Globally, the ultrasonic pulse velocity tester market is expected to grow with a CAGR of 5.9% during the forecast period from 2019 to 2027, starting from US$ 510.0 Mn in 2018. The ultrasonic velocity test is the augmented testing technology that used to check the strength and quality of concrete. The ultrasonic velocity testers used to transmit ultrasonic pulses through the rock and measure its velocity to define the structure or rock construction. The growing adoption of automation in the construction industry is the key driving factor for the ultrasonic pulse velocity tester market. In addition, the rapidly developing construction industry in the several developed and the underdeveloped countries are anticipated to fuel the market growth over the forecast period.
The ultrasonic velocity tester market is gaining its popularity into the materials testing. They are majorly used to obtain information about the properties of the materials including Timber, Ceramics, and Refractories. The reliable and the accurate information delivered by the ultrasonic velocity testers are escalating the growth of ultrasonic velocity tester market worldwide. On the other hand, the lack of expert technician to perform the ultrasonic pulse velocity test is expected to hamper the market growth. Additionally, the growing integration of advanced technology to overcome the manual operations are projected to sever various growth opportunities in this market in the near future.
"The growing use of nondestructive tests in construction industry is continuous to dominate the market"
In 2018, the overall ultrasonic pulse velocity tester market is led by the construction industry in its end-user segment contributing to over 32% of the total revenue generated globally. The continuous development in the construction sectors and the government initiative to invest in the infrastructural developments are the primary factor that drives the growth of this segment. Additionally, the acceptance of ultrasonic pulse velocity testing over the other methods are likely to propel the market growth in upcoming years. Additionally, by application Void, non-destructive strength measurements, and crack detection applications hold the considerable market share owing to the growing demand of the efficient and cost effective building construction.
"North America Dominates the Market by Region"
North America holds the largest market share in the ultrasonic pulse velocity market followed by Europe. It is anticipated to be the dominating region through the forecast period. The growing demand for the new and advanced technologies in the construction and material testing is the major factor that drives the growth of North America ultrasonic pulse velocity market. In addition, the presence of several major manufacturers in the North America region is contributing to the growth of ultrasonic pulse velocity tester market in this region. Furthermore, Asia Pacific is projected to be the fastest-growing region in this market owing to the growing adoption of non-destructive testing in the material testing, the integration of advanced technologies to the ultrasonic pulse velocity tester.
Some of the prominent players operating in the ultrasonic pulse velocity tester market include Mitech Co., Ltd., Canopus Instruments, Proceq Group, Aimil Ltd., Novotest, Olson Instruments Inc., Impact Test Equipment Ltd., Qualitest International Inc., James Instruments Inc., Cygnus Instruments, Stanlay, Papworths Construction Testing Equipment, Humboldt Mfg. Co., Controls S.p.A., and other companies.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Ultrasonic Pulse Velocity Tester market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Frequency Range
| |
Applications
| |
End Users
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
