Future Market Insights (FMI) recently published a market report titled “Ultrasonic Pulse Velocity Tester Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027.” Ultrasonic pulse velocity testers find common non-destructive ultrasonic testing applications in laboratories and other construction related tasks. Ultrasonic pulse velocity testers are generally utilized in the construction and manufacturing industries. They provide accurate void and crack detection, homogeneity detection, and elasticity measurements. Furthermore, ultrasonic pulse velocity testers are widely used in material science related research laboratories.
In the ultrasonic pulse velocity tester market, most of the established vendors are offering specialized ultrasonic pulse velocity testers for different end user verticals, such as aerospace and defence; chemicals and petrochemicals; concrete, glass and building materials; educational research; oil and gas refineries; sewage and water treatment facilities; and construction engineering, remodelling and design.
The global ultrasonic pulse velocity tester market is estimated to record at a CAGR of 5.7% during the forecast period. The ultrasonic pulse velocity tester market was valued at US$ 423.7 Mn in 2017, and is anticipated to grow steadily to reach a market value of US$ 734.7 Mn by the end of 2027, due to the ever-rising infrastructural activities and the high demand for laboratory automation equipment.
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In this market report, Future Market Insights has segregated the global ultrasonic pulse velocity tester market by application, by end user vertical, by transducer frequency and by region. By application, the ultrasonic pulse velocity tester market is sub-segmented into non-destructive strength measurements, void and crack detection, homogeneity detection, elasticity measurements, infrastructure and construction testing, material science and research, and other applications. The ever-rising demands for efficient building construction and infrastructure and accurate material science research is encouraging construction firms and laboratories to procure ultrasonic pulse velocity testers. Owing to such factors, the infrastructure and construction testing sub-segment and the material science and research sub-segment of the global ultrasonic pulse velocity tester market is expected to register 21.1% and 14.2% market shares by the end of the year 2027.
Based on the end user vertical, the ultrasonic pulse velocity tester market is sub-segmented into aerospace and defence; chemicals and petrochemicals; concrete, glass and building materials; educational research; oil and gas refineries; sewage and water treatment facilities; construction engineering, remodeling and design. Owing to the high demand for cautionary non-destructive testing, the oil and gas industries are expected to accelerate the adoption of ultrasonic pulse velocity testers and register the highest growth rate in the ultrasonic pulse velocity tester market during the forecast period.
By transducer frequency range, the global ultrasonic pulse velocity tester market is segmented into 24 kHz – 50 kHz; above 50 kHz; upto 100 kHz; above 100 kHz, upto 150 kHz; and above 150 kHz. In terms of market value, the 24 kHz – 50 kHz sub-segment is expected to register the highest growth rate of 7.4%. In terms of market volume, the sub-segment is anticipated to record a CAGR of 6.3%.
On the basis of geography, the ultrasonic pulse velocity tester market in North America is estimated to hold the largest market share of the global ultrasonic pulse velocity tester market by the end of the forecast period due to the advent of next generation technological advancements in the region, especially in the U.S. The ultrasonic pulse velocity tester market in APEJ (Asia Pacific excluding Japan) will be a target market for the market participants as governments of APEJ economies, such as Malaysia, Singapore and Australia, are focused on promoting the developments in building construction and infrastructure. The ultrasonic pulse velocity market in the Middle East and Africa region is estimated to register the highest growth rate among all the regions.
According to FMI analysis, business partnerships and long-term contracts are expected to help increase sales and revenue as well as develop new product innovation strategies, which are likely to enable the ultrasonic pulse velocity tester vendors to record high growth rates. Also, addition of some electronic components with similar customization requirements, based on the market needs, added to a company’s new product line will facilitate the company to procure additional clientele. This allows the company to work closely with customers and fulfil their needs efficiently. Controls S.p.A. and Proceq Group hold the largest market share of the global ultrasonic pulse velocity tester market. Some of the market players profiled in the global ultrasonic pulse velocity tester market report are Humboldt Mfg. Co.; Aimil Ltd.; James Instruments Inc.; Impact Test Equipment Ltd.; Proceq Group; Stanlay; Canopus Instruments; Roop Telsonic Ultrasonix; Controls S.p.A.; PCTE – Papworths Construction Testing Equipment; Novotest; Qualitest International Inc.; Olson Instruments Inc.; Cygnus Instruments; and Mitech Co., Ltd.