超音波探傷試験(UT)市場 – 2029年までの世界予測

Ultrasonic Testing Market - Global Forecast to 2029

超音波探傷試験(UT)市場 - フェーズドアレイ、飛行時間型回折、浸漬試験、導波路試験、音響検査、探傷器、厚さ計、トランスデューサとプローブ、検査サービスおよび校正サービス - 2029年までの世界予測
Ultrasonic Testing Market by Phased Array, Time-of-flight Diffraction, Immersion Testing, Guided Wave Testing, Acoustography, Flaw Detectors, Thickness Gauges, Transducers & Probes, Inspection Services and Calibration Services - Global Forecast to 2029

商品番号 : SMB-69634

出版社MarketsandMarkets
出版年月2024年11月
ページ数269
図表数288
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The ultrasonic testing market is expected to reach USD 4.60 billion by 2029 from USD 2.92 billion in 2024, at a CAGR of 9.5% during the 2024-2029 period.

超音波探傷試験(UT)市場は、2024年の29億2000万米ドルから2029年までに46億米ドルに達し、2024年から2029年までのCAGRは9.5%になると予想されています。

超音波探傷試験(UT)市場 - 2029年までの世界予測
ultrasonic-testing-market

These investments require rigorous quality assurance and safety inspections on multiple structural components. Global enhancement of infrastructures, including bridges, highways, railways, and energy facilities, requires reliable non-destructive testing methods for detecting flaws. This inspection technique is also known because ultrasonic testing allows for determining the integrity of materials by finding internal flaws without destroying them, thereby being fundamental in the building and subsequent maintenance of any critical structure.

超音波探傷試験(UT)市場 - 2029年までの世界予測 12
ultrasonic-testing-market-impact

Large investments are made for infrastructure projects in emerging economies like India and China for instance to build new transportation structures, power plants, and urban development. This raises the demand for strict safety standards combined with quality materials and work that would ensure durability and safety. Ultrasonic testing is used to inspect welds, check the material thickness, and analyze the structural integrity of the components in these structures.

“Oil & gas vertical of the ultrasonic testing market is expected to hold the 2nd largest market share during the forecast period from 2024-2029”

Strict regulatory and environmental standards drive ultrasonic testing adoption in the oil and gas industry. This is due to stringent safety and environmental protection guidelines enforced by regulatory bodies. To protect air, water, and soil from hazardous pollutants, the US Environmental Protection Agency (EPA) has mandated some strict leak- and spill-proofing measures, particularly within the oil and gas infrastructure. The Pipeline and Hazardous Materials Safety Administration (PHMSA), through the Pipeline Safety Act and other regulations, requires regular inspections of pipelines to detect corrosion cracking and other structural weaknesses. Some amendments, such as the Pipeline Safety Act in 2021, also emphasize the use of more modern, non-destructive testing methods, including ultrasonic testing, such that pipelines meet higher standards for safety where they pose high risks and pass by close to population centers or highly sensitive ecological areas.

“India is projected to grow at the highest CAGR during the forecast period from 2024-2029”

The stringent quality and safety standards set by the government of India in all the key industries have raised the demand for non-destructive testing (NDT) to a considerable level. In this regard, ultrasonic testing has emerged as a crucial tool to meet compliance requirements. With growing aerospace, oil and gas, and infrastructure industries, higher safety and reliability standards are required to avoid failures and ensure efficiency in operations.

Ultrasonic testing in the aerospace industry is a requirement to check the welds and materials while manufacturing aircraft parts. It is regulated by the standards of Indian national specifications of the Directorate General of Civil Aviation, or DGCA. In 2023, the Ministry of Defence made a declaration to enhance the defense manufacturing in India through indigenization, leading to new DRDO guidelines on ultrasonic testing of aircraft and other defense-related equipment. Infrastructure safety standards have also been enhanced.

超音波探傷試験(UT)市場 - 2029年までの世界予測 region
ultrasonic-testing-market-region

In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the Ultrasonic testing market.

The break-up of the profile of primary participants in the Ultrasonic testing market-

  • By Company Type: Tier 1 – 26%, Tier 2 – 32%, Tier 3 – 42%
  • By Designation Type: C Level Excecutives – 52%, Directors – 23%, Others – 25%
  • By Region Type: North America – 44%, Europe –29 %, Asia Pacific– 23%, RoW – 4%,

The major players in the ultrasonic testing market are Baker Hughes Company (US), EVIDENT (Japan), Eddyfi (Canada), Sonatest (US), NDT Systems Inc (US), SGS SOCIETE GENERALE DE SURVEILLANCE SA. (Switzerland), Intertek Group plc (UK), MISTRAS Group (US), DEKRA (Germany), Applus+ (Spain), TÜV Rheinland (Germany), Element Materials Technology (UK), Acoustic Control Systems (Germany), Amerapex Corporation (US), Ashtead Technology (Scotland), Acuren (US), Modsonic Instruments Mfg. Co. (P) Ltd. (India), SONOTEC GmbH (Germany), Applied Technical Services (US), Nexxis (Australia), Vertech Group (Australia), Guided Ultrasonics Ltd. (US), IRISNDT (Canada), Nanjing BKN Automation System Co., Ltd. (China), and OKOndt GROUP (US).

超音波探傷試験(UT)市場 - 2029年までの世界予測 ecosystem
ultrasonic-testing-market-ecosystem

Research Coverage

The report segments the ultrasonic testing market and forecasts its size by region. It also comprehensively reviews drivers, restraints, opportunities, and challenges influencing market growth. The report covers qualitative aspects in addition to quantitative aspects of the market.

This report has categorized the ultrasonic testing market by type (phased array, time-of-flight diffraction, immersion testing, guided wave testing, acoustography), equipment (flaw detectors, thickness gauges, transducers & probes, industrial scanners, tube inspection systems, bond testers, imaging systems), service type (inspection services, equipment rental services, calibration services, training services), vertical (manufacturing, oil & gas, aerospace, government & infrastructure, power generation, automotive, marine), and region (North America, Europe, Asia Pacific, RoW).

Reasons to buy the report:

The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall ultrasonic testing market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the objectives of the market and provides information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

  • Analysis of key drivers (growing adoption of portable phased array ultrasonic testing equipment), restraint (complex nature of the technology), opportunities (growing emphasis on predictive maintenance), and challenges (high maintenance cost and downtime of equipment)
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the ultrasonic testing market
  • Market Development: Comprehensive information about lucrative markets – the report analyses the ultrasonic testing market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the ultrasonic testing market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Baker Hughes Company (US), SGS SOCIETE GENERALE DE SURVEILLANCE SA. (Switzerland), Intertek Group plc (UK), DEKRA (Germany), and MISTRAS Group (US).

Table of Contents

1               INTRODUCTION              24

1.1           STUDY OBJECTIVES       24

1.2           MARKET DEFINITION   24

1.3           STUDY SCOPE   25

1.3.1        INCLUSIONS AND EXCLUSIONS 26

1.4           CURRENCY CONSIDERED            27

1.5           UNIT CONSIDERED        27

1.6           LIMITATIONS    27

1.7           STAKEHOLDERS               27

1.8           SUMMARY OF CHANGES               27

2               RESEARCH METHODOLOGY       28

2.1           RESEARCH DATA              28

2.1.1        SECONDARY DATA          29

2.1.1.1    Key data from secondary sources       30

2.1.1.2    Key secondary sources         30

2.1.2        PRIMARY DATA 30

2.1.2.1    Key data from primary sources           31

2.1.2.2    Key participants in primary interviews              32

2.1.2.3    Breakdown of primary Interviews      32

2.1.2.4    Key industry insights           33

2.1.3        SECONDARY AND PRIMARY RESEARCH 33

2.2           MARKET SIZE ESTIMATION         34

2.2.1        BOTTOM-UP APPROACH              36

2.2.1.1    Approach to arrive at market size using bottom-up analysis

(Demand side)      36

2.2.2        TOP-DOWN APPROACH                37

2.2.2.1    Approach to arrive at market size using top-down analysis

(Supply Side)        37

2.3           MARKET SHARE ESTIMATION    38

2.4           DATA TRIANGULATION                39

2.5           RISK ASSESSMENT           40

2.5.1        RISK FACTOR ANALYSIS                40

2.6           RESEARCH ASSUMPTIONS           41

2.7           RESEARCH LIMITATIONS             41

3               EXECUTIVE SUMMARY  42

4               PREMIUM INSIGHTS       48

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ULTRASONIC TESTING MARKET               48

4.2           ULTRASONIC TESTING MARKET, BY SERVICE    49

4.3           ULTRASONIC TESTING MARKET, BY VERTICAL 49

4.4           ULTRASONIC TESTING MARKET, BY REGION     50

5               MARKET OVERVIEW       51

5.1           INTRODUCTION              51

5.2           MARKET DYNAMICS       51

5.2.1        DRIVERS               52

5.2.1.1    Stringent government regulations and industry standards                 52

5.2.1.2    Increasing adoption of ultrasonic testing in healthcare  52

5.2.1.3    Growing adoption of portable phased array ultrasonic testing equipment              53

5.2.1.4    Growing offshore oil and gas exploration         53

5.2.1.5    Rising investments in infrastructure development          53

5.2.2        RESTRAINTS      55

5.2.2.1    Manual ultrasonic testing limitations in early stages of damage detection                 55

5.2.2.2    Complex nature of ultrasonic testing technology             55

5.2.3        OPPORTUNITIES              56

5.2.3.1    Growing emphasis on predictive maintenance                 56

5.2.3.2    Rising number of renewable energy projects   56

5.2.4        CHALLENGES    57

5.2.4.1    Limited availability of skilled technicians         57

5.2.4.2    High maintenance cost and downtime of equipment     57

5.3           PORTER’S FIVE FORCES ANALYSIS            58

5.3.1        INTENSITY OF COMPETITIVE RIVALRY 60

5.3.2        THREAT OF NEW ENTRANTS      60

5.3.3        THREAT OF SUBSTITUTES          60

5.3.4        BARGAINING POWER OF BUYERS             60

5.3.5        BARGAINING POWER OF SUPPLIERS       61

5.4           VALUE CHAIN ANALYSIS               61

5.4.1        RAW MATERIAL PROVIDERS       62

5.4.2        COMPONENT SUPPLIERS             62

5.4.3        EQUIPMENT DESIGNERS AND MANUFACTURERS                 62

5.4.4        SALES EXECUTIVES AND DISTRIBUTORS              63

5.4.5        SERVICE PROVIDERS      63

5.4.6        VERTICALS         63

5.5           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            63

5.6           ECOSYSTEM ANALYSIS  64

5.7           TECHNOLOGY ANALYSIS             67

5.7.1        KEY TECHNOLOGIES     67

5.7.1.1    Full matrix capture (FMC) and total focusing method (TFM)                 67

5.7.1.2    Electromagnetic acoustic transducer (EMAT)                67

5.7.2        COMPLEMENTARY TECHNOLOGIES       68

5.7.2.1    Guided wave ultrasonic testing (GWUT)        68

5.7.3        ADJACENT TECHNOLOGIES       68

5.7.3.1    Dynamic interferometer      68

5.8           INVESTMENT AND FUNDING SCENARIO               69

5.9           PRICING ANALYSIS          70

5.9.1        AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY EQUIPMENT      70

5.9.2        AVERAGE SELLING PRICE TREND, BY REGION   71

5.10         CASE STUDY ANALYSIS 71

5.10.1      GUIDED ULTRASONICS LTD. ADDRESSES CORROSION UNDER PIPE SUPPORT IN OIL & GAS INDUSTRY                71

5.10.2      ULTRASONIC INSPECTION OF FLARE STACK USING ROPE ACCESS ENGINEERING BY SUTRO GROUP                72

5.10.3      OPTIMIZING HEAT EXCHANGER WELD INSPECTIONS WITH COBRA PHASED ARRAY ULTRASONIC TESTING (PAUT) SOLUTION BY EVIDENT                72

5.11         PATENT ANALYSIS          73

5.12         TRADE ANALYSIS             75

5.12.1      IMPORT SCENARIO (HS CODE 9031)        75

5.12.2      EXPORT SCENARIO (HS CODE 9031)        76

5.13         KEY STAKEHOLDERS AND BUYING CRITERIA     77

5.13.1      KEY STAKEHOLDERS IN BUYING PROCESS           77

5.13.2      BUYING CRITERIA           78

5.14         TARIFF AND REGULATORY LANDSCAPE               79

5.14.1      TARIFF ANALYSIS             79

5.14.2      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             79

5.15         KEY CONFERENCES AND EVENTS, 2024–2025        84

5.16         IMPACT OF GENERATIVE AI/AI ON ULTRASONIC TESTING MARKET           84

5.16.1      INTRODUCTION              84

6               ULTRASONIC TESTING MARKET, BY EQUIPMENT                 86

6.1           INTRODUCTION              87

6.2           FLAW DETECTORS          97

6.2.1        ABILITY OF FLAW DETECTORS TO IDENTIFY DISCONTINUITIES TO DRIVE THEIR ADOPTION               97

6.3           THICKNESS GAUGES      98

6.3.1        HIGH PRECISION OF ULTRASONIC THICKNESS GAUGES TO DRIVE THEIR USE IN OIL & GAS INDUSTRY  98

6.4           TRANSDUCERS & PROBES            100

6.4.1        ROBUST INSPECTION CAPABILITIES OF TRANSDUCERS AND PROBES TO PROPEL THEIR ADOPTION      100

6.5           INDUSTRIAL SCANNERS                101

6.5.1        FOCUS ON ENHANCED QUALITY AND PRECISION IN TESTING RESULTS TO BOOST ADOPTION OF INDUSTRIAL SCANNERS          101

6.6           TUBE INSPECTION SYSTEMS      103

6.6.1        NEED FOR HIGH-PRECISION DETECTION OF CORROSION AND CRACKS TO FUEL ADOPTION OF TUBE INSPECTION SYSTEMS IN POWER SECTOR           103

6.7           BOND TESTERS 104

6.7.1        EFFECTIVENESS OF BOND TESTERS IN VERIFYING INTEGRITY OF ADHESIVELY BONDED JOINTS TO FUEL THEIR ADOPTION IN OIL & GAS AND AEROSPACE INDUSTRIES                 104

6.8           IMAGING SYSTEMS         106

6.8.1        IMAGING SYSTEMS ENABLE IDENTIFICATION OF INTERNAL FLAWS WITHOUT CAUSING DAMAGE              106

6.9           OTHERS                107

7               ULTRASONIC TESTING MARKET, BY SERVICE    109

7.1           INTRODUCTION              110

7.2           INSPECTION SERVICES 118

7.2.1        NEED FOR IMPROVED ACCURACY, EFFICIENCY, QUICK INSPECTION TIMES, AND REDUCED COSTS TO DRIVE MARKET                 118

7.3           EQUIPMENT RENTAL SERVICES                120

7.3.1        DEMAND FOR COST-EFFECTIVE WAY TO ACCESS SPECIALIZED TESTING TOOLS TO DRIVE MARKET          120

7.4           CALIBRATION SERVICES               121

7.4.1        EMPHASIS ON ENHANCED MEASUREMENT ACCURACY AND REDUCED TESTING EQUIPMENT UNCERTAINTIES TO DRIVE SEGMENTAL GROWTH    121

7.5           TRAINING SERVICES      123

7.5.1        WIDE COVERAGE OF ULTRASONIC TESTING ACROSS INDUSTRIES TO FUEL DEMAND                123

8               ULTRASONIC TESTING MARKET, BY TYPE           125

8.1           INTRODUCTION              126

8.2           PHASED ARRAY 127

8.2.1        NEED FOR ENHANCED ACCURACY AND QUICK AND EFFICIENT INSPECTION TO DRIVE MARKET       127

8.3           TIME-OF-FLIGHT DIFFRACTION               128

8.3.1        OFFERS ACCURATE DETECTION OF CRACKS AND FUSION DEFICIENCIES  128

8.4           IMMERSION TESTING    128

8.4.1        OFFERS ENHANCED DETECTION OF INTERNAL AND SURFACE FLAWS               128

8.5           GUIDED WAVE TESTING               128

8.5.1        LONG-RANGE INSPECTION AND MONITORING CAPABILITIES OF GUIDED WAVE TESTING TO DRIVE MARKET                 128

8.6           ACOUSTOGRAPHY          129

8.6.1        SUITABILITY OF ACOUSTOGRAPHY FOR SINGLE-SIDE INSPECTION WITHOUT REQUIRING IMMERSION TANK TO DRIVE MARKET 129

8.7           OTHER TYPES   129

9               ULTRASONIC TESTING MARKET, BY VERTICAL 130

9.1           INTRODUCTION              131

9.2           MANUFACTURING          133

9.2.1        NEED FOR RIGOROUS QUALITY STANDARDS TO ENSURE PRODUCT RELIABILITY AND SAFETY TO BOOST MARKET               133

9.3           OIL & GAS            136

9.3.1        STRINGENT REGULATIONS TO PREVENT LEAKS AND SPILLS TO BOOST ADOPTION OF ULTRASONIC TESTING SERVICES             136

9.4           AEROSPACE       139

9.4.1        EXTENSIVE USE OF COMPOSITE MATERIALS TO FUEL NEED FOR ULTRASONIC TESTING SERVICES      139

9.5           GOVERNMENT & INFRASTRUCTURE       142

9.5.1        EMPHASIS ON MAINTAINING INFRASTRUCTURAL INTEGRITY TO PROPEL DEMAND FOR ULTRASONIC TESTING SERVICES             142

9.6           AUTOMOTIVE   145

9.6.1        RISING DEMAND FOR SAFETY AND QUALITY ASSURANCE TO BOOST GROWTH            145

9.7           POWER GENERATION   148

9.7.1        STRINGENT SAFETY AND REGULATORY REQUIREMENTS

TO ENCOURAGE USE OF ULTRASONIC TESTING SERVICES                 148

9.8           MARINE                151

9.8.1        AGING GLOBAL FLEET AND INCREASED MAINTENANCE NEEDS

TO DRIVE MARKET         151

9.9           OTHER VERTICALS         154

10            ULTRASONIC TESTING MARKET, BY REGION     158

10.1         INTRODUCTION              159

10.2         NORTH AMERICA             161

10.2.1      NORTH AMERICA: MACROECONOMIC OUTLOOK                 161

10.2.2      US           166

10.2.2.1  Increasing adoption of ultrasonic testing services in automotive and aerospace industries to boost growth         166

10.2.3      CANADA               167

10.2.3.1  Significant growth in aging infrastructure needing inspection and maintenance to boost market              167

10.2.4      MEXICO                167

10.2.4.1  Need for adherence to domestic and international safety standards to propel market 167

10.3         EUROPE               168

10.3.1      EUROPE: MACROECONOMIC OUTLOOK               168

10.3.2      GERMANY           173

10.3.2.1  Growing automotive and aerospace industries to fuel demand for ultrasonic testing services   173

10.3.3      UK          174

10.3.3.1  Significant growth in aging infrastructure to drive demand for ultrasonic testing services   174

10.3.4      FRANCE                174

10.3.4.1  Growing emphasis on safety and durability of infrastructure to boost market          174

10.3.5      ITALY    175

10.3.5.1  Booming aerospace & defense sector to propel need for advanced ultrasonic testing services   175

10.3.6      REST OF EUROPE             175

10.4         ASIA PACIFIC     176

10.4.1      ASIA PACIFIC: MACROECONOMIC OUTLOOK     176

10.4.2      CHINA  181

10.4.2.1  China’s energy sector uses ultrasonic testing services to maintain safety and operational standards        181

10.4.3      JAPAN   182

10.4.3.1  Need for frequent inspection of bridges, tunnels, and dams for safety and longevity to boost growth 182

10.4.4      INDIA    183

10.4.4.1  Increasing safety regulations and quality control measures across industries to boost demand 183

10.4.5      REST OF ASIA PACIFIC   183

10.5         REST OF THE WORLD (ROW)      184

10.5.1      ROW: MACROECONOMIC OUTLOOK      184

10.5.2      SOUTH AMERICA             188

10.5.2.1  Brazil      189

10.5.2.1.1                Emphasis on preventive maintenance and inspection strategies in industries like manufacturing and construction to drive market    189

10.5.2.2  Rest of South America         189

10.5.3      MIDDLE EAST & AFRICA                190

10.5.3.1  GCC       191

10.5.3.1.1                Focus on necessitating rigorous inspection and maintenance of pipelines, rigs, and refineries to boost demand   191

10.5.3.2  Rest of Middle East & Africa               191

11            COMPETITIVE LANDSCAPE         192

11.1         OVERVIEW          192

11.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, MAY 2021–OCTOBER 2024  192

11.3         REVENUE ANALYSIS, 2021–2023  193

11.4         MARKET SHARE ANALYSIS, 2023                 194

11.5         COMPANY VALUATION AND FINANCIAL METRICS                 197

11.6         PRODUCT/BRAND COMPARISON             198

11.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023                 198

11.7.1      STARS   198

11.7.2      EMERGING LEADERS     199

11.7.3      PERVASIVE PLAYERS      199

11.7.4      PARTICIPANTS 199

11.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2023         201

11.7.5.1  Company footprint               201

11.7.5.2  Company footprint: Key players, 2023              202

11.7.5.3  Region footprint   203

11.7.5.4  Type footprint       204

11.7.5.5  Equipment footprint             205

11.7.5.6  Service footprint   205

11.7.5.7  Vertical footprint  206

11.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023        207

11.8.1      PROGRESSIVE COMPANIES         207

11.8.2      RESPONSIVE COMPANIES            207

11.8.3      DYNAMIC COMPANIES  207

11.8.4      STARTING BLOCKS         207

11.8.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023                 209

11.8.5.1  List of startups/SMEs          209

11.8.5.2  Competitive benchmarking of startups/SMEs 210

11.9         COMPETITIVE SCENARIO             211

11.9.1      PRODUCT LAUNCHES   211

11.9.2      DEALS  213

12            COMPANY PROFILES      214

12.1         KEY EQUIPMENT MANUFACTURERS       214

12.1.1      BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES)             214

12.1.1.1  Business overview 214

12.1.1.2  Products/Solutions/Services offered 215

12.1.1.3  Recent developments           217

12.1.1.3.1                Product launches  217

12.1.1.4  MnM view              218

12.1.1.4.1                Key strengths/Right to win 218

12.1.1.4.2                Strategic choices   218

12.1.1.4.3                Weaknesses/Competitive threats       218

12.1.2      EVIDENT             219

12.1.2.1  Business overview 219

12.1.2.2  Products/Solutions/Services offered 219

12.1.2.3  Recent developments           220

12.1.2.3.1                Product launches  220

12.1.2.4  MnM view              221

12.1.2.4.1                Key strengths/Right to win 221

12.1.2.4.2                Strategic choices   221

12.1.2.4.3                Weaknesses/Competitive threats       221

12.1.3      EDDYFI 222

12.1.3.1  Business overview 222

12.1.3.2  Products/Solutions/Services offered 222

12.1.3.3  Recent developments           223

12.1.3.3.1                Product launches  223

12.1.3.3.2                Deals      223

12.1.4      SONATEST          224

12.1.4.1  Business overview 224

12.1.4.2  Products/Solutions/Services offered 224

12.1.5      NDT SYSTEMS INC           226

12.1.5.1  Business overview 226

12.1.5.2  Products/Solutions/Services offered 226

12.2         KEY SERVICE PROVIDERS             229

12.2.1      SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.                 229

12.2.1.1  Business overview 229

12.2.1.2  Products/Solutions/Services offered 230

12.2.1.3  MnM view              232

12.2.1.3.1                Key strengths        232

12.2.1.3.2                Strategic choices   232

12.2.1.3.3                Weaknesses/Competitive threats       232

12.2.2      INTERTEK GROUP PLC  233

12.2.2.1  Business overview 233

12.2.2.2  Products/Solutions/Services offered 234

12.2.2.3  MnM view              235

12.2.2.3.1                Key strengths/Right to win 235

12.2.2.3.2                Strategic choices   235

12.2.2.3.3                Weaknesses/Competitive threats       235

12.2.3      MISTRAS GROUP              236

12.2.3.1  Business overview 236

12.2.3.2  Products/Solutions/Services offered 237

12.2.3.3  MnM view              238

12.2.3.3.1                Key strengths/Right to win 238

12.2.3.3.2                Strategic choices   238

12.2.3.3.3                Weaknesses/Competitive threats       239

12.2.4      DEKRA  240

12.2.4.1  Business overview 240

12.2.4.2  Products/Solutions/Services offered 240

12.2.4.3  MnM view              241

12.2.4.3.1                Key strengths/Right to win 241

12.2.4.3.2                Strategic choices   241

12.2.4.3.3                Weaknesses/Competitive threats       241

12.2.5      APPLUS+              242

12.2.5.1  Business overview 242

12.2.5.2  Products/Solutions/Services offered 244

12.2.6      TÜV RHEINLAND             245

12.2.6.1  Business overview 245

12.2.6.2  Products/Solutions/Services offered 246

12.2.7      ELEMENT MATERIALS TECHNOLOGY    248

12.2.7.1  Business overview 248

12.2.7.2  Products/Solutions/Services offered 248

12.2.7.3  Recent developments           249

12.2.7.3.1                Deals      249

12.3         OTHER PLAYERS              250

12.3.1      ACOUSTIC CONTROL SYSTEMS 250

12.3.2      AMERAPEX CORPORATION         251

12.3.3      ASHTEAD TECHNOLOGY             252

12.3.4      ACUREN               253

12.3.5      MODSONIC INSTRUMENTS MFG. CO. (P) LTD.   254

12.3.6      SONOTEC GMBH              255

12.3.7      APPLIED TECHNICAL SERVICES                256

12.3.8      NEXXIS 257

12.3.9      VERTECH GROUP            257

12.3.10   GUIDED ULTRASONICS LTD.      258

12.3.11   IRISNDT               259

12.3.12   NANJING BKN AUTOMATION SYSTEM CO., LTD.                 259

12.3.13   OKONDT GROUP             260

13            APPENDIX           261

13.1         INSIGHTS FROM INDUSTRY EXPERTS     261

13.2         DISCUSSION GUIDE        262

13.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                265

13.4         CUSTOMIZATION OPTIONS        267

13.5         RELATED REPORTS         267

13.6         AUTHOR DETAILS           268

LIST OF TABLES

TABLE 1                IMPACT OF PORTER’S FIVE FORCES ON ULTRASONIC TESTING MARKET               59

TABLE 2                ULTRASONIC TESTING MARKET: ROLE OF COMPANIES IN ECOSYSTEM       66

TABLE 3                AVERAGE SELLING PRICE TREND OF ULTRASONIC TESTING EQUIPMENT

BY KEY PLAYERS, 2019–2023 (USD)            70

TABLE 4                AVERAGE SELLING PRICE TREND OF FLAW DETECTORS, BY REGION,

2020–2023 (USD)                71

TABLE 5                LIST OF MAJOR PATENTS, 2023–2024        74

TABLE 6                IMPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            76

TABLE 7                EXPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            77

TABLE 8                INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VERTICALS (%)       78

TABLE 9                KEY BUYING CRITERIA FOR TOP 3 VERTICALS                 78

TABLE 10              MFN TARIFF FOR HS CODE 9031-COMPLIANT PRODUCTS EXPORTED BY US, 2023          79

TABLE 11              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  79

TABLE 12              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  81

TABLE 13              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  82

TABLE 14              REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  83

TABLE 15              KEY CONFERENCES AND EVENTS, 2024–2025                 84

TABLE 16              ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2020–2023 (USD MILLION)                 87

TABLE 17              ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2024–2029 (USD MILLION)                 88

TABLE 18              ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2020–2023 (THOUSAND UNITS)      89

TABLE 19              ULTRASONIC TESTING MARKET, BY EQUIPMENT, 2024–2029 (THOUSAND UNITS)      89

TABLE 20              EQUIPMENT: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            90

TABLE 21              EQUIPMENT: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            90

TABLE 22              EQUIPMENT: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            91

TABLE 23              EQUIPMENT: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            91

TABLE 24              EQUIPMENT: ULTRASONIC TESTING MARKET FOR MANUFACTURING, BY REGION, 2020–2023 (USD MILLION)                 91

TABLE 25              EQUIPMENT: ULTRASONIC TESTING MARKET FOR MANUFACTURING, BY REGION, 2024–2029 (USD MILLION)                 92

TABLE 26              EQUIPMENT: ULTRASONIC TESTING MARKET FOR OIL & GAS, BY REGION,

2020–2023 (USD MILLION)            92

TABLE 27              EQUIPMENT: ULTRASONIC TESTING MARKET FOR OIL & GAS, BY REGION,

2024–2029 (USD MILLION)            92

TABLE 28              EQUIPMENT: ULTRASONIC TESTING MARKET FOR AEROSPACE, BY REGION,

2020–2023 (USD MILLION)            93

TABLE 29              EQUIPMENT: ULTRASONIC TESTING MARKET FOR AEROSPACE,

BY REGION, 2024–2029 (USD MILLION)   93

TABLE 30              EQUIPMENT: ULTRASONIC TESTING MARKET FOR GOVERNMENT & INFRASTRUCTURE, BY REGION, 2020–2023 (USD MILLION) 93

TABLE 31              EQUIPMENT: ULTRASONIC TESTING MARKET FOR GOVERNMENT & INFRASTRUCTURE, BY REGION, 2024–2029 (USD MILLION) 94

TABLE 32              EQUIPMENT: ULTRASONIC TESTING MARKET FOR AUTOMOTIVE, BY REGION, 2020–2023 (USD MILLION)                 94

TABLE 33              EQUIPMENT: ULTRASONIC TESTING MARKET FOR AUTOMOTIVE, BY REGION, 2024–2029 (USD MILLION)                 94

TABLE 34              EQUIPMENT: ULTRASONIC TESTING MARKET FOR POWER GENERATION,

BY REGION, 2020–2023 (USD MILLION)   95

TABLE 35              EQUIPMENT: ULTRASONIC TESTING MARKET FOR POWER GENERATION,

BY REGION, 2024–2029 (USD MILLION)   95

TABLE 36              EQUIPMENT: ULTRASONIC TESTING MARKET FOR MARINE, BY REGION,

2020–2023 (USD MILLION)            95

TABLE 37              EQUIPMENT: ULTRASONIC TESTING MARKET FOR MARINE, BY REGION,

2024–2029 (USD MILLION)            96

TABLE 38              EQUIPMENT: ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY REGION, 2020–2023 (USD MILLION)                 96

TABLE 39              EQUIPMENT: ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY REGION, 2024–2029 (USD MILLION)                 96

TABLE 40              FLAW DETECTORS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            97

TABLE 41              FLAW DETECTORS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            98

TABLE 42              THICKNESS GAUGES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            99

TABLE 43              THICKNESS GAUGES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            99

TABLE 44              TRANSDUCERS & PROBES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            100

TABLE 45              TRANSDUCERS & PROBES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            101

TABLE 46              INDUSTRIAL SCANNERS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            102

TABLE 47              INDUSTRIAL SCANNERS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            102

TABLE 48              TUBE INSPECTION SYSTEMS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            103

TABLE 49              TUBE INSPECTION SYSTEMS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            104

TABLE 50              BOND TESTERS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            105

TABLE 51              BOND TESTERS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            105

TABLE 52              IMAGING SYSTEMS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            106

TABLE 53              IMAGING SYSTEMS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            107

TABLE 54              OTHERS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            108

TABLE 55              OTHERS: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            108

TABLE 56              ULTRASONIC TESTING MARKET, BY SERVICE, 2020–2023 (USD MILLION)            110

TABLE 57              ULTRASONIC TESTING MARKET, BY SERVICE, 2024–2029 (USD MILLION)            111

TABLE 58              SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            111

TABLE 59              SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            112

TABLE 60              SERVICES: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            112

TABLE 61              SERVICES: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            112

TABLE 62              SERVICES: ULTRASONIC TESTING MARKET FOR MANUFACTURING, BY REGION, 2020–2023 (USD MILLION)                 113

TABLE 63              SERVICES: ULTRASONIC TESTING MARKET FOR MANUFACTURING, BY REGION, 2024–2029 (USD MILLION)                 113

TABLE 64              SERVICES: ULTRASONIC TESTING MARKET FOR OIL & GAS, BY REGION,

2020–2023 (USD MILLION)            113

TABLE 65              SERVICES: ULTRASONIC TESTING MARKET FOR OIL & GAS, BY REGION,

2024–2029 (USD MILLION)            114

TABLE 66              SERVICES: ULTRASONIC TESTING MARKET FOR AEROSPACE, BY REGION,

2020–2023 (USD MILLION)            114

TABLE 67              SERVICES: ULTRASONIC TESTING MARKET FOR AEROSPACE, BY REGION,

2024–2029 (USD MILLION)            114

TABLE 68              SERVICES: ULTRASONIC TESTING MARKET FOR GOVERNMENT

& INFRASTRUCTURE, BY REGION, 2020–2023 (USD MILLION)                 115

TABLE 69              SERVICES: ULTRASONIC TESTING MARKET FOR GOVERNMENT

& INFRASTRUCTURE, BY REGION, 2024–2029 (USD MILLION)                 115

TABLE 70              SERVICES: ULTRASONIC TESTING MARKET FOR AUTOMOTIVE, BY REGION,

2020–2023 (USD MILLION)            115

TABLE 71              SERVICES: ULTRASONIC TESTING MARKET FOR AUTOMOTIVE, BY REGION,

2024–2029 (USD MILLION)            116

TABLE 72              SERVICES: ULTRASONIC TESTING MARKET FOR POWER GENERATION, BY REGION, 2020–2023 (USD MILLION)                 116

TABLE 73              SERVICES: ULTRASONIC TESTING MARKET FOR POWER GENERATION, BY REGION, 2024–2029 (USD MILLION)                 116

TABLE 74              SERVICES: ULTRASONIC TESTING MARKET FOR MARINE, BY REGION,

2020–2023 (USD MILLION)            117

TABLE 75              SERVICES: ULTRASONIC TESTING MARKET FOR MARINE, BY REGION,

2024–2029 (USD MILLION)            117

TABLE 76              SERVICES: ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY REGION, 2020–2023 (USD MILLION)                 117

TABLE 77              SERVICES: ULTRASONIC TESTING MARKET FOR OTHER VERTICALS, BY REGION, 2024–2029 (USD MILLION)                 118

TABLE 78              INSPECTION SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            119

TABLE 79              INSPECTION SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            119

TABLE 80              EQUIPMENT RENTAL SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL, 2020–2023 (USD MILLION)                 120

TABLE 81              EQUIPMENT RENTAL SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL, 2024–2029 (USD MILLION)                 121

TABLE 82              CALIBRATION SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            122

TABLE 83              CALIBRATION SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            122

TABLE 84              TRAINING SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            123

TABLE 85              TRAINING SERVICES: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            124

TABLE 86              ULTRASONIC TESTING MARKET, BY TYPE, 2020–2023 (USD MILLION)       126

TABLE 87              ULTRASONIC TESTING MARKET, BY TYPE, 2024–2029 (USD MILLION)       127

TABLE 88              ULTRASONIC TESTING MARKET, BY VERTICAL, 2020–2023 (USD MILLION)            131

TABLE 89              ULTRASONIC TESTING MARKET, BY VERTICAL, 2024–2029 (USD MILLION)            132

TABLE 90              MANUFACTURING: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)            134

TABLE 91              MANUFACTURING: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            134

TABLE 92              MANUFACTURING: ULTRASONIC TESTING MARKET, BY SERVICE,

2020–2023 (USD MILLION)            135

TABLE 93              MANUFACTURING: ULTRASONIC TESTING MARKET, BY SERVICE,

2024–2029 (USD MILLION)            135

TABLE 94              MANUFACTURING: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            135

TABLE 95              MANUFACTURING: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            136

TABLE 96              OIL & GAS: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)            137

TABLE 97              OIL & GAS: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            137

TABLE 98              OIL & GAS: ULTRASONIC TESTING MARKET, BY SERVICE,

2020–2023 (USD MILLION)            138

TABLE 99              OIL & GAS: ULTRASONIC TESTING MARKET, BY SERVICE,

2024–2029 (USD MILLION)            138

TABLE 100            OIL & GAS: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            138

TABLE 101            OIL & GAS: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            139

TABLE 102            AEROSPACE: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)          140

TABLE 103            AEROSPACE: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            140

TABLE 104            AEROSPACE: ULTRASONIC TESTING MARKET, BY SERVICE,

2020–2023 (USD MILLION)            141

TABLE 105            AEROSPACE: ULTRASONIC TESTING MARKET, BY SERVICE,

2024–2029 (USD MILLION)            141

TABLE 106            AEROSPACE: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            141

TABLE 107            AEROSPACE: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            142

TABLE 108            GOVERNMENT & INFRASTRUCTURE: ULTRASONIC TESTING MARKET,

BY EQUIPMENT, 2020–2023 (USD MILLION)          143

TABLE 109            GOVERNMENT & INFRASTRUCTURE: ULTRASONIC TESTING MARKET,

BY EQUIPMENT, 2024–2029 (USD MILLION)          143

TABLE 110            GOVERNMENT & INFRASTRUCTURE: ULTRASONIC TESTING MARKET, BY SERVICE, 2020–2023 (USD MILLION)            144

TABLE 111            GOVERNMENT & INFRASTRUCTURE: ULTRASONIC TESTING MARKET, BY SERVICE, 2024–2029 (USD MILLION)            144

TABLE 112            GOVERNMENT & INFRASTRUCTURE: ULTRASONIC TESTING MARKET, BY REGION, 2020–2023 (USD MILLION)            144

TABLE 113            GOVERNMENT & INFRASTRUCTURE: ULTRASONIC TESTING MARKET, BY REGION, 2024–2029 (USD MILLION)            145

TABLE 114          AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)            146

TABLE 115          AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            146

TABLE 116          AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY SERVICE,

2020–2023 (USD MILLION)            147

TABLE 117          AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY SERVICE,

2024–2029 (USD MILLION)            147

TABLE 118          AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            147

TABLE 119          AUTOMOTIVE: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            148

TABLE 120            POWER GENERATION: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)            149

TABLE 121            POWER GENERATION: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            149

TABLE 122            POWER GENERATION: ULTRASONIC TESTING MARKET, BY SERVICE,

2020–2023 (USD MILLION)            150

TABLE 123            POWER GENERATION: ULTRASONIC TESTING MARKET, BY SERVICE,

2024–2029 (USD MILLION)            150

TABLE 124            POWER GENERATION: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            150

TABLE 125            POWER GENERATION: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            151

TABLE 126            MARINE: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)            152

TABLE 127            MARINE: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            152

TABLE 128            MARINE: ULTRASONIC TESTING MARKET, BY SERVICE, 2020–2023 (USD MILLION)         153

TABLE 129            MARINE: ULTRASONIC TESTING MARKET, BY SERVICE, 2024–2029 (USD MILLION)         153

TABLE 130            MARINE: ULTRASONIC TESTING MARKET, BY REGION, 2020–2023 (USD MILLION)          153

TABLE 131            MARINE: ULTRASONIC TESTING MARKET, BY REGION, 2024–2029 (USD MILLION)          154

TABLE 132            OTHER VERTICALS: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2020–2023 (USD MILLION)            155

TABLE 133            OTHER VERTICALS: ULTRASONIC TESTING MARKET, BY EQUIPMENT,

2024–2029 (USD MILLION)            155

TABLE 134            OTHER VERTICALS: ULTRASONIC TESTING MARKET, BY SERVICE,

2020–2023 (USD MILLION)            156

TABLE 135            OTHER VERTICALS: ULTRASONIC TESTING MARKET, BY SERVICE,

2024–2029 (USD MILLION)            156

TABLE 136            OTHER VERTICALS: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            156

TABLE 137            OTHER VERTICALS: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            157

TABLE 138            ULTRASONIC TESTING MARKET, BY REGION, 2020–2023 (USD MILLION)            160

TABLE 139            ULTRASONIC TESTING MARKET, BY REGION, 2024–2029 (USD MILLION)            160

TABLE 140            NORTH AMERICA: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            163

TABLE 141            NORTH AMERICA: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            163

TABLE 142            NORTH AMERICA: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL, 2020–2023 (USD MILLION)            164

TABLE 143            NORTH AMERICA: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL, 2024–2029 (USD MILLION)            164

TABLE 144            NORTH AMERICA: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL, 2020–2023 (USD MILLION)            165

TABLE 145            NORTH AMERICA: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL, 2024–2029 (USD MILLION)            165

TABLE 146            NORTH AMERICA: ULTRASONIC TESTING MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            166

TABLE 147            NORTH AMERICA: ULTRASONIC TESTING MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            166

TABLE 148            EUROPE: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            170

TABLE 149            EUROPE: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            170

TABLE 150            EUROPE: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL,

2020–2023 (USD MILLION)            171

TABLE 151            EUROPE: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL,

2024–2029 (USD MILLION)            171

TABLE 152            EUROPE: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL,

2020–2023 (USD MILLION)            172

TABLE 153            EUROPE: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL,

2024–2029 (USD MILLION)            172

TABLE 154            EUROPE: ULTRASONIC TESTING MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            173

TABLE 155            EUROPE: ULTRASONIC TESTING MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            173

TABLE 156            ASIA PACIFIC: ULTRASONIC TESTING MARKET, BY VERTICAL,

2020–2023 (USD MILLION)            178

TABLE 157            ASIA PACIFIC: ULTRASONIC TESTING MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            178

TABLE 158            ASIA PACIFIC: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL, 2020–2023 (USD MILLION)                 179

TABLE 159            ASIA PACIFIC: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL, 2024–2029 (USD MILLION)                 179

TABLE 160            ASIA PACIFIC: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL,

2020–2023 (USD MILLION)            180

TABLE 161            ASIA PACIFIC: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL,

2024–2029 (USD MILLION)            180

TABLE 162            ASIA PACIFIC: ULTRASONIC TESTING MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            181

TABLE 163            ASIA PACIFIC: ULTRASONIC TESTING MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            181

TABLE 164            ROW: ULTRASONIC TESTING MARKET, BY VERTICAL, 2020–2023 (USD MILLION)     185

TABLE 165            ROW: ULTRASONIC TESTING MARKET, BY VERTICAL, 2024–2029 (USD MILLION)     185

TABLE 166            ROW: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL,

2020–2023 (USD MILLION)            186

TABLE 167            ROW: ULTRASONIC TESTING MARKET FOR EQUIPMENT, BY VERTICAL,

2024–2029 (USD MILLION)            186

TABLE 168            ROW: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL,

2020–2023 (USD MILLION)            187

TABLE 169            ROW: ULTRASONIC TESTING MARKET FOR SERVICES, BY VERTICAL,

2024–2029 (USD MILLION)            187

TABLE 170            ROW: ULTRASONIC TESTING MARKET, BY REGION, 2020–2023 (USD MILLION)          188

TABLE 171            ROW: ULTRASONIC TESTING MARKET, BY REGION, 2024–2029 (USD MILLION)          188

TABLE 172            SOUTH AMERICA: ULTRASONIC TESTING MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            188

TABLE 173            SOUTH AMERICA: ULTRASONIC TESTING MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            189

TABLE 174            MIDDLE EAST & AFRICA: ULTRASONIC TESTING MARKET, BY REGION,

2020–2023 (USD MILLION)            190

TABLE 175            MIDDLE EAST & AFRICA: ULTRASONIC TESTING MARKET, BY REGION,

2024–2029 (USD MILLION)            190

TABLE 176            ULTRASONIC TESTING MARKET: KEY PLAYER STRATEGIES/RIGHT TO WIN,

MAY 2021– OCTOBER 2024            192

TABLE 177            ULTRASONIC TESTING MARKET: DEGREE OF COMPETITION 194

TABLE 178            ULTRASONIC TESTING MARKET: COMPANY FOOTPRINT       202

TABLE 179            ULTRASONIC TESTING MARKET: REGION FOOTPRINT       203

TABLE 180            ULTRASONIC TESTING MARKET: TYPE FOOTPRINT       204

TABLE 181            ULTRASONIC TESTING MARKET: EQUIPMENT FOOTPRINT       205

TABLE 182            ULTRASONIC TESTING MARKET: SERVICE FOOTPRINT       205

TABLE 183            ULTRASONIC TESTING MARKET: VERTICAL FOOTPRINT       206

TABLE 184            ULTRASONIC TESTING MARKET: LIST OF KEY STARTUPS/SMES              209

TABLE 185            ULTRASONIC TESTING MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES   210

TABLE 186            ULTRASONIC TESTING MARKET: PRODUCT LAUNCHES, MAY 2021–OCTOBER 2024    211

TABLE 187            ULTRASONIC TESTING MARKET: DEALS, FEBRUARY 2023–SEPTEMBER 2024             213

TABLE 188            BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): COMPANY OVERVIEW              214

TABLE 189            BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): PRODUCTS/SOLUTIONS/SERVICES OFFERED                 215

TABLE 190            BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): PRODUCT LAUNCHES              217

TABLE 191            EVIDENT: COMPANY OVERVIEW              219

TABLE 192            EVIDENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED             219

TABLE 193            EVIDENT: PRODUCT LAUNCHES               220

TABLE 194            EDDYFI: COMPANY OVERVIEW 222

TABLE 195            EDDYFI: PRODUCTS/SOLUTIONS/SERVICES OFFERED             222

TABLE 196            EDDYFI: PRODUCT LAUNCHES 223

TABLE 197            EDDYFI: DEALS 223

TABLE 198            SONATEST: COMPANY OVERVIEW           224

TABLE 199            SONATEST: PRODUCTS/SOLUTIONS/SERVICES OFFERED             224

TABLE 200            NDT SYSTEMS INC: COMPANY OVERVIEW                 226

TABLE 201            NDT SYSTEMS INC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    226

TABLE 202            SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.: COMPANY OVERVIEW   229

TABLE 203            SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    230

TABLE 204            INTERTEK GROUP PLC: COMPANY OVERVIEW                 233

TABLE 205            INTERTEK GROUP PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    234

TABLE 206            MISTRAS GROUP: COMPANY OVERVIEW                 236

TABLE 207            MISTRAS GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    237

TABLE 208            DEKRA: COMPANY OVERVIEW  240

TABLE 209            DEKRA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             240

TABLE 210            APPLUS+: COMPANY OVERVIEW              242

TABLE 211            APPLUS+: PRODUCTS/SOLUTIONS/SERVICES OFFERED             244

TABLE 212            TÜV RHEINLAND: COMPANY OVERVIEW                 245

TABLE 213            TÜV RHEINLAND: PRODUCTS/SOLUTIONS/SERVICES OFFERED    246

TABLE 214            ELEMENT MATERIALS TECHNOLOGY: COMPANY OVERVIEW   248

TABLE 215            ELEMENT MATERIALS TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    248

TABLE 216            ELEMENT MATERIALS TECHNOLOGY: DEALS                 249

TABLE 217            ACOUSTIC CONTROL SYSTEMS: COMPANY OVERVIEW          250

TABLE 218            AMERAPEX CORPORATION: COMPANY OVERVIEW          251

TABLE 219            ASHTEAD TECHNOLOGY: COMPANY OVERVIEW          252

TABLE 220            ACUREN: COMPANY OVERVIEW                253

TABLE 221            MODSONIC INSTRUMENTS MFG. CO. (P) LTD.: COMPANY OVERVIEW   254

TABLE 222            SONOTEC GMBH: COMPANY OVERVIEW                 255

TABLE 223            APPLIED TECHNICAL SERVICES: COMPANY OVERVIEW          256

TABLE 224            NEXXIS: COMPANY OVERVIEW  257

TABLE 225            VERTECH GROUP: COMPANY OVERVIEW                 257

TABLE 226            GUIDED ULTRASONICS LTD.: COMPANY OVERVIEW          258

TABLE 227            IRISNDT: COMPANY OVERVIEW                259

TABLE 228            NANJING BKN AUTOMATION SYSTEM CO., LTD.: COMPANY OVERVIEW       259

TABLE 229            OKONDT GROUP: COMPANY OVERVIEW                 260

LIST OF FIGURES

FIGURE 1              MARKET SEGMENTATION           25

FIGURE 2              ULTRASONIC TESTING MARKET: RESEARCH DESIGN                29

FIGURE 3              MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY KEY PLAYERS IN ULTRASONIC TESTING MARKET      34

FIGURE 4              MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 2 (SUPPLY SIDE): ILLUSTRATION OF REVENUE ESTIMATION OF KEY PLAYERS IN

ULTRASONIC TESTING MARKET               35

FIGURE 5              MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 3 (DEMAND SIDE): ULTRASONIC TESTING MARKET BASED ON REGION         35

FIGURE 6              MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH              36

FIGURE 7              MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH                37

FIGURE 8              DATA TRIANGULATION                39

FIGURE 9              ULTRASONIC TESTING MARKET, 2020–2029 (USD MILLION) 43

FIGURE 10            PHASED ARRAY SEGMENT TO ACCOUNT FOR LARGEST SHARE

DURING FORECAST PERIOD       43

FIGURE 11            FLAW DETECTORS SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       44

FIGURE 12            INSPECTION SERVICES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD    45

FIGURE 13            POWER GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD          46

FIGURE 14            ASIA PACIFIC TO RECORD HIGHEST GROWTH DURING FORECAST PERIOD       47

FIGURE 15            RAPID INDUSTRIALIZATION AND URBANIZATION TO DRIVE ULTRASONIC

TESTING MARKET           48

FIGURE 16            INSPECTION SERVICES SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE BY 2029             49

FIGURE 17            POWER GENERATION SEGMENT TO LEAD MARKET DURING FORECAST PERIOD    49

FIGURE 18            NORTH AMERICA TO LEAD MARKET DURING FORECAST PERIOD         50

FIGURE 19            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN ULTRASONIC TESTING MARKET            51

FIGURE 20            IMPACT ANALYSIS: DRIVERS      54

FIGURE 21            IMPACT ANALYSIS: RESTRAINTS               55

FIGURE 22            IMPACT ANALYSIS: OPPORTUNITIES     57

FIGURE 23            IMPACT ANALYSIS: CHALLENGES             58

FIGURE 24            ULTRASONIC TESTING MARKET: PORTER’S FIVE FORCES ANALYSIS 59

FIGURE 25            ULTRASONIC TESTING MARKET: VALUE CHAIN ANALYSIS            62

FIGURE 26            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   64

FIGURE 27            ULTRASONIC TESTING MARKET ECOSYSTEM                 65

FIGURE 28            INVESTMENT AND FUNDING SCENARIO, 2020–2024        69

FIGURE 29            AVERAGE SELLING PRICE TREND OF ULTRASONIC TESTING

EQUIPMENT BY KEY PLAYERS    70

FIGURE 30            AVERAGE SELLING PRICE TREND OF FLAW DETECTORS, BY REGION, 2020–2023         71

FIGURE 31            PATENTS APPLIED AND GRANTED, 2014–2023                 73

FIGURE 32            IMPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023              75

FIGURE 33            EXPORT DATA FOR HS CODE 9031-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            76

FIGURE 34            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 VERTICALS               77

FIGURE 35            KEY BUYING CRITERIA FOR TOP 3 VERTICALS                 78

FIGURE 36            IMPACT OF GENERATIVE AI/AI ON ULTRASONIC TESTING MARKET               85

FIGURE 37            TUBE INSPECTION SYSTEMS SEGMENT TO GROW AT HIGHEST RATE DURING FORECAST PERIOD 88

FIGURE 38            INSPECTION SERVICES SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE DURING FORECAST PERIOD  110

FIGURE 39            PHASED ARRAY SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD    126

FIGURE 40            POWER GENERATION SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE DURING FORECAST PERIOD  132

FIGURE 41            ULTRASONIC TESTING MARKET, BY REGION                 159

FIGURE 42            INDIA TO EXHIBIT HIGHEST GROWTH DURING FORECAST PERIOD         159

FIGURE 43            ASIA PACIFIC TO RECORD HIGHEST GROWTH DURING FORECAST PERIOD       160

FIGURE 44            NORTH AMERICA: ULTRASONIC TESTING MARKET SNAPSHOT       162

FIGURE 45            EUROPE: ULTRASONIC TESTING MARKET SNAPSHOT          169

FIGURE 46            ASIA PACIFIC: ULTRASONIC TESTING MARKET SNAPSHOT          177

FIGURE 47            ULTRASONIC TESTING MARKET: REVENUE ANALYSIS OF KEY PLAYERS, 2021–2023 (USD MILLION)   193

FIGURE 48            ULTRASONIC TESTING MARKET SHARE ANALYSIS, 2023  194

FIGURE 49            ULTRASONIC TESTING MARKET: COMPANY VALUATION, 2024 (USD BILLION)             197

FIGURE 50            ULTRASONIC TESTING MARKET: FINANCIAL METRICS, 2024 (USD BILLION)   197

FIGURE 51            ULTRASONIC TESTING MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2023       200

FIGURE 52            ULTRASONIC TESTING MARKET: COMPANY FOOTPRINT       201

FIGURE 53            ULTRASONIC TESTING MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023 208

FIGURE 54            BAKER HUGHES COMPANY (WAYGATE TECHNOLOGIES): COMPANY SNAPSHOT              215

FIGURE 55            SGS SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE SA.: COMPANY SNAPSHOT   230

FIGURE 56            INTERTEK GROUP PLC: COMPANY SNAPSHOT                 234

FIGURE 57            MISTRAS GROUP: COMPANY SNAPSHOT                 237

FIGURE 58            APPLUS+: COMPANY SNAPSHOT              243

FIGURE 59            TÜV RHEINLAND: COMPANY SNAPSHOT                 246