A pipeline failure harms society by escalating the cost of oil or gas and can harm nature. It harms the organization answerable for that pipeline by diminishing inventory while including conceivably critical fix costs and legitimate risk, which thus expands the paces of that organization's protection premiums. When finished, these frameworks should constantly be assessed, kept up, and fixed to forestall disappointment.
According to a new market research report titled ‘Ultrasonic Testing Equipment Market – Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ published by Transparency
Market Research , the global ultrasonic testing equipment market is expected to reach value of US$
1,868.3 Mn by 2027, expanding at a CAGR of 7.8% from 2019 to 2027. According to the report, the
global market is expected to be influenced by continuously rising demand for ultrasonic test
equipment for use in the inspection of pipelines in the oil & gas industry during the forecast period.
Similarly, other industries, such as power generation, aerospace & defense, automotive,
manufacturing, construction, and medical, are also influenced by increased adoption of the
ultrasonic testing technology to detect flaws, cracks, voids, and discontinuity in the product or
material. This increased adoption of ultrasonic testing can directly augment the ultrasonic testing
equipment market. In terms of demand, North America is projected to lead the global market for
ultrasonic testing equipment, with the market in the region expanding at a CAGR of 7.8% between
2019 and 2027. Increasing investments in the oil & gas industry for safe transportation of oil and
gases through pipelines and stringent government regulations about safety and quality controls are
anticipated to significantly drive the market during the forecast period.
Request a Sample
Rising demand for weld technology for use in oil and gas pipelines
The global ultrasonic testing equipment market is projected to expand at a significant rate during the
forecast period, due to increasing demand for use of the weld technology in oil and gas pipelines. At
the global level, oil and gases are primarily transported by four mediums: rail, trucks, boats, and
pipelines. Among these, 100% of natural gas is transported by pipelines, owing to difficulty in and
the cost of transforming n