Acoustic Emission Testing Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028
Acoustic Emission Testing Market – Overview
Acoustic emission testing has been gaining grounds as an effective Non-destructive Technique for the examination of assets and health diagnosis of materials undergoing stress. Applications of acoustic emission testing have been growing for field inspections, tank bottom testing, corrosion detection, production quality control, evaluation of aging aircraft, and the inspection of nuclear components in numerous industries.
The acoustic emission testing market surpassed a value of US$ 230 Mn in 2017 and is estimated to grow at a steady pace. Rising emphasis on the need for effective solutions for the monitoring and inspection of material and infrastructures coupled with mandates legislated by government recommending the use of NDT solutions is likely to create a favorable growth scenario for the acoustic emission testing market. The versatility of the testing technique and aging infrastructure is envisaged to grow manifold, thereby reflecting on the size of the acoustic emission testing market in the upcoming years.
Acoustic Emission Testing Market – Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global acoustic emission testing market include –
KRN Services was incorporated in 1991 and is based in Michigan. The company works with an objective to offer the best quality equipment that suits the need of the customers. Its offering ranges from resonant sensors with and without preamplifiers, specialty sensors, broadband sensors, to underwater sensors. The company also specializes in the development of custom-made acoustic emission testing equipment to meet the specific requirement of the customers.
NDTS India was founded in 2006 and is headquartered in Mumbai. The company works with an aim to help customers tackle challenges pertaining to Non-destructive testing and evaluation. It is dedicated to meeting the needs of the customers and surpassing their expectations in terms of quality. The offerings of the company range from inspection services, third-party inspection, consulting services, equipment rentals, to training and certification.
Applus+ Laboratories was established in 1907 in Barcelona as a testing and research entity. The company boasts its expertise in the development of technical solutions to amplify the competitiveness of the product, fuel innovation, and extend its arms to underpin testing, product development, and quality services along with certification services.
Acoustic Emission Testing Market - Dynamics
Trend of Miniaturization of Acoustic Emission Testing Equipment to Lend Bigger Sales Prospects
Miniaturization trends will continue to cause a significant paradigm shift in the manufacturing of acoustic emission testing equipment. Manufacturers of the equipment realize the benefits of portable devices such as material reduction, which further reduces the overall production cost. Lesser space requirement to carry inspection activities have been appealing the end-users and in turn, the sales of the acoustic emission testing equipment are on a notable surge. Convergence of artificial intelligence with inspection activities is anticipated to unlock new avenues for the advancement of the acoustic emission testing market.
Sales of Acoustic Emission Testing Equipment Tumble As Installation Cost Surges
End-users of acoustic testing equipment stick to the conventional NDT methods and exhibit a hesitance for adopting acoustic emission testing methods on account of their high installation costs. Acoustic emission testing equipment requires a quiet environment to function and even a little exposure to noise hamper their operation. Additionally, complexity in their functions demand skilled labors and incur large training cost per labor, which has caused a reluctance among the end-users for the adoption of the equipment. Poor quantitative results of the testing method in terms of size and depth of the inspection could affect the desirability of adoption among the end-users, thereby impacting the growth of the acoustic emission testing market.
North America to Hold a Sizeable Share of the Acoustic Emission Testing Market
Rising concerns pertaining to the aging infrastructures in the developed countries and the aftermaths post their collapse have generated a scope for effective asset health management solutions. With the technological advancements and enhanced capabilities of the systems, the modernistic acoustic emission testing equipment is employed for precise inspection of an area. Cost-effectiveness of the technique remains a significant driver augmenting the demand for acoustic emission testing techniques.
Growth of the acoustic emission testing market is likely to remain sustained on account of the favorable government policies and programs creating awareness pertaining to the health check of aging assets, which has bridged the information gap among the end-users of the developed countries. A cohort of these factors holds promising growth prospects for the acoustic emission testing market in North America.
Acoustic Emission Testing Market - Segmentation
The acoustic emission testing market can be divided on the basis of:
Acoustic Emission Testing Market Segmentation – By Equipment
Based on the equipment, the acoustic emission testing market can be bifurcated into:
Acoustic Emission Testing Market Segmentation – By Service
Depending on the service, the acoustic emission testing market can be classified into:
Acoustic Emission Testing Market Segmentation – By Application
On the basis of the application, the acoustic emission testing market can be fragmented on the basis of:
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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