
  4.5. Value and Supply Chain Analysis
  4.6. Macro-Economic Factors
  4.7. COVID-19 Impact Analysis
    4.7.1. Global and Regional Assessment
  4.8. Profit Margin Analysis
  4.9. Trade Analysis
    4.9.1. Importing Countries
    4.9.2. Exporting Countries
  4.10. Market Entry Strategies
  4.11. Market Assessment (US$ Mn and Units)
Chapter 5. Global Ultrasonic Testing Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Segment A
  5.1. By Segment A, 2024 - 2030
    5.1.1. Sub-Segment A
    5.1.2. Sub-Segment B
  5.2. Opportunity Analysis
Chapter 6. Global Ultrasonic Testing Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Segment B
  6.1. By Segment B, 2024 - 2030
    6.1.1. Sub-Segment A
    6.1.2. Sub-Segment B
  6.2. Opportunity Analysis
Chapter 7. Global Ultrasonic Testing Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Segment C
  7.1. By Segment C, 2024 - 2030
    7.1.1. Sub-Segment A
    7.1.2. Sub-Segment B
  7.2. Opportunity Analysis
Chapter 8. Global Ultrasonic Testing Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Region
  8.1. By Region, 2024 - 2030
    8.1.1. North America
    8.1.2. Latin America
    8.1.3. Europe
    8.1.4. MENA
    8.1.5. Asia Pacific
    8.1.6. Sub-Saharan Africa
    8.1.7. Australasia
  8.2. Opportunity Analysis
Chapter 9. North America Ultrasonic Testing Market Forecast and Trend Analysis
  9.1. Regional Overview
  9.2. Pricing Analysis
  9.3. Key Trends in the Region
    9.3.1. Supply and Demand
  9.4. Demographic Structure
  9.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    9.5.1. Sub-Segment A
    9.5.2. Sub-Segment B
  9.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    9.6.1. Sub-Segment A
    9.6.2. Sub-Segment B
  9.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    9.7.1. Sub-Segment A
    9.7.2. Sub-Segment B
  9.8. By Country, 2024 - 2030, (US$ Mn and Units)
    9.8.1. U.S.
    9.8.2. Canada
    9.8.3. Rest of North America
  9.9. Opportunity Analysis
Chapter 10. Latin America Ultrasonic Testing Market Forecast and Trend Analysis
  10.1. Regional Overview
  10.2. Pricing Analysis
  10.3. Key Trends in the Region
    10.3.1. Supply and Demand
  10.4. Demographic Structure
  10.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    10.5.1. Sub-Segment A
    10.5.2. Sub-Segment B
  10.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    10.6.1. Sub-Segment A
    10.6.2. Sub-Segment B
  10.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    10.7.1. Sub-Segment A
    10.7.2. Sub-Segment B
  10.8. By Country, 2024 - 2030, (US$ Mn and Units)
    10.8.1. Brazil
    10.8.2. Argentina
    10.8.3. Rest of Latin America
  10.9. Opportunity Analysis
Chapter 11. Europe Ultrasonic Testing Market Forecast and Trend Analysis
  11.1. Regional Overview
  11.2. Pricing Analysis
  11.3. Key Trends in the Region
    11.3.1. Supply and Demand
  11.4. Demographic Structure
  11.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    11.5.1. Sub-Segment A
    11.5.2. Sub-Segment B
  11.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    11.6.1. Sub-Segment A
    11.6.2. Sub-Segment B
  11.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    11.7.1. Sub-Segment A
    11.7.2. Sub-Segment B
  11.8. By Country, 2024 - 2030, (US$ Mn and Units)
    11.8.1. UK
    11.8.2. Germany
    11.8.3. France
    11.8.4. Spain
    11.8.5. Rest of Europe
  11.9. Opportunity Analysis
Chapter 12. MENA Ultrasonic Testing Market Forecast and Trend Analysis
  12.1. Regional Overview
  12.2. Pricing Analysis
  12.3. Key Trends in the Region
    12.3.1. Supply and Demand
  12.4. Demographic Structure
  12.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    12.5.1. Sub-Segment A
    12.5.2. Sub-Segment B
  12.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    12.6.1. Sub-Segment A
    12.6.2. Sub-Segment B
  12.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    12.7.1. Sub-Segment A
    12.7.2. Sub-Segment B
  12.8. By Country, 2024 - 2030, (US$ Mn and Units)
    12.8.1. Egypt
    12.8.2. Algeria
    12.8.3. GCC
    12.8.4. Rest of MENA
  12.9. Opportunity Analysis
Chapter 13. Asia Pacific Ultrasonic Testing Market Forecast and Trend Analysis
  13.1. Regional Overview
  13.2. Pricing Analysis
  13.3. Key Trends in the Region
    13.3.1. Supply and Demand
  13.4. Demographic Structure
  13.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    13.5.1. Sub-Segment A
    13.5.2. Sub-Segment B
  13.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    13.6.1. Sub-Segment A
    13.6.2. Sub-Segment B
  13.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    13.7.1. Sub-Segment A
    13.7.2. Sub-Segment B
  13.8. By Country, 2024 - 2030, (US$ Mn and Units)
    13.8.1. India
    13.8.2. China
    13.8.3. Japan
    13.8.4. ASEAN
    13.8.5. Rest of Asia Pacific
  13.9. Opportunity Analysis
Chapter 14. Sub-Saharan Africa Ultrasonic Testing Market Forecast and Trend Analysis
  14.1. Regional Overview
  14.2. Pricing Analysis
  14.3. Key Trends in the Region
    14.3.1. Supply and Demand
  14.4. Demographic Structure
  14.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    14.5.1. Sub-Segment A
    14.5.2. Sub-Segment B
  14.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    14.6.1. Sub-Segment A
    14.6.2. Sub-Segment B
  14.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    14.7.1. Sub-Segment A
    14.7.2. Sub-Segment B
  14.8. By Country, 2024 - 2030, (US$ Mn and Units)
    14.8.1. Ethiopia
    14.8.2. Nigeria
    14.8.3. Rest of Sub-Saharan Africa
  14.9. Opportunity Analysis
Chapter 15. Australasia Ultrasonic Testing Market Forecast and Trend Analysis
  15.1. Regional Overview
  15.2. Pricing Analysis
  15.3. Key Trends in the Region
    15.3.1. Supply and Demand
  15.4. Demographic Structure
  15.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    15.5.1. Sub-Segment A
    15.5.2. Sub-Segment B
  15.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    15.6.1. Sub-Segment A
    15.6.2. Sub-Segment B
  15.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    15.7.1. Sub-Segment A
    15.7.2. Sub-Segment B
  15.8. By Country, 2024 - 2030, (US$ Mn and Units)
    15.8.1. Australia
    15.8.2. New Zealand
    15.8.3. Rest of Australasia
  15.9. Opportunity Analysis
Chapter 16. Competition Analysis
  16.1. Competitive Benchmarking
    16.1.1. Top Player’s Market Share
    16.1.2. Price and Product Comparison
  16.2. Company Profiles
    16.2.1. Company A
      16.2.1.1. Company Overview
      16.2.1.2. Segmental Revenue
      16.2.1.3. Product Portfolio
      16.2.1.4. Key Developments
      16.2.1.5. Strategic Outlook
    16.2.2. Company B
      16.2.2.1. Company Overview
      16.2.2.2. Segmental Revenue
      16.2.2.3. Product Portfolio
      16.2.2.4. Key Developments
      16.2.2.5. Strategic Outlook
    16.2.3. Company C
      16.2.3.1. Company Overview
      16.2.3.2. Segmental Revenue
      16.2.3.3. Product Portfolio
      16.2.3.4. Key Developments
      16.2.3.5. Strategic Outlook
    16.2.4. Company D
      16.2.4.1. Company Overview
      16.2.4.2. Segmental Revenue
      16.2.4.3. Product Portfolio
      16.2.4.4. Key Developments
      16.2.4.5. Strategic Outlook
    16.2.5. Company E
      16.2.5.1. Company Overview
      16.2.5.2. Segmental Revenue
      16.2.5.3. Product Portfolio
      16.2.5.4. Key Developments
      16.2.5.5. Strategic Outlook
    16.2.6. Company F
      16.2.6.1. Company Overview
      16.2.6.2. Segmental Revenue
      16.2.6.3. Product Portfolio
      16.2.6.4. Key Developments
      16.2.6.5. Strategic Outlook
    16.2.7. Company G
      16.2.7.1. Company Overview
      16.2.7.2. Segmental Revenue
      16.2.7.3. Product Portfolio
      16.2.7.4. Key Developments
      16.2.7.5. Strategic Outlook
    16.2.8. Company H
      16.2.8.1. Company Overview
      16.2.8.2. Segmental Revenue
      16.2.8.3. Product Portfolio
      16.2.8.4. Key Developments
      16.2.8.5. Strategic Outlook
    16.2.9. Company I
      16.2.9.1. Company Overview
      16.2.9.2. Segmental Revenue
      16.2.9.3. Product Portfolio
      16.2.9.4. Key Developments
      16.2.9.5. Strategic Outlook
    16.2.10. Company J
      16.2.10.1. Company Overview
      16.2.10.2. Segmental Revenue
      16.2.10.3. Product Portfolio
      16.2.10.4. Key Developments
      16.2.10.5. Strategic Outlook
Chapter 17. Go-To-Market Strategy

Research Methodology

We follow a robust research methodology to analyze the market in order to provide our clients with qualitative and quantitative analysis which has a very low or negligible deviance. Extensive secondary research supported by primary data collection methods help us to thoroughly understand and gauge the market. We incorporate both top-down and bottom-up approach for estimating the market. The below mentioned methods are then adopted to triangulate and validate the market.

Secondary data collection and interpretation

Secondary research includes sources such as published books, articles in journals, news media and published businesses, government and international body publications, and associations. Sources also include paid databases such as Hoovers, Thomson Reuters, Passport and others. Data derived through secondary sources is further validated through primary sources. The secondary sources also include major manufacturers mapped on the basis of revenues, product portfolios, and sales channels.

Primary data collection

Primary data collection methods include conducting interviews with industry experts and various stakeholders across the supply chain, such as raw material suppliers, manufacturers, product distributors and customers. The interviews are either telephonic or face-to-face, or even a combination of both. Prevailing trends in the industry are gathered by conducting surveys. Primary interviews also help us to understand the market drivers, restraints and opportunities, along with the challenges in the market. This method helps us in validating the data gathered through secondary sources, further triangulating the data and developing it through our statistical tools. We generally conduct interviews with -

  • CEOs, Directors, and VPs
  • Sales and Marketing Managers
  • Plant Heads and Manufacturing Department Heads
  • Product Specialists

Supply Side and Demand Side Data Collection

Supply side analysis is based on the data collected from the manufacturers and the product providers in terms of their segmental revenues. Secondary sources for this type of analysis include company annual reports and publications, associations and organisations, government publications and others.

Demand side analysis is based upon the consumer insights who are the end users of the particular product in question. They could be an individual user or an organisation. Such data is gathered through consumer surveys and focused group interviews.

Market Engineering

As a primary step, in order to develop the market numbers we follow a vigorous methodology that includes studying the parent market of the niche product and understanding the industry trends, acceptance among customers of the product, challenges, future growth, and others, followed by further breaking down the market under consideration into various segments and sub-markets. Additionally, in order to cross-validate the market, we also determine the top players in the market, along with their segmental revenues for the said market. Our secondary sources help us to validate the market share of the top players. Using both the qualitative and quantitative analysis of all the possible factors helps us determine the market numbers which are inclined towards accuracy.

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