The Ultrasonic Non-Destructive Testing Equipment Market size is estimated at USD 0.87 billion in 2024, and is expected to reach USD 1.33 billion by 2029, growing at a CAGR of 8.79% during the forecast period (2024-2029).
Developing countries continue to consume vast amounts of natural gas while the demand increases in developed countries. The increased demand is causing the expansion of pipelines and refineries, due to which there is a surge in the ultrasonic NDT testing market.
The Global Ultrasonic Non-Destructive Testing (NDT) Equipment Market is consolidated due to higher initial investments. It is dominated by a few major players like Baker Hughes, Intertek Group PKC, Olympus Corporation, and Russell Fraser Sales Pty Ltd. These significant players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets.
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