Considered as a pre-requisite in the construction industry, to evade any adversities, materials used for building, construction, and manufacturing activities have to undergo laboratory or on-site testing to be deemed fit for any habitation, translating into increased demand for efficient laboratory-grade non-destructive ultrasonic testing solutions for material science research in both, developing and developed nations.
As per a recent in-depth analysis by Future Market Insights (FMI), demand for ultrasonic pulse velocity testing solutions is steadily increasing, for its application in void and crack detection, non-destructive strength measurement, infrastructure and construction testing, material science and research, homogeneity detection, and elasticity measurements.
Moreover, with increased focus on reducing the time-to-market (TTM), translating into demand for efficient, low TTM testing equipment, will directly contribute to the global sales revenue of ultrasonic pulse velocity testers. Therefore, growth of the testing equipment market will remain critical to the non-destructive ultrasonic testing market. In addition, ultrasonic pulse velocity testers’ ability to supplement coring thereby allowing cost-effective ameliorated representative evaluation of the concrete strength of the whole structure, will drive its demand further, predicts FMI.
The demand for ultrasonic pulse velocity testers is anticipated to grow at a stable rate of 5.5 percent, through 2019, reaching a revenue of US$ 470.5 Mn during the same period. While void and crack detection will remain the single largest application, holding over 22 percent market share, in terms of end-user vertical concrete, glass and building materials will witness maximum adoption of ultrasonic pulse velocity testers pumping concentrated revenue, through the assessment period of 2018-2027. The concrete, glass and building materials segment is projected to hold over 18 percent market share in 2023, as per the report on ultrasonic pulse velocity tester market
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Representing a steady year-on-year growth, the global ultrasonic pulse velocity tester market is pegged to expand at a rather robust growth rate of 6 percent, through 2027. Rampant growth of the commercial construction and infrastructure sector will prominently escalate the demand for ultrasonic pulse velocity testers at a global level.
However, as significant demand for ultrasonic pulse velocity tester prevails, the report also projects that manufacturers offering ineffective after-sale customer services, translating into eventual transition towards other ultrasonic testing types, could prove to be critical market restrainers.
Key Players Hold 44% Market Share
The global ultrasonic pulse velocity tester market represents presence of a number of player, with the top participants including Controls S.p.A., Proceq Group, James Instruments Inc., Impact Test Equipment Inc., Humboldt Mfg. Co., holding relatively prominent market share—collectively contributing nearly 44 percent the global revenue share. These market players secure a prominent position in the global ultrasonic pulse velocity testers market owing to their highly diverse product offering portfolios. The overall forward market strategies in the ultrasonic pulse velocity tester market includes:
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- Key players placing significant importance on expansive product offering and product advancements.
- Strategic business relationships and contracts with distributors and suppliers in all the business regions.
- Affordable pricing, quality solutions, and services will remain instrumental in growth strategy.
Ultrasonic Pulse velocity Tester Market: Regional Insights
- Developing markets including South East Asia Pacific and, also Middle East Africa, are likely to offer significant growth prospects to key manufacturers of ultrasonic pulse velocity testers, considering large scale development of infrastructural projects in the regions, including commercial building and residential areas.
- North America will occupy a dominant position in the global ultrasonic pulse velocity testers market, owing to high to medium presence of manufacturers in the region.
- Infrastructural upgrades such as educational institutions in regions like Brazil and China, is expected to create attractive opportunities for ultrasonic pulse velocity testers manufacturers.
This post was originally published on Business Analytics